If you aren’t aware of the roller coaster the market has been on these past few years, you’re probably living under a rock. And since talk of the markets often makes us want to go find said rock and tune out the news, why not get a little help?
Even if you read Market Watch on the daily and are the most patient of investors (which, let’s be real, very few of us fall into these categories), you may be questioning the strength of your investment plan.
So that’s the technical market stuff, but what about things that have changed in your personal life? Families grow, inheritances are received, new job opportunities fall into your lap, and geographical relocations happen. Every little change in your life can have a ripple effect on your finances. They can alter your priorities and lead you to wonder if your current strategies and plans still make sense for you.
Does this sound like someone you know? The Beatles said it best, “I get by with a little help from my friends.” Be that friend. A financial reevaluation could make a world of difference for those in your life.
A Financial Check-Up
You can think of a second opinion as a financial check-up, just like a physical check-up or eye exam you’d get from your doctor. Meeting with your friend or family member, I’ll take the time to get to know them and their unique financial situation, ask them to outline their financial goals, and review their current plan, 401(k), investment portfolio, insurance policies, and more. This lets me figure out where they stand and where they want to be so that we are on the same page.
I’ll also answer any questions they may have about the market, strategies, or basic financial ins and outs. Then, I’ll mesh all their concerns, ideas, and dreams with their current plan to see if everything lines up.
Once I have the big picture of their finances, we can work together to evaluate and adjust. If I think everything continues to be well suited to their long-term goals despite the market turmoil, I’ll gladly tell them so and send them on their way.
If on the other hand, I think their plan no longer fits their goals, or their portfolio is too risky–which can easily happen during periods of strong stock market returns–I’ll explain why without resorting to complicated jargon. I prefer plain English, don’t you? And, if they’d like, I’ll recommend some alternatives. It may be that minor adjustments are needed based on their age, current economic woes, or a change in priorities and plans.
It never hurts to have a professional take a second look at their financial plan to ensure that it is up-to-date, actually applies to every piece of their life, and is designed to help them achieve their long-term dreams. Regardless of the outcome of our second look, I hope they will have full confidence in me, their decisions, and their financial plan.
Send ‘Em Our Way
I’m not too humble to tell you that many of my clients are referrals from other clients. Those who work with me know they can trust me to manage their money, rely on me to put their best interests first, and have confidence that I will go the extra mile for them.
If you know someone who would benefit from the personalized services of Pathway Financial, I would love to walk with them on their financial journey. Send them my way and let me help them build wealth and take the next right step towards their ideal financial future. They’ll be grateful you did (and so will I).
For many people, a 401k is their largest retirement account. It deserves your undivided attention. Download our Ultimate 401(k) Guide for a step-by-step strategy to master your 401(k), including a prioritized checklist. It’s free!
Pathway founder and principal Greg Brown is a fee only financial advisor with broad financial planning and investing expertise. Greg’s financial advice has been featured in publications like Yahoo Finance, Bankrate, Investopedia (all articles here), Wall Street Journal, and USA Today. He holds a master’s degree from the University of Chicago and a mechanical engineering degree from Michigan State University. Prior to Pathway, Greg was a lead analyst at Morningstar and previously held engineering roles at Dell (including a US Patent).