5 Questions to Ask Your Financial Advisor

There is never a bad time to review your financial plan with your financial advisor. You should make it a point to do so at least once a year. To help ensure you get the most out of the discussion, get prepared and plan to participate.


Gather your financial documents, such as your income tax return and your latest statements for any mutual funds, annuities, retirement plans, life insurance policies, and savings accounts.


Balance your advisor's questions with some questions of your own, such as:

  1. What tax-saving strategies do I need to know about?
    Discuss your mix of tax-free or tax-deferred assets versus taxable costs.
  2. Am I taking advantage of the right financial products?
    Your financial advisor can review the advantages and limitations of new investment products and features, and help determine if they could fit into your portfolio.
  3. How has the risk level of my portfolio changed in light of the economic events of the past year?
    Your financial advisor should be ready, willing, and able to address your concerns about investments. Make sure the risk level of your portfolio matches your risk tolerance, especially if either one has changed.
  4. What changes should I make, based on changes to my family situation or finances?
    Discuss personally significant events you experienced in the past year, as well as any changes in your viewpoint on saving taxes, budgeting, or other financial issues.
  5. Is anything missing from my financial strategy?
    While reviewing your financial documents, your financial advisor can help identify and fill any gaps in your portfolio. For example, your income tax return (Form 1040) may uncover more tax-efficient ways to save in the future.

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting, or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

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