Managing Your Relationship with a Financial Planner

Having a financial planner means managing a relationship with someone who holds the very important keys to your proverbial castle. From managing budgets and investments to insurance and tax strategies, it’s important to keep tabs on your financial adviser — within reason. But how often should you be chatting with them?

Finding the Right Frequency for Communication

Every relationship is different, and because financial planning is such a personal issue, there’s no one-size-fits-all answer for how often you should talk to your adviser. However, financial planner Don Grant suggests that there should be a review at least semi-annually. Depending on the complexity of your financial plan, wealth manager and managing director at Midtown Financial Group, Grace S. Yung, says "once or twice a year may be sufficient for some while others may need more attention."

Adapting to Your Current Stage of Life

It's important to note that this frequency doesn’t have to be a constant from year to year and can shift depending on your current stage of life. For example, there are years when you may need to communicate with your adviser more frequently, while other years may only require a single check-in. According to Jen Grant, a financial planner at Perryman Financial Advisory, a good average is 2-3 times a year.

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Remember, maintaining an open line of communication with your financial planner is crucial for effective financial management.

How to Improve Communication with Your Financial Planner

If you find yourself wanting to have more frequent conversations with your financial planner, it's important to let them know. According to Yung, one of the first steps is to ask for more check-ins and discuss the frequency of communication upfront. Grant also mentions that some clients may require more communication, particularly if they have tax issues that need ongoing attention throughout the year.

If you feel hesitant about requesting more time from your financial planner, Grant suggests making the effort anyway. The more your adviser knows about changes in your life, the better advice they can provide when you have questions. Additionally, one of the main benefits of having a financial adviser is being able to hand off the small details and worries. Grant explains that your adviser ensures your investments align with your risk tolerance and goals, while also making sure you don't miss any important due dates, such as contributing to an IRA or taking a required minimum distribution.

It's essential to strike a balance when it comes to involving yourself in investment decisions. While being engaged is encouraged, there is a point where you might be too involved or calling your adviser excessively. Grant suggests reflecting on whether you're seeking their opinion on every small market update or questioning every trade. If this is the case, ask yourself if it's due to difficulty letting go or a lack of trust in your financial adviser's expertise.

A Tale from 2021

Once upon a time in the year 2021, an intriguing story unfolded. It captivated the attention of many, sparking curiosity and wonder. Allow me to share this tale, originally published back then, in all its glory.