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How often should I meet with my financial advisor?

Obviously when there are major changes, but how often should I meet up with my advisor just as a checkup?

Mar 07, 2012 by Joaquin from Auburn, IL in  |  Flag
8 Answers  |  12 Followers
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4 votes

In my firm, we have a standard rule of meeting clients semi-annually. Of course they are welcome to come in more frequently, but my experinece has shown this to be overkill in many cases. The important thing is that you meet with your advisor regularly whether changes are needed or not. When a client hires us, we tell them that they are expected to meet with us on a regular basis even if it's a very short meeting. Regular communication between an advisor and his or her client is crucial!

Comment   |  Flag   |  Mar 08, 2012 from Atlanta, GA

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4 votes

When it comes to Financial Planning, I really like to relate it to medical treatments with your Doctor. How often do you visit your Doctor? Typically there are two types of people, the first, which are reactive. They meet with their Doctor only when something is wrong, they are sick, injured. In this situation we are always fixing, making you better from something unexpected. The other type of client proactive, these client will visit their Doctor when they are ill yes, but even if they are not, they keep a schedule annually or semi-annually or maybe more, based on their current medical history You should consider this when deciding how often to meet with your financial advisor. I suggest you attempt to be proactive. There are changes in your life that you will not associate as having an impact on your finances, however a good financial planner, knows what kind of questions to ask to assess ongoing needs. So always visit when you are aware of changes, but make sure you are making regular visits regardless of changes you are aware of. The frequency will depend on your unique financial situation. Discuss with your advisor your concerns and they should help you schedule the appropriate frequency. If you feel that your current advisor is unwilling to visit with you in the frequency you would like...it may be time for a change.

Comment   |  Flag   |  Mar 08, 2012 from Gilbert, AZ

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4 votes
Carolyn Taylor Level 15

Given the ever changing economic landscape, it is prudent to keep in touch with your financial advisor at least once a quarter. This communication can take the form of a telephone call, an e-mail, text or meeting to discuss your current financial situation and any changes in your goals and needs. It is also important to have a face-to-face meeting at least once a year, or upon the event of any major significant changes in your life or your family’s life such as birth, marriage, divorce, death, inheritance, sale of house, purchase of house, change of job, loss of job, illness, pending retirement, or reaching Medicare age. Topics of discussion could include subjects such as tax situation, financial evaluation and estate planning, structure of portfolio, total assets, current and future growth or earnings, non-market related assets such as a private company or real estate.

** The information provided should not be interpreted as a recommendation, no aspects of your individual financial situation were considered. Always consult a financial professional before implementing any strategies derived from the information above

Comment   |  Flag   |  Aug 21, 2012

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3 votes

Hi Joaquin,

There is no set rule regarding frequency of contact - I hate to say "it depends" but I can say you should have enough contact to cover questions you have and to make sure your advisor is fulfilling his/her obligation to you - be it monitoring and rebalancing your investments, updating your financial plan (if you have one), etc. Good practices generally assume an advisor has some kind of contact with a client at least quarterly - the quality and frequency is dictated by your needs, how you pay your advisor and what your advisor is doing for you.

2 Comments   |  Flag   |  Mar 07, 2012 from Berkeley Heights, NJ
Eddie Patel, CFP®

I like to see my clients semi-annually at a minimum, and really as needed...

Flag |  Mar 07, 2012 near Orland Park, IL
Eve L. Kaplan, CFP®

Eddie, your answer is a good reminder to anchor answers with our own experience. I see some of my clients relatively frequently (or we talk extensively by phone) more than 1x quarterly - other clients of mine are busy, prefer email updates (we handle issues that way) and see me less often. What IS clear is that we financial planners often give much more time and valuable input to our clients than e.g. a broker who may call his/her client infrequently and typically only is managing the account(s) in question at the brokerage house!

Flag |  Mar 07, 2012 near Berkeley Heights, NJ

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3 votes

Joaquin (and anyone considering this question), how often would you like to meet with an advisor? As you can see from the responses, this varies by advisor and circumstances. Asking this question during the interview may help you determine if the advisor is a good fit for your needs.
Personally, I offer quarterly meetings, but quite often clients do not want to meet that frequently. My experience is that newer clients want to meet more often, but as they gain trust in the financial planning process, they decline my invitation and meet only a couple of times a year - unless as you mentioned, there is a change in their circumstances.

Comment   |  Flag   |  Mar 08, 2012 from Phoenix, AZ

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John Level 11

Hi Joaquin, Every client is different, but as a standard practice, we like to meet with new clients on a quarterly basis. After their first year with us, we then try to meet no less than an annual update. We still have some "veteran" clients who come in quarterly or semi-annually, but they all know we want to meet at least once a year for the annuall plan update. Thank you for your question!

Comment   |  Flag   |  Mar 14, 2012 from Seattle, WA

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Eric Level 17

I've got to give everyone who answered this question a thumbs up. I think everyone gives an example of what their typical clients do and also state that it really is up to you. You are paying for advice and you can meet with your advisor as much as you wish. Keep in mind though that advisors need to be compensated for their time, just as every other professional is. So the more frequent the meetings, the more a fee only advisor would probably charge you. I recommend only working with a fee only advisor so your goals are aligned. We recommend clients contact their advisors before any life altering event is weighed. Job changes, home purchases, health issues, retirement, etc.

Hope this helps and Good Luck!

Comment   |  Flag   |  Aug 22, 2012 from Denver, CO

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1 vote
Barry Rabinowitz Level 19

Hi: Depending on the size of your account, I would say quarterly, or at least 1 x a year. Rebalancing should be done annually.

2 Comments   |  Flag   |  Mar 07, 2012 from Fort Lauderdale, FL
Gregory Werlinich, MBA

Joaquin, the number of meetings between a client and his/her advisor depends on a number of factors. I find that my clients dictate to me how often they'd like to meet, but it's usually only once or twice a year. And those "meetings can either be in person, by telephone or via GoToMeeting. Meetings are a good time to review the portfolio, discuss objectives and update your advisor about any changes in your financial status. Keep in mind, you should feel comfortable contacting your your advisor any time you have questions; you don't have to wait for a formal meeting.

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Flag |  Mar 08, 2012 near Port Chester, NY

I am taking the services of wealth management company Lake Oswego. We meet quarterly and discuss everything in detail and set strategies together and we remain in contact through emails and calls.

Flag |  Nov 08, 2018

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