December 16, 2023 • 6 mins
The Greek philosopher Heraclitus once said, “The only constant in life is change.” His quotation rings true 2,500 years later: markets fluctuate, our lives change and our priorities shift. In this ever-changing world, an annual portfolio review is a smart way to check in with your long-term goals and revisit your budget and investment portfolio.
Like an annual physical, your annual portfolio review can take place any time of the year; it’s meant to provide a look at your overall health – in this case, your financial health. Whether things seem “healthy” or not, a yearly look at your portfolio lets you reexamine your financial goals, whether it’s saving for a home, or for college and retirement.
You can check up on your financial health yourself, but working with a financial advisor can help you better understand market trends and how to maximize your investments for a richer future.
When you meet with your financial advisor for a portfolio review it’s good to ask whether you’re on track and to see how your portfolio compares to the overall financial markets, like the S&P 500 for example.”
A financial advisor provides financial guidance to customers. Their services may include tax planning, wealth management, estate planning, and investment management. A financial advisor will also create and implement an investment strategy for you, monitor your portfolio, and rebalance your assets as needed.
Before working with a financial professional, be sure they are registered. You can research their status on BrokerCheck, a database maintained by the Financial Industry Regulatory Authority (FINRA).
When you meet with a financial advisor for an annual portfolio review, it’s good to ask whether you’re on track and to see how your portfolio is doing vs. the overall market, like the S&P 500 for example. It’s also good to bring along your most recent financial documents, says Jane Krueger, a CFS1 Financial Advisor at Patelco Credit Union. Here’s a list of what you might want to bring:
Whether it’s your first meeting or your tenth, your annual portfolio review will follow a similar format. Your financial advisor will especially want to know if you’ve experienced any significant changes in your life, such as:
In addition to major life events, your financial advisor will probably want to cover the following topics with you:
It’s important to take the time to have a financial check-up once a year to make sure you’re on track with your finances. A financial advisor can help you refine your portfolio to prepare for the future and protect your loved ones if the unlikely happens.
Members of Patelco Credit Union have complimentary access to financial advisors through CUSO Financial Services, L.P. (CFS). They’re available to discuss your unique needs and create a plan that will help you achieve your financial goals.
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1 Non-deposit investment products and services are offered through CUSO Financial Services, L.P. ("CFS"), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. Patelco Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.