FINANCIAL FOCUS
KRISTI TREVINO Financial Advisor Edward Jones
What to Expect from a FINANCIAL REVIEW
The COVID-19 pandemic may have unsettled many aspects of your life – including your financial situation . Even if your employment and earnings were not directly affected , you might have concerns about whether you ’ ve been making the right investment moves in such a stressful environment . The pandemic is , hopefully , just a once-in-a-lifetime occurrence , but different events can rattle financial markets . And changes in your own life also can affect your plans . To prepare yourself for whatever tomorrow may hold , you may want to get some professional help – but what , really , can you expect from a financial advisor ?
A financial advisor will look holistically at your life – your family composition , your career , your hopes and dreams , your instincts about saving and spending money , your risk tolerance and other factors . So , during your initial meeting , and at subsequent reviews afterward , here are some of the key areas you ’ ll discuss :
• Feelings about your financial situation – Numbers are important to financial advisors , but what ’ s most meaningful to them is understanding what ’ s important to their clients . Are you confident about your overall financial outlook ? Are you worried about your cash flow ? Are you distressed over volatility in the financial markets ? Do you have concerns about your career ? By getting at the answers to these and similar questions , a financial advisor can gain a clear sense of who you are and what matters to you . You can then follow an established process to build your personalized strategies and take the specific actions needed to achieve your goals .
• Progress toward your goals – It takes patience and discipline to achieve long-term goals , such as helping send your kids to college or enjoying the retirement lifestyle you ’ ve envisioned for yourself . As you save and invest for these goals over the years , you ’ ll want to …. measure your progress regularly . If you seem to be falling behind , your financial advisor can suggest moves such as increasing your investments or adjusting your investment mix .
• Changes in your family situation – Marriage or remarriage , the arrival of new children , the departure of children for college , caregiving responsibilities for
older parents – any and all of these events can make a big difference in your goals and , as a result , your investment plans . During your reviews , your financial advisor will consider these changes when making suggestions or recommendations . ( Changes in your family ’ s status may affect your estate plans , so you ’ ll also need to work with your legal advisor or other estate-planning professional .)
• Changes in your retirement plans – As you near retirement , you might decide that your original plans for this time of your life no longer suit you . For example , you might have once thought that , when you retired , you would stay close to home , volunteering and pursuing your hobbies . But now you ’ ve been thinking how much you would enjoy traveling , or perhaps even living abroad for a while . To accommodate your change in plans , a financial professional may recommend certain moves , such as working a couple of years longer or adjusting the amount you eventually withdraw from your 401 ( k ), IRA and other retirement accounts .
As you work toward your goals , you may find it challenging to navigate the financial markets and respond to the changes in your life – but you don ’ t have to go it alone . And knowing what to expect from a financial advisor can help smooth your journey .
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor . Edward Jones , Member SIPC
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