Review Your Financial Plan for Success in 2022

Recognize Life has Changed in the Past Three Years

We are entering the third year of the COVID-19 pandemic. The stock market, domestic and global economy, as well as workplace, have significantly changed in the past two years. The pandemic appears to be coming to an end though it is possible that this public health crisis will drag on for another year or even longer.

Instead of assuming your portfolio is in good shape and will perform up to expectations moving forward, be proactive by engaging in a comprehensive review with the assistance of a fee-only financial advisor in Scottsdale. Our financial advisors monitor and analyze the economy and the market, so you don’t have to. We will closely analyze your portfolio, track it moving forward and recommend strategic alterations that position you for financial success in the months, quarters, and years ahead. We will continue to make strategic alterations if the coronavirus pandemic continues and also during its aftermath.

Reflect and Revise

Now is the time to reflect on the past two years. If you are like most investors, you have either lost money or your nest egg has stagnated as a result of the pandemic and ensuing inflation. Not to mention the recession and war in Eastern Europe. Meet with one of our fee-only financial advisors, review your financial progression or regression in the previous years and set the stage for alterations that bolster your net worth in the long term.

Though there is always the potential for a lengthy bear market to continue through the year ahead, stocks and other securities tend to increase in value as time progresses. Our team is here to strategically position your money for the long haul, help you learn from past investing mistakes, and ultimately empower your money to work just as hard for you as you did to earn it in the first place.

Review Your Financial Plan at Least Once per Year

There is a common misconception that major life milestones are the only reasonable catalyst to spur a review of one’s financial plan. Even if you did not get married or divorced, change jobs, have a child, or buy a house in recent months, it is still in your interest to review your financial plan at least once per year. The best part is that you don’t have to do any of the work. Our Scottsdale financial analysts are here to perform the analysis and research for you. Alternatively, those who have achieved a major life milestone in the previous 12 months and those who have suffered significant setbacks should also meet with our fee-only financial planners as such major life benchmarks often necessitate significant changes to overarching financial planning.

Though your life might not have significantly changed in the past year, your financial picture can change quickly. The lack of investment diversification, complex market dynamics, and other factors have the potential to change your financial picture in surprisingly little time. Meet with our financial planners, let us review your current financial picture, and we will determine if your plan needs an overhaul, a minor revision, or no change at all.

Your Personal Finance Goals Might Have Changed

Financial plans should change in unison with personal financial goals, career arcs, and other events of significance. For example, if you inherit money following the death of a loved one, are promoted at work, lose your job, start a family, or if any other life event of significance occurs, your personal finance goals might also change. It is also possible that you decide it is prudent to change your target retirement date, necessitating a corresponding change to your financial plan.

Perhaps you want to leave your loved ones more money in the form of an inheritance. Maybe you want to travel at a higher frequency during retirement than originally planned. Regardless of how your personal finance goals have changed, our team will help you achieve those aims with objective investing analysis based on facts and figures as opposed to guesswork and gut instinct.

Instead of panicking and doing something drastic when life throws you a curveball, remain calm and be proactive with the guidance of a professional financial advisor. Whether your finances have improved or regressed in recent months, a meeting with our fee-only financial advisor in Scottsdale will provide a realistic look at your financial picture. They will evaluate your progress in the context of your personal finance goals and help you reach those goals by your target date.