The start of a new year often represents a fresh beginning and the perfect time to reassess and plan one’s financial strategy. It is important to take charge of one’s financial health by engaging with various financial experts to set a solid foundation for the year. Scheduling meetings with financial professionals—such as personal bankers, independent financial advisors, wealth advisors at online banks, and accountants—can significantly contribute to building wealth and achieving financial goals. By connecting with these experts annually, especially in January, individuals can gain vital insights, stay updated on new financial products, and make informed decisions.
1. I touch base with my personal banker
Having both personal and business banking managed efficiently is crucial. For this reason, connecting with a personal banker can make a substantial difference. Personal bankers are knowledgeable about the bank’s products and services, and they can offer tailored advice based on one’s individual financial needs. Beginning the year by contacting a personal banker allows one to update and review existing accounts and investments. For example, reaching out to Andrew at BMO, a trusted personal banker, provides the opportunity to learn about new financial products that may be beneficial.
Each year, it’s essential to check on long-term investments and their performance. In a recent scenario, an investment maturing after five years required an update on the interest earned and the availability of funds. This step is fundamental to understanding the current financial standing and preparing for the annual financial planning session. The guidance and information provided by a personal banker help in making informed decisions, ensuring all investments are strategically aligned with one’s financial goals.
2. I consult with my independent financial advisor
An independent financial advisor plays a pivotal role in one’s financial success. Finding a knowledgeable and reliable advisor can significantly impact financial freedom and goal achievement. For instance, working with Liz from the New School of Finance since 2017 has proven to be invaluable. Consulting an independent financial advisor in January allows for a comprehensive review and planning session, following a reflection on the previous year’s financial performance.
Preparing for this meeting involves gathering detailed information about one’s current financial situation, including monthly expenses, income, savings, investments, and debt. Additionally, outlining financial goals and any concerns ensures a productive session. During the meeting, strategies are developed to reach these goals, and adjustments are made to the financial structure if necessary. Engaging with an independent financial advisor provides clear next steps, instills confidence, and sets a robust plan for the year ahead.
3. I confer with my wealth advisor at my online bank
With a financial plan in place, the next step is to consult a wealth advisor at one’s online bank. This meeting focuses on reviewing and potentially adjusting investments and savings accounts based on the new financial plan. Online banks, such as Wealthsimple, offer the advantage of autonomy, allowing users to manage their accounts independently while also providing access to dedicated wealth advisors for personalized support.
Meeting with a wealth advisor like Scott at least once a year—sometimes more frequently when new offers are available—ensures that the financial plan is optimized. Discussing new opportunities and confirming that the current investment structure aligns with financial goals can speed up the wealth-building process. The hands-on support provided during these sessions, including real-time adjustments and transfers, enhances the efficiency and effectiveness of one’s financial strategy.
4. I liaise with my accountant
Liaising with an accountant at the beginning of a new year is crucial for reassessing and strategizing one’s finances. Taking control of financial health is essential, and involving various financial experts helps establish a sturdy foundation for the year ahead. Setting up meetings with financial professionals—like personal bankers, independent financial advisors, wealth managers at online banks, and accountants—can significantly aid in building wealth and achieving financial aspirations.
These experts provide essential insights, keep one informed about new financial products, and guide making informed decisions. January is an excellent time to connect with them, as it allows individuals to stay current on financial trends and fine-tune their strategies for the year. Annual meetings can prove instrumental in navigating financial uncertainties and making smart choices. By starting the year with this proactive approach, individuals can better manage their finances and work towards their financial goals with confidence and clarity.