Your Annual Financial Check-Up

Improve your financial health in the new year.

Your Annual Financial Check-Up


2016 is coming to an end, and your annual reflections have likely started. The year was filled with highs and lows, successes and challenges, and now is the time to reflect, plan, and take action to make 2017 your best year yet. Today, we’re giving you your annual 2016 Financial Check-Up to help you think about the things that will continue to improve your financial health in the new year.   

To start your check-up, it’s important to think about the financial goals you set at the beginning of the year, and the steps you discussed with your advisor to achieve them. Take, for example, the following 5 financial goals, and rate them in terms of importance to you this year:    

  1. Paying down your debt
  2. Saving a certain amount for retirement
  3. Contributing a certain amount towards your children’s’ education funds
  4. Saving for a home or a large purchase
  5. Generating income through a properly invested portfolio

That was tough, right? All 5 goals are important to you. But did you put energy towards all 5 goals this year? Were there some that you were more successful at achieving than others? Were there certain challenges you faced towards achieving a specific goal? These are all things that you can and should discuss with your advisor, to ensure that you maximize your potential to make 2017 and your future as successful as possible.  

The next part of your check-up is to check in on any changes to your personal or financial circumstances. Did you switch jobs? Get married? Have a child? Did your parents encounter health issues? Are there changes you’d like to make to your will? A lot can happen in a year, and in the moment, it can be difficult to think about how these types of changes can impact your financial future. Now is the time to reflect on any changes you’ve witnessed and let your advisor know about them. Your advisor will equip you with the tools you need to adapt to these changes and ensure you’re covered for the things that life may send your way.

The last part of your check-up is kind of like when your doctor reminds you to stay active and eat healthy. We have one last kind reminder we’d like to share with you: a reminder to stay organized. Although life can certainly become hectic, it’s critical to ensure that all your important documents are placed in an area that you and your family/beneficiaries are aware of. Make sure your account numbers are kept in an organized place, should anyone need to find them.

At WDB + Associates, we automatically conduct an annual review of your statements and financial portfolio. We pride ourselves on being proactive to ensure that our clients can enjoy the peace of mind that their financial future is in good hands. For more information, give us a call at 416-646-2433.