8 Important Times in Life to Talk with Your Financial Planner

SHJ062016_Sharkey_Howes_Javer_When_to_Meet_Blog_ImageLife moves quickly and big changes often happen in the blink of an eye. As your life circumstances change, it’s important to meet with your financial planner to discuss the potential impact to your financial plan and goals.

Getting Married
Merging two sets of finances together can be difficult. Shortly after you get married, or even before the big day, meet with your financial planner together. They will help you discuss goals, direction for investments and can create a joint financial plan. Combining assets can be much less stressful when you include your financial planner in the process.

Buying or Selling a Home
Your home is likely the largest purchase you will make in your lifetime. When buying, most real estate agents will recommend you talk with your lender to find out what you qualify for, yet the agent and lender rarely consider any of your other financial goals in the equation. On the selling side, the impact of the sale on your overall financial plan is rarely taken into consideration. Since your financial planner understands and is trying to help you achieve all of your long term goals, talking with him/her before buying or selling a home can help you stay on track and avoid mistakes.

Having a Baby (or a Grandchild)
Nothing shakes up your finances quite like welcoming a new baby into the family. If you are a new parent or grandparent, take some time to talk with your planner about any new expenses you will be incurring. You may also want to discuss starting a college fund. Letting your financial planner in on the excitement a new baby brings will give him/her the information necessary to continue helping you work towards your future goals.

Kids Going to College
Chances are your financial planner has helped you set up a college fund for your children or grandchildren and advised on the best way to save for those 4 (5?) expensive years. Now the time has arrived for the child(ren) to actually leave the nest and head to college. Give your planner a call to discuss the most appropriate strategies to pay for college education and take advantage of scholarships and financial aid while continuing to save for retirement and your other goals.

Changing Jobs
With a new job comes a new paycheck and, hopefully, a new 401(k) or other retirement plan. Your planning team can help you with decisions about investing in the new employer’s retirement plan, rolling over old plans, and allocating income into different savings and investment strategies.

Starting a Business
Starting a business is a big step and can require a great deal of initial capital. Get ahead of the curve by sitting down with your financial planner to see how much you have to invest in your business without jeopardizing your financial plan. Additionally, your planning team likely has referrals to accountants, business attorneys and other professionals who can help you get the new business off the ground.

Retiring
This is the moment for which you’ve been planning. Before you show up for your last day on the job, sit down with your financial planner to discuss the implications (both financial and non-financial). Together you can discuss your financial retirement readiness, spending during retirement and how to continue working towards goals during retirement. Remember, retirement isn’t the end of financial planning and your planner wants you to have a successful, healthy retirement just as much as you do.

Death of a Family Member or Major Change in Health
Often there are many financial steps to take when a person passes away. A financial planner can help you walk through these steps and think through your options, while encouraging you to take your time on major financial decisions. A change in health status may also create new financial decisions, ones that have never been on the table before. Partnering with a team of professionals during these times may help to ensure that you make wise decisions during a time of crisis.

As the quote from François de la Rochefoucauld says, “The only thing constant in life is change,” and it’s true. When life’s big changes come, make sure your financial planning team knows. Remember, they can’t help you towards your goals when they aren’t kept in the loop about big changes.


If you are looking for a financial planner who has your best interest in mind, we’d love to meet with you for a free consultation. Give us a call at 303.639.5100 to set up a complimentary consultation today!

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