Broker Check

Things You Should Always Tell Your Financial Advisor

June 27, 2023

When speaking to your financial advisors here at McKay Wealth, we suggest a few important topics for our conversations:

Clear Goals: Communicate your financial goals and objectives with us. Whether it's saving for retirement, buying a home, or starting a business, make sure we understand what you hope to achieve. This will help us tailor our advice and recommendations to your specific needs.

Risk Tolerance: Discuss your risk tolerance. Let us know how comfortable you are with taking risks and your capacity to withstand potential losses. This information will guide us in recommending appropriate investment strategies that align with your risk profile.

Time Horizon: Provide us with your expected time horizon for various financial goals. For example, if you plan to retire. That can help you determine the right investment mix to achieve your retirement objectives. Your time horizon influences the investment choices and strategies that are suitable for your situation.

Existing or Future Financial Situation: Share detailed information about your current financial situation, including your income, expenses, debts, assets, and any other relevant financial obligations. This will give us an understanding of your financial picture and enable us to provide personalized advice tailored to your circumstances.

Tax Considerations: Inform your financial advisor about your tax situation, including your income sources, deductions, and any specific tax planning goals you may have. This information can help your advisor recommend tax-efficient investment strategies and identify potential tax-saving opportunities.

Estate Planning: Discuss your estate planning goals and any existing estate planning documents, such as wills, trusts, or powers of attorney. This will enable your advisor to incorporate appropriate estate planning strategies into your financial plan and ensure your assets are handled according to your wishes.

Changes in Life Circumstances: Notify your financial advisor of any significant life events or changes that may impact your financial situation, such as marriage, divorce, birth of a child, job change, or inheritance. These events can have implications for your financial plan and may require adjustments to your investment strategy or insurance coverage.

Communication Preferences: Discuss how you would like to receive updates and communicate with us. Some individuals prefer regular face-to-face meetings, while others may prefer email or phone updates. Clarifying your preferred communication channels will ensure that you and your advisor are on the same page regarding information sharing and regular check-ins.

Remember, open and honest communication with your financial advisor is essential for us to provide you with the most relevant and effective financial advice.