What Happens During an Annual Financial Planning Review?
An annual financial planning review is an opportunity to revisit your financial priorities and discuss any changes that have occurred since your last meeting. Rather than focusing on a single topic, these reviews often consider multiple aspects of your financial life together.
The structure of a review varies by advisory firm and by individual circumstances, but the conversation typically reflects your current priorities, upcoming decisions, and any significant life events.
Reviewing Changes Since Your Last Meeting
Many planning reviews begin with a discussion about what has changed over the past year.
Topics may include:
Career changes
Retirement plans
Family milestones
Business ownership
Major purchases
Changes in income or expenses
These conversations provide context for reviewing other parts of your financial plan.
Planning reviews with firms like VestGen Wealth Partners may include discussions about these and other financial considerations, depending on each client's circumstances.
Reviewing Your Financial Priorities
Financial priorities often change over time.
For some people, retirement planning becomes a greater focus. Others may be preparing to purchase a home, support family members, make charitable gifts, or plan for a future business transition.
An annual review provides an opportunity to revisit these priorities and discuss whether new planning considerations have emerged.
Reviewing Financial Accounts and Documents
Many annual reviews include a discussion about financial accounts and important documents, such as:
Retirement accounts
Investment accounts
Cash-flow considerations
Insurance policies
Beneficiary designations
Estate planning documents
Depending on your circumstances, your advisor may also discuss whether it would be appropriate to coordinate with your attorney, accountant, or other professionals.
Questions to Bring to Your Review
Preparing questions before your meeting can help make the discussion more productive.
Examples include:
Have my financial priorities changed?
Are there upcoming life events I should plan for?
Should any financial documents be reviewed?
Have there been changes that could affect my financial planning discussions?
Are there planning topics I would like to revisit?
Preparing for Your Meeting
Before your review, consider gathering:
Recent account statements
Information about new financial accounts
Estate planning documents, if they have been updated
Insurance information
Notes about significant personal or financial changes
Questions you would like to discuss
Having this information available may help guide the conversation.
Conclusion
An annual financial planning review provides an opportunity to revisit financial priorities, discuss changes in personal circumstances, and review important financial information. The topics covered vary based on each individual's situation and planning needs.
Many advisory firms include annual planning reviews as part of their client relationships. At VestGen Wealth Partners, these conversations may include retirement planning, investment accounts, cash-flow discussions, estate planning coordination, and other financial topics relevant to a client's circumstances.
Frequently Asked Questions
What is an annual financial planning review?
An annual financial planning review is a meeting that provides an opportunity to discuss changes in your financial situation, revisit your priorities, and review different aspects of your financial plan.
What is typically discussed during a financial planning review?
Topics often include retirement planning, investment accounts, cash-flow considerations, beneficiary designations, estate planning coordination, insurance, and significant personal or financial changes.
How should I prepare for a financial planning review?
Many people gather recent financial statements, updated financial documents, and a list of questions they would like to discuss during the meeting.
Do financial planning reviews cover more than investments?
Yes. Depending on the advisory relationship, discussions may include retirement planning, cash flow, estate planning coordination, insurance, charitable giving, business ownership, and other financial considerations.