What’s in a Mid-Year Review?

What’s in a Mid-Year Review?

July 21, 2022

Summer is usually the time for taking vacations, hitting the beach, and enjoying the beautiful sunny weather outdoors. But did you know that it is also the best time of the year for a financial review with your investment advisor?

At your mid-year review meeting, your investment advisor will be evaluating several factors to complete your financial action plan for the remainder of the year. You can use this blog as a resource to prepare for your meeting, as we will be discussing each talking point and some examples that your advisor might need to know to strategize for your plan.

  • Planned or potential life events. Discussing upcoming weddings, moves, the birth of a child, or merely the plans for any of these events is a significant factor in your overall financial guidance. You should also let your advisor know any pertinent details as the result of potential events, such as family inheritance or a career change.
  • Current events. The impact of the Covid-19 virus can be seen throughout the economy with supply chain shortages, inflation, and money received through stimulus packages. If this has affected you personally, it might also affect how we look at your financial planning, how we prepare your taxes, and how we manage your overall investments. Let us know about your financial concerns, so that we may be able to provide you with a professional outlook.
  • Financial status. Has your income changed since you first met with us? Are you saving enough money for retirement? Are you being as tax efficient as possible? Examining your current financial status will help us determine if any changes need to be made regarding your investments and cash flow positions.
  • Estimated tax payments. A mid-year tax review can help determine whether your payments are being made appropriately, and ensure that no major disruptions will affect your current tax year outlook.
  • Simple Q&A. The main goal of this meeting is to adjust your current financial plan to account for any changes that may have occurred during the first half of the year. But we also take this time to answer any questions that you may have regarding your financial health. Many clients want to know how much they’re going to owe in taxes, how they can adjust their finances to reduce their tax liability, and what our thoughts are regarding changes in the market. All these questions and more will be answered by your investment advisor.

At the end of the meeting, we provide you with a verbal summary of what we have discussed, affirm your understanding of your current financial status, and provide you with a specific financial action plan that we can implement immediately. You should have a good understanding of where you are in the process of attaining your financial goals, and what is required to help you reach them.

Interested in setting up a mid-year review with us? Please call us at 410-465-4321.