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How an Annual Financial Review Can Help You Prepare for the Future 

A yearly financial checkup can provide a snapshot of your current situation to help you stay on track. 

couple doing annual financial review with financial professional

Everyone knows how important it is to get an annual checkup for their physical health, but have you considered doing the same for your financial health?

Between work, family and social obligations, a thorough personal financial checkup may be the last thing on your to-do list. However, it might be worth making the time to sit down with a financial representative to check in on your financial goals at least once a year. Here's what a financial review can look like and some ways you can prepare ahead of time.

What Is an Annual Financial Review?

An annual financial review involves meeting with a financial representative to get a closer, comprehensive look at your finances. This meeting can give you a snapshot of your current financial situation and help you prioritize your financial goals so you can map out a plan for your future.

During this review, you'll likely discuss your short-term, mid-term and long-term financial goals, which might include establishing an emergency fund, getting life insurance and saving for a house, or exploring ways to reach your retirement savings goal.

What Is Discussed During a Financial Review?

The financial representative you meet with will work with you to better understand your current and future financial needs and obligations. For example, planning for retirement might play a significant role in your annual financial review, or if you have children, you might discuss how to save for college and other future education expenses.

You might also discuss your insurance needs. If you currently have life insurance, disability income insurance or long-term care insurance coverage, the financial representative will work with you to assess whether it's enough. If you don't have coverage, you might spend some time discussing whether coverage could help your family.

It's possible that you'll also assess whether you have enough current savings to meet your living expenses should you become disabled, and how disability income insurance may be able to help your family in this situation. As part of that discussion, you might explore whether your current health coverage is sufficient to cover you in the event of a serious illness and how you'd handle any related out-of-pocket costs.

For life insurance, it may be important to consider what kind of coverage will help provide financial protection for your family. It can help to factor in things like housing and health care costs, education, transportation and other daily living expenses as you determine the right amount of coverage for your needs.

Ready to Take Control of Your Finances?

Staying on top of your finances can be challenging. That's why we want to offer you a complimentary financial review to help you assess your overall financial picture and identify your current goals and needs.
Schedule Your Financial Review

How Can You Prepare for Your Annual Financial Review

Before your annual financial review, consider gathering any relevant documents and taking the time to think through your financial health. The financial representative will likely ask you about your savings and investing style, so think about whether you're more of a saver or spender, and your risk tolerance when it comes to investing.

As far as paperwork, consider bringing information about your current assets and liabilities, including your income, account balances for your retirement, savings and investment accounts, plus any credit card debt, your mortgage balance or other loans.

Coming to the meeting with these details could make your annual financial review more impactful as you try to prioritize your goals and better your finances going forward.

Getting on Track to Meet Your Financial Goals

It never hurts to check in on your finances. An annual financial review can help you determine if you're on track to meet your financial goals. Whether you dream of retiring at 50, buying your forever home or just making sure you have the right insurance coverage, an annual financial review can help you set aside time to focus on your finances.