Pay off non-client promotion: Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our laundry list of partners for more details). However, our opinions are our own. See how we rate investing products to write unbiased product reviews.
- I bring into play function with a personal banker to learn about new products and services at my bank branch.
- I also meet with my individual financial advisor, and I check in with an advisor at my online bank.
- Finally, I ask my accountant about the tax implications of any of my big plans for the year.
I identical to to start the new year right by reflecting on the previous year and getting my financial planning in gear to support my goals in the year vanguard. I meet with my financial team at least once a year, usually in January, and more often when I be familiar with or plan big life changes, like buying a house.
Here’s how I engage my team of financial advisors and other connoisseurs to stay on top of my finances and plan for the future.
1. I check in with my personal banker
I have my personal and business banking as warm-heartedly as some of my investments with BMO. I have a personal banker I work with at my branch. He’s friendly and responsive, and I reach out to him periodically cranny of the year with questions, usually about my business banking needs.
When I dive into financial proposing for the year ahead, my first action item is to reach out to Andrew at BMO. I touch base with him about the products and servicings I’m already using and learn what’s new that might work for me.
This year, I have an investment that’s been constrained away for the past five years that’s maturing. I connected with Andrew to get an update on the interest earned on this investment and to learn when the loots will be available to me. This information helps me get a clearer sense of my financial landscape and is essential to doing my homework in go forward of my annual financial planning session.
2. I meet with my independent financial advisor
I really lucked out when I ground my financial advisor, Liz, at the New School of Finance. We’ve been working together since 2017 and she continues to play a key role in my pecuniary freedom. I genuinely look forward to our sessions!
The bulk of my planning work happens when I meet with Liz, preferably in January and after I’ve completed my cogitation work on the previous year and gathered the necessary information from my bank. There’s some homework for me to prepare and send to Liz in proceed of our session so that she can determine what we should cover.
This homework includes a detailed sketch of my current pecuniary situation, including my monthly expenses and income, savings, investments, and debt. I also share my financial goals for the year in front and any issues I want to be sure to discuss with her.
During our session, we address my concerns, develop a strategy for me to reach my pecuniary goals in the year ahead, and discuss how to restructure my finances accordingly. We talk everything through, strategize, and sketch out a procedure. Meeting with Liz is some of the best money and time I spend all year. I come away from our sessions air confident, capable, and armed with clear next steps.
3. I meet with my wealth advisor at my online bank
With my pecuniary plan for the new year in hand, I reach out to make an appointment with Scott, my wealth advisor at Wealthsimple. Liz and I will secure already discussed what to do with my investments and savings accounts. I’ll share my plan for the new year with Scott and we’ll thrash out my options for making adjustments to my savings accounts and investments.
I typically meet with Scott at least once a year, but on more often — for example, when the bank has new offers that could work for my savings and investment structure and balm me reach my goals faster. I really appreciate that I have a dedicated person I can speak to; Scott’s always in seventh heaven to answer my questions and talk through ideas.
One of the advantages of an online bank is that you can be pretty autonomous. You can go in and make metamorphoses or transfers yourself. This is good, but I also like that Scott does some of this work for me in earnest time during our sessions.
Estimate Your Interest Earnings
4. I connect with my accountant
Finally, if my financial representation for the new year has tax implications I’ll reach out to Danny, my accountant. In 2023 I made the shift to paying my business-related taxes quarterly, and there was a big erudition curve that Danny helped me navigate.
It’s taken me some time to find the right team of financial experts to support me manage my money and reach my financial goals. And I’m always honing the multi-step process. Over the years, I’ve learned who to convey to and when, and also how they can best support me.
This article was originally published in January 2024.
