Meeting with your financial advisor for an annual review is one of the most effective ways to stay focused on your financial goals, assess your progress, and ensure your plan continues to align with your evolving life circumstances. This check-in is your opportunity to evaluate your strategy with expert guidance, refine your goals, and make adjustments to help you achieve long-term financial success.
An annual review encourages you to pause, reflect, and proactively manage your investments, retirement plans, and tax strategies. The right questions can unlock insights that guide your decisions for the months ahead and position you for greater financial confidence.
Why an Annual Financial Review Matters
Your financial plan isn’t static—it should evolve as your life, priorities, and economic conditions change. At Lewkowitz Financial, we encourage annual reviews to evaluate your portfolio, retirement savings, and estate plans. Here’s why this yearly conversation is essential:
- Tax Strategy Planning: While many tax strategies are time-sensitive, a well-timed review can uncover opportunities to reduce your tax liability. Your advisor may recommend techniques like loss harvesting or optimizing retirement contributions to support a more efficient tax outcome.
- Tracking Financial Goal Progress: Reassessing your financial goals annually ensures you’re still moving in the right direction. Major life events—like a career change, a new child, or buying a home—can shift your financial priorities, and your advisor can help you adjust your plan accordingly.
- Portfolio Performance Check: Markets fluctuate, and your investments should be regularly assessed. Your advisor can help determine whether your current asset mix is still suitable for your goals and risk tolerance.
This annual review isn’t just a formality—it’s a strategic opportunity to identify risks, optimize strategies, and move forward with clarity and purpose.
Questions to Ask During Your Annual Financial Review
When preparing for your annual meeting, bring along questions that allow for a meaningful review of your financial landscape:
1. Are My Financial Goals Still on Track?
Have your goals changed over the past year? Are your strategies still aligned with your risk tolerance and time horizon? Your advisor can help evaluate and adjust your plan to keep you moving toward your retirement and investment milestones.
2. Is My Investment Portfolio Aligned with My Objectives?
An independent advisor provides an objective lens to ensure your portfolio reflects your long-term aspirations. Together, you can explore improvements that could reduce risk, boost performance, or better support short- and long-term goals.
3. What Financial Risks Should I Be Aware Of Right Now?
Economic uncertainty, interest rate changes, inflation—these and other factors can affect your strategy. Your advisor can evaluate how resilient your current plan is and offer strategies to help you manage risk more effectively.
4. How Can We Improve My Cash Flow Management?
Strong cash flow is the foundation of financial flexibility. Ask your advisor to help you analyze your income and expenses, identify potential savings, and explore ways to create more room in your budget for future planning.
Did you know? According to Canada.ca, 17% of Canadians spend more than they earn each month. Smart cash flow management can be a game-changer.
5. Am I Maximizing My Retirement Savings?
Your annual review is a great time to assess whether you’re getting the most out of your RRSP, TFSA, or other retirement accounts. Your advisor can help identify catch-up opportunities or tax-efficient ways to increase your retirement contributions.
6. Are There Tax Strategies I Should Consider This Year?
Even outside of tax season, there may be tax-saving strategies worth exploring. These could include charitable giving, restructuring assets, or adjusting contribution levels to benefit from available deductions or credits.
7. Is My Wealth Properly Protected?
Risk management plays a crucial role in a comprehensive financial plan. Review your insurance coverage—life, health, disability, and property—and confirm whether it still meets your needs given any recent life changes.
8. How Up-to-Date is My Estate Plan?
Your estate plan should reflect your current circumstances and intentions. An annual review ensures your will, beneficiaries, and overall wealth transfer strategy remain in alignment with your goals—and could help minimize future tax burdens for your loved ones.
Looking Ahead: Setting Financial Goals for the Year to Come
While annual reviews are a time to reflect, they’re also a perfect moment to look forward. Set clear, measurable financial goals with your advisor’s guidance—whether it’s growing your savings, paying off debt, making a major purchase, or investing more strategically.
By aligning these goals with your broader financial plan, your advisor can help build an actionable roadmap to keep you focused and accountable. When retirement is on the horizon, this alignment becomes even more critical.
Final Thoughts
An annual financial review is more than a check-up—it’s a proactive step toward financial clarity and peace of mind. By asking the right questions, assessing progress, and planning for what’s next, you’re actively shaping your financial future.
At Lewkowitz Financial, our mission is to help clients identify, pursue, and protect their financial goals with clarity and confidence. Contact us today to schedule your annual review and set a strong course for the year ahead.