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How Often Should You Meet With Your Financial Advisor?

Shake hands with Client — Surprise, AZ — Monheit Frisch CPAs PLCA financial planner or advisor is one of the best investments many people can make to help them reach financial and personal goals throughout their life. But when you engage a financial professional, how should you work with them in a practical manner? Should you check in with your financial advisor often or occasionally? And what can help you find the right balance? Discover a few answers. 

Do You Have a Standard Meeting Schedule?

The client needs of each financial advisor are unique, so you have no one-size-fits-all answer to how often you should meet. Certainly, you should meet in person with your advisor at least once per year. A lot of things can happen in a year, and so you should reevaluate what’s happened in your life and talk about what you expect to change in the next year or so.

Beyond the annual meeting, though, clients may meet again once, twice, or three times during other parts of the year. Some clients may like to schedule things based on a set date, while others meet when important things happen in the year. For instance, a year-end review and tax planning meeting is common. Others like to take a mid-summer checkup approach.

Do You Have Alternatives to Meeting?

Modern technology and communication makes the in-person meeting only one part of the puzzle. You no longer have to spend the rest of the year in the dark, wondering what’s going on with your money. 

Instead, your advisor may stay in communication through weekly or monthly emails or even a video chat when a major event occurs. Some advisors also offer client portals that allow each person to check on their portfolio on their own whenever they wish. Face-to-face meetings can be rendered less vital or even redundant.  

What Affects Your Ideal Schedule? 

So, with all these choices open to you, what might help you decide the right times to meet in person? It largely comes down to three factors that change from person to person and even from year to year.

First, your comfort level with the advisor and your plan will drive you to seek out more or less active communication. If you feel that the advisor knows their job and understands your goals and interests, you’re more likely to step back and let them work. You may only need to meet once or twice per year to check in. If you haven’t developed this relationship, though, you may want to meet more often. 

Second, how busy are you? Most Americans who work with financial advisors hire out this task to a professional because they are busy individuals whose interests and time is better suited to other activities. Outsourcing a project to others only saves money and time if you don’t micro-manage the work. So if you have little time, you might want to take advantage of other communication methods and meet less frequently. 

Third, you may need to meet more or less often when circumstances have changed. A booming economy or a recession can cause big financial changes rapidly or unexpectedly. Or you might go through a major life change, such as going through a divorce, starting a business, or having a family. In any of these cases, keep closer tabs on your plans than you otherwise would — at least temporarily.

Money management, like many aspects of life, should be handled the way that makes you the most confident, comfortable, and secure. And your financial advisor can help ascertain what those parameters are. At Monheit Frisch CPAs PLC, we work with each client individually to meet their specific needs. Make an appointment today to learn more about financial advising services and planning.

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