Three Steps to a more Effective Annual Review
Completing these steps beforehand can mean the difference between a good annual meeting with your advisor … and a great one.

Working with an advisor has been shown to be an important step in meeting your short- and long-term financial needs. And, conducting an annual review with your advisor is a great way to ensure your financial plan is properly aligned with your current needs and life circumstances.

But people’s lives can change a lot in one year, and it’s important that your advisor knows all of your life changes over the past year in order to help you plan accordingly. By completing the following three steps before your next annual meeting, you can ensure your advisor is well-positioned to provide the best guidance possible:

  1. #1. Compile your previous year’s tax documents
By compiling and bringing your tax return and other finance-related documents to your annual meeting, your advisor will have a clearer picture of your financial profile. This is important when he or she is working with you to create a comprehensive, tax-efficient plan for your future.

  1. #2. Make a thorough list of any life changes over the past year
It’s easy to overlook important changes that may have occurred in your life over the past 12 months when you’re sitting with your advisor. To ensure you provide a complete snapshot of your life today, make a list that includes any changes to your: employer, job position, salary, marital status, children’s schools, residence or rental/vacation home, and short-term savings goals (such as vacations, cars, children’s weddings, etc.). Also provide information to your advisor about any inheritances or other windfalls.

  1. #3. Write down a list of questions
Your annual meeting with your advisor isn’t just about fielding questions concerning you. It’s also an important way for you to determine other ways in which your advisor can help you achieve your short- and long-term goals.

Put together a list of things to discuss during your meeting. Want to know how to complete a will? Interested in learning the differences between TFSAs and RRSPs, as well as finding out which one is better for you? Have trust or estate planning questions? Wondering if you can afford to send your kids to summer camp? The only way you’ll find out is to ask! And the only way you’ll remember to ask all these important questions is to write them down beforehand.

By completing these three simple steps, you’ll leave your annual review with more information, and your advisor will be able to continue to help you plan for your future more effectively.
The Penney Team
Scott Penney, Steve and Jennifer Penney
4310 Sherwoodtowne Blvd, Suite 304
Mississauga,ON, L4C 4C4 
Fax: 905-670-7580
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416-499-4948 / 905-488-4926