Your ‘To-Do’ List: Schedule a Fall Financial Review

Scheduling a fall financial review is especially important this year due to the Tax and Jobs Act and impending market changes. We’ve been enjoying a robust stock market which makes now a prime time to meet. Fall tends to be when people start thinking about next year and what they want to accomplish financially by reviewing the following:

Your Financial Plan- People with a written financial plan are more likely to follow it when they work with their advisor and monitor the plan’s recommendations throughout the year. If you don’t have one, it’s time to have one done now. Having a financial plan puts you in a better position to start on your plan immediately at the beginning of 2019.

How the Tax and Jobs Act May Impact Your Investments- Along with your tax professional, I may suggest extra contributions into your pre-tax accounts before the end of this year or converting pre-tax investments to after-tax investments. With the income ranges for tax bracket changed for 2018, you still have time to make some strategic changes before the end of the year if you are on the upside of a higher tax bracket. Receiving a Bonus at the end of the year can impact this if you’re trying to keep your taxable income lower and stay in the same tax bracket.

Planning for Next Year- Starting the New Year strong with a financial plan in place after a fall review puts you in a better position to start your plan immediately at the beginning of next year.  People with a written financial plan are more likely to follow the plan when they work with their advisor and can monitor recommendations throughout the year.

Reviewing This Year’s Investment Performance- Reviewing fund and stock performance over 2018 helps us assess what changes are necessary for next year in your portfolio.  At some time the bull market will come to an end, which is why planning for underperformance is critical. If your investments didn’t perform to your expectations it’s time we evaluate your portfolio.