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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 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. Find a qualified advisor today.

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?

how often should you meet with your financial advisorAlthough some individuals only need to speak with their advisors once a year, your specific circumstances may dictate more frequent communication. Some firms offer two meetings within a year, and others prefer to meet clients quarterly. It is always recommended to speak clearly with your advisor about your expectations.

However, there are certain times that you should ask to meet your financial advisor in spite of your scheduled frequency. These include:

  • A change in lifestyle. Marriage, birth, death, divorce and moving can all impact your taxes and debt significantly. These are ideal moments for consulting your advisor.
  • Purchases financed through debt. Buying a new car, a house and launching a business can also heavily influence your financial plan. An advisor can help outline the financial pros and cons of such decisions.
  • Receiving additional funds. Financial advisors can provide insights and recommendations for investing your inheritance or asset sale proceeds, helping you build your wealth smartly.

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 in order 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

how often should you meet with your financial advisorExperts 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 qualified financial advisor. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
  • Use SmartAsset’s free investment calculator to get a good estimate of how to grow your money over time.

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