By Evans Attwell
Senior Vice President
Frost Private Banking
An annual physical checkup evaluates your health with recommendations to keep your body well and strong. An annual performance review assesses your work accomplishments including suggestions for advancing your career. But have you considered what an annual financial review might do for your financial health and long-term goals?
Much like that physical checkup or performance assessment, an annual review can help you evaluate your current financial strength and motivate you to stay on track toward financial objectives you’ve set. If you’ve fallen behind on savings, debt management, or something else, the checkup is a good time to restart positive financial habits that can lead to the results you want to achieve.
A knowledgeable and experienced financial professional will review and analyze your current financial health, including debt, savings, investments, insurance protection, estate planning, and more, then point out gaps, potential challenges, and new opportunities you may not have considered. This professional can also help you fine-tune your comprehensive financial plan to accommodate any recent changes in your life, or if you don’t have a plan, he or she can help you create one that is designed for the objectives you’ve set for yourself.
The bottom line: The review is your opportunity to hit the pause button at least one time each year, step back from the “busyness” of your everyday life, and take a critical look at your plans and assets with your financial professional.
Take advantage of this valuable time to ask questions, discuss your short- and long-term goals, explore some new possibilities, make changes in direction, if necessary, and prepare for another year. That includes talking through what is and isn’t working right now, and at the very least, answering these questions:
• What are your financial concerns right now?
• What has changed in your life during the past year? How will that affect what you want to achieve and how you intend to achieve it?
• What progress have you made toward your financial goals? Are you on track to achieve them or are you falling behind? If you’re losing ground, why?
• What additional help or information do you need to continue working on your financial goals?