The beginning of a new year presents an ideal opportunity to reflect on the past year’s financial achievements and set the stage for new financial goals. Engaging with a team of financial advisors and experts at the start of the year can significantly enhance your financial planning, ensuring you stay on course toward building wealth. There are four critical meetings I schedule every January that play a pivotal role in structuring my financial plans for the year and achieving the financial freedom I seek.
1. Touch Base with My Personal Banker
When diving into financial planning for the year ahead, the first action item on my agenda is to reach out to my personal banker at BMO. My personal banker handles both my personal and business banking accounts as well as some of my investments. His friendly and responsive nature ensures that I receive timely and helpful advice throughout the year, especially pertaining to my business banking needs.
This year, I have a significant investment maturing after being locked away for the past five years. It was crucial to connect with Andrew, my personal banker at BMO, to obtain an update on the accrued interest from this investment and to ascertain when the funds will become available. Knowing this information gives me a clearer picture of my financial situation, thereby enabling me to prepare thoroughly for my annual financial planning session. This initial meeting lays the groundwork for the planning and strategizing I will do for the year ahead.
Reaching out to my personal banker not only helps me understand the products and services I am currently utilizing but also informs me of new offerings that might suit my financial goals. Staying informed about evolving financial products and services ensures I am not missing out on opportunities to optimize my investments. My personal banker provides valuable insights that help me align my banking activities with my financial strategies, keeping me well-informed and proactive.
2. Consult with My Independent Financial Advisor
I was fortunate to discover my independent financial advisor, Liz, at the New School of Finance. Since we began working together in 2017, she has played an essential role in guiding me toward financial freedom. Meeting with Liz is imperative because the bulk of my financial planning happens during these sessions, often scheduled in January. By then, I will have reflected on the prior year and collated necessary information from my bank.
Before meeting with Liz, I undertake some preparatory homework, which includes drafting a comprehensive sketch of my current financial standing: monthly expenses, income, savings, investments, and debt. I also outline my financial goals for the upcoming year, identifying specific issues for discussion. Sharing this information in advance allows Liz to tailor our meeting to address my unique financial situation effectively.
During our session, we engage in in-depth discussions that encompass my concerns, financial goals for the year, and potential restructuring of my finances. Liz and I develop robust strategies and sketch out actionable plans, providing me with clear next steps. These sessions are invaluable; I leave feeling energized, confident, and equipped with a solid plan to pursue my financial goals. Enlisting an independent financial advisor ensures that I receive personalized advice that keeps me on track with my broader financial objectives.
3. Confer with My Wealth Advisor at My Online Bank
With a new financial plan set in motion, the subsequent step involves setting up an appointment with Scott, my wealth advisor at Wealthsimple. With clear guidance already discussed with Liz, focusing on investments and savings accounts, I rely on Scott to explore and adjust my financial structure to align with new goals. Meeting with Scott is essential to discussing options and making any necessary adjustments to maximize efficiency and growth.
Although I typically meet with Scott annually, there are instances when additional sessions are warranted. For example, if there are new bank offers, these could potentially enhance my savings structure and expedite my goal achievement. One of the key conveniences of online banking is the autonomy it provides—allowing me to independently make changes and transfers. However, Scott’s real-time assistance during our meetings ensures prompt handling of adjustments and reassures me on the efficacy of our financial strategies.
Scott’s dedication and expertise ensure that every query I have is addressed thoroughly, and he presents new ideas for consideration. His insights help me to navigate the digital banking space deftly, leveraging it to maximize my investment returns and savings. As we confer, it becomes clear how vital a wealth advisor’s role is, particularly in fine-tuning my financial strategies to reflect the evolving financial landscape and personal goals.
4. Check In with My Accountant
The beginning of a new year is the perfect time to assess your past financial achievements and set new financial goals. By collaborating with financial advisors and experts at the start of the year, you can significantly improve your financial planning and stay on track to build wealth. This proactive approach helps in identifying any financial mistakes made in the previous year, allowing for necessary adjustments that will optimize your strategy for the upcoming year. Personally, I make it a point to schedule four crucial meetings every January. These meetings play a key role in structuring my financial plans, and their consistent execution brings me closer to achieving financial independence. Moreover, discussing investment opportunities, tax planning, savings strategies, and debt management during these sessions ensures that every aspect of my financial portfolio is meticulously reviewed and enhanced. Engaging in this disciplined financial planning approach at the start of each year ensures that you are not only prepared for potential challenges but also positioned to take advantage of new opportunities, ultimately fostering long-term financial security and freedom.
