In our lives, change is the only constant. Personal situations like marriage, going to school, having children, unexpected emergencies, job loss or retirement happen. So do economic circumstances like interest rate fluctuation and market shifts. They all can significantly impact our financial well-being. That’s why staying in touch with your financial professional is not just a good idea—it’s essential.
Just as regular maintenance keeps a car running smoothly, regular financial check-ins ensure that your wealth-building strategies stay on course. Here’s why keeping in close contact with your financial professional can make a meaningful difference in your financial future.
Personal circumstances are always evolving, and these changes can directly impact your finances. Here are a few examples:
Job transitions, promotions, or periods of unemployment can all influence income and financial strategy. A new job might come with a different benefits package, retirement plan, or stock options that require fresh evaluation. During a career shift, a financial professional can help reassess how these changes align with your financial goals.
Getting married, having children, or sending kids to college are significant events with financial implications. Marriage often requires a review of shared finances, while welcoming a child may increase savings needs, insurance considerations, and educational planning. Financing higher education can also require strategic choices to avoid disrupting long-term goals.
Health issues may bring unexpected expenses or lead to early retirement. Regular communication with a financial professional ensures you’re prepared for health-related expenses and have information about resources like disability insurance and long-term care options.
Retirement timing is pivotal in financial road mapping. A financial professional can guide you in adjusting strategies, like making catch-up contributions, diversifying investments, or choosing the right time to claim Social Security benefits.
Fluctuations in inflation, interest rates, and markets can affect home values and retirement savings. A financial professional can help you adjust during these periods, potentially taking advantage of market opportunities.
Natural disasters and climate change increasingly impact finances and insurance costs. A financial professional can help mitigate risks by adjusting insurance coverage, evaluating real estate investments, and ensuring you have emergency funds for such contingencies.
Let’s face it; many people need assistance to consistently make sound financial decisions, especially concerning major shifts one’s life. When it comes to your financial strategy, a “set-it-and-forget-it” approach is rarely effective. Here’s why maintaining regular communication with a financial professional can be one of the most beneficial decisions for your financial health:
Financial professionals can provide guidance based on industry insights and years of experience, giving you a clear understanding of how economic or policy changes may affect your finances.
Regular check-ins with your financial professional help you stay ahead of potential issues. By addressing changes early on, you can avoid a reactive scramble and instead make thoughtful adjustments to your financial strategy.
As your life, income, and goals change, so should your financial strategy. By staying in close contact with your financial professional, you can be sure your financial strategy accurately reflects your current and future aspirations.
Financial markets fluctuate, and these fluctuations can impact your investments. A financial professional can advise on adjusting your strategy based on current and prospective market conditions, helping to mitigate risks and capitalize on opportunities.
Money decisions can be highly emotional, especially during significant life events or market downturns. A financial professional offers objective guidance, helping you avoid impulsive decisions and stay focused on long-term goals.
Beyond investments, financial professionals assist with risk management by advising on appropriate insurance coverage, estate planning, and other protection strategies, ensuring you’re prepared for unforeseen circumstances.
Financial professionals can introduce you to a variety of specialized financial products, tools and strategies that may not be readily accessible to the public, like advanced investment vehicles or tax-advantaged strategies that can enhance your overall financial strategy.
A good financial professional empowers you with knowledge, helping you better understand complex financial concepts. This financial education boosts your confidence in making financial decisions and understanding how various strategies impact your goals.
Overall, maintaining regular communication with a financial professional can be instrumental in staying financially healthy, adapting to changes, and feeling confident in your financial journey.
Whether you’re adjusting for life events, responding to market changes, or planning for unforeseen challenges, a trusted financial professional can help you navigate these shifts with confidence and clarity.
If it’s been a while since your last financial review, now might be the perfect time to reconnect. Use change to your advantage and talk to us about planning your next move.
This article is provided for general informational purposes only. Neither New York Life Insurance Company, nor its agents, provides tax, legal, or accounting advice. Please consult your own tax, legal, or accounting professional before making any decisions.
SMRU #6006182 exp. 11/1/2025