Questions to Ask Your Financial Advisor During Your Annual Review
Your annual review is one of the most useful meetings you will have with your financial advisor all year. It is a chance to step back, look at what changed, and make sure your plan still fits your life. But many people walk in without a list and walk out wishing they had asked more. Having a set of questions to ask your financial advisor during your annual review can make the time more productive.
Below is an annual financial review checklist organized by topic. You do not need to ask every question. Pick the ones that matter most to you this year.
Before the Meeting: How to Prepare
A little preparation helps your advisor focus on what matters to you.
What to Gather
Life updates: Changes in job, health, family, or housing.
Upcoming expenses: Weddings, college, home projects, or large purchases.
New documents: Recent tax returns, new account statements, or updated estate documents.
Questions from your CPA or attorney: Anything they asked you to raise.
Your own concerns: Anything that has been on your mind about money.
Send Topics Ahead of Time
Consider sending a short list of topics to your advisor a week or so before the meeting. That gives them time to prepare projections or research.
Questions About Your Goals and Life Changes
Your plan should reflect your life as it is today, not as it was when the plan was first written.
What has changed in my life this year that could affect my plan?
Are my goals still the right goals, and are they in the right order?
Am I on track for the goals we set last year?
Is there anything I should be planning for in the next one to three years?
Questions About Your Investments
Annual reviews are a natural time to make sure your portfolio still matches your goals.
Allocation and Risk
Does my current allocation still match my time horizon and comfort with risk?
Has the portfolio drifted from its target, and was it rebalanced this year?
How would my plan hold up if markets had a difficult year?
Costs and Accounts
What did I pay in total fees and expenses this year?
Do I have accounts that could be consolidated or simplified?
Is there cash sitting idle that should be put to work or set aside for a goal?
Questions About Retirement
Whether retirement is decades away or already here, it is worth checking in every year.
Based on current projections, am I on track for the retirement I want?
Should I change how much I am saving or where I am saving it?
If I am retired, is my withdrawal plan still reasonable?
When should we revisit Social Security timing or pension choices?
Questions About Taxes
Your financial advisor is not your tax preparer, but many investment and planning decisions have tax effects. These questions can help you coordinate with your CPA.
Were there any tax-related opportunities or issues in my accounts this year?
Should I talk with my CPA about how my accounts are set up?
Are there required minimum distributions or other deadlines coming up?
How might planned sales or withdrawals affect next year's taxes?
Tax rules can change, so check current IRS guidance with your CPA before acting.
Questions About Estate Planning and Beneficiaries
This is one of the most overlooked parts of an annual financial review.
Are my beneficiary designations up to date on every account?
Are my accounts titled the way my estate plan expects?
When did I last review my will, trust, and powers of attorney with my attorney?
If I serve as a trustee, or my family has a trust, is anything due this year?
Questions About the Relationship Itself
A financial advisor review meeting is also a chance to talk about how the relationship is working.
How often should we meet, and is that still the right schedule?
How can I see my progress between meetings?
Is there anything you need from me?
Are you coordinating with my CPA and attorney, and should they be included next time?
If you meet more often than once a year, you may also like our guide to a quarterly financial check-up and key questions to ask your advisor.
After the Meeting: Follow Through
A review is only as useful as what happens next.
Write down action items: Note who is doing what and by when.
Share updates: Pass relevant information to your CPA and attorney.
Set reminders: Put deadlines on your calendar.
Schedule the next check-in: Do not wait a full year if something changes.
How Pinnacle Advisors Approaches Reviews
Pinnacle Advisors describes itself as "a family-owned and operated Wealth Management firm that has been dedicated to shaping the financial success stories of individuals and families."
Monitoring Between Meetings
The Wealth Scorecard® offers real-time monitoring for real-life goals, and the Compass Wealth Management Program is focused on providing ongoing retirement projections and strategies. Learn more about Pinnacle's Wealth Management Programs.
Bringing Your Advisors Together
Through its Wealth Collaboration™ programs, Pinnacle brings your CPA and attorney to the table to provide holistic planning.
Who Pinnacle Advisors Serves and Where
Pinnacle works exclusively with individuals, business owners, and their families. The firm serves clients in Ohio, Florida, and across the nation, with its headquarters in Mansfield, Ohio, and offices in Mentor, Medina, and Columbus, Ohio; Sarasota/Bradenton and Tierra Verde, Florida; and Manhattan, Kansas.
Ready for a Fresh Look at Your Plan?
If you would like a second set of eyes on your plan, a conversation is a good place to start. You can Schedule a Call, request a Free Assessment, or Download our eBook. Your needs lead the way. Start your snapshot.
Frequently Asked Questions
What should I ask my financial advisor at my annual review?
Ask about changes in your goals, whether you are on track, your investment allocation and fees, retirement projections, tax coordination, and whether your beneficiaries are up to date.
How do I prepare for an annual review with my financial advisor?
Gather life updates, upcoming expenses, recent tax returns, and any questions from your CPA or attorney. Sending topics ahead of time can help.
How often should I review my financial plan?
Many people review their plan at least once a year, plus whenever a major life event happens, such as a new job, marriage, inheritance, or retirement.
Should I review my beneficiaries every year?
Checking beneficiaries during each annual review is a simple way to make sure they still match your wishes, especially after major life changes.
What is included in an annual financial review?
An annual review often covers goals, investments, retirement progress, taxes, estate documents, insurance, and next steps. What is included varies by advisor.
Should my CPA attend my financial advisor review meeting?
It can be helpful, especially when tax decisions are on the agenda. Ask your advisor whether they coordinate with your CPA.
This article is for educational and informational purposes only and should not be construed as personalized investment, legal, accounting, or tax advice. Pinnacle Advisors is an SEC registered investment adviser located in Mansfield, Ohio. The Company is neither an attorney nor an accountant, and no portion of this content should be interpreted as legal, accounting or tax advice. It should not be assumed that future performance of any specific investment or investment strategy or any planning or consulting services will be profitable, equal any historical performance level(s), or prove successful if Pinnacle is engaged. Investing involves risk, including the possible loss of principal, and there are no guarantees that any strategy will achieve its objectives. Please review the Important Disclosure Information and Form CRS available on the Company's website.
IMPORTANT DISCLOSURE INFORMATION
Please remember that past performance is no guarantee of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Pinnacle Advisors [“Pinnacle”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Pinnacle. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. No amount of prior experience or success should be construed that a certain level of results or satisfaction will be achieved if Pinnacle is engaged, or continues to be engaged, to provide investment advisory services. Pinnacle is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Pinnacle’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request or at www.pinnacleadvisors.com. Please Note: Pinnacle does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Pinnacle’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. Please Remember: If you are a Pinnacle client, please contact Pinnacle, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently. Please Also Remember to advise us if you have not been receiving account statements (at least quarterly) from the account custodian.
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