How Often Should You Meet With a Financial Advisor?

Let’s say you’ve taken the first step and have already decided to speak with a financial advisor. You already know that financial planning and wealth management goals are vital to your long-term financial health, but how often are you supposed to speak with your advisor about investments and strategies?

A financial advisor could help you best determine if you are on track to meet your long-term financial goals.

How Often Should You Speak With Your Financial Advisor?

Financial planning and management are personalized services, and advisor meetings can vary depending on the degree of help needed. Complicated financial affairs will likely need to be managed and reviewed anywhere from daily to monthly, while individuals with straightforward investments may only need occasional advice.

The ideal frequency depends on the client. Many financial advisor clients track their investments through apps and the web, so meeting too frequently can be more burdensome than useful.

West Michigan Advisors recommends meeting more when you first open an account so your advisor can get a better feel for your needs. Over time you can meet occasionally to review, and then you should ramp up the frequency as you approach retirement.

At the bare minimum, you should expect to speak with a financial advisor once a year. Experts recommend meeting at least annually to review your financial strategies as your living circumstances change. These reviews can be in person or via video calls, and many advisors choose to text or email more frequent updates as necessary.

When Should You Speak With Your Financial Advisor?

Meeting with a financial advisor can be beneficial at various points in life, especially when major life events or changes in financial goals occur. For example, if you’re experiencing significant life changes—such as getting married, having a child, receiving an inheritance, moving to a new location, or facing health challenges—it’s wise to consult your advisor to understand the financial impact.

Career changes are another key reason to schedule an additional meeting with your advisor. Whether you’ve received a promotion, started a new job, or transitioned to self-employment, these shifts can influence your income, retirement planning and benefits, making it helpful to review your financial strategy. Additionally, if you’re approaching retirement, a meeting can help ensure your retirement savings, Social Security strategies, and income withdrawal plans are on track.

Financial events, such as market changes or substantial shifts in investment performance, are also good times to meet with an advisor. Reviewing your portfolio after a market fluctuation or reassessing tax strategies—especially if you’ve had a major tax event, like a property sale—can help you stay aligned with your goals.

Similarly, when planning for large purchases, such as buying a home, paying for education, or starting a business, an advisor can help create a savings or funding strategy that minimizes financial strain. Scheduling regular check-ins, even without significant changes, is also beneficial, as these routine reviews keep your financial plan updated, reflecting any shifts in goals, income or expenses over time.

Moreover, if you encounter economic or legislative changes—like new tax laws or fluctuating interest rates—discussing their potential effects on your savings, investments, or loans with an advisor can provide peace of mind. In times of financial uncertainty or anxiety, it’s also helpful to reach out for reassurance, guidance, and risk management advice.

Long-term adjustments, such as revisiting estate and legacy plans, updating wills or beneficiaries and reviewing insurance coverage, are essential as family situations evolve. Ultimately, regular meetings with your advisor help ensure your financial plan adapts as your life, priorities and the economic landscape change, keeping you on track toward your goals.

Communication Is Key

In the end, you are choosing a specific financial advisor because that person or firm offers the services you feel you need. Fee-only financial advisors are preferable, as you can be assured that they are not recommending investments to you to pad their bottom line. These professionals charge hourly, monthly or flat fees to advise you and manage your assets, and more frequent meetings may mean more consultation time to be paid.

Regardless, you should feel free to contact your advisor before making important decisions that may impact your finances. For example, investors understandably feel nervous during market downturns, especially when account balances fall, but you should speak to your advisor before panic-selling. Financial advisors are there to guide you through major financial decisions, keeping you on track with your financial goals, so you should always feel comfortable speaking about your finances when the occasion calls for it.

Bottom Line

Experts recommend that you meet at least once a year with a financial advisor to discuss your investment plan and review your risk tolerance and cash flow objectives. You should always be clear with your advisor on how often you expect to communicate, as this may vary depending on the financial professional and your specific circumstances.

Tips for Building Wealth

Not sure what investments and strategies will help you meet your long-term goals? For a solid financial plan, consider speaking with a financial advisor. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
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