Working with a financial advisor is a relationship that should be built on trust and communication. If you have suddenly found your circumstances have changed, it is important to let your financial advisor know. Your risk tolerance, time horizon, and investment objective may be affected. Your current portfolio may no longer match your liquidity needs.
What kind of things do we need to know? Here are a few, but this list is not all-encompassing:
- Change in job status - transfer, layoff, promotion, other
- Change in marital/relationship status - marriage, divorce, breakup or new partner who contributes financially to your living expenses
- Change in health such as a serious illness or disability
- Change in residence - moving out of state, moving to a more expensive place, moving to a less expensive place
- Change in family size - birth, adoption, death
- Change in income - inheritance, sale of home or business, bankruptcy, judgment/lien, raise, other
- Change in life stage - kids are now financially independent, providing elder care
- Change in lifestyle - traveling, moving to nursing facility, other
The above are just some examples of things to share with your financial advisor. Each situation above may impact your financial life. Your financial advisor seeks to provide guidance on money matters as they affect you. Help your financial advisor to work appropriately on your behalf by providing this important information. Remember, keeping things confidential is part of our job.
This information is provided for general educational purposes only and is not intended to provide specific advice to any individual.
Seek professional advice before taking any action in regard to your finances.
Todd A. Slingerland, CFP®
6 Tower Place Albany, NY 12203 (518) 867-4000 x105 firstname.lastname@example.org www.capitalfinancialplanning.net