What to Ask Your Financial Planner: Essential Questions for Your Annual Financial Review

What to Ask Your Financial Planner: Essential Questions for Your Annual Financial Review

Collaborating with a financial planner or financial advisor can significantly impact your financial future, but are you making the most of your annual review? Asking the right questions during your meeting ensures your investment planning, retirement planning, and tax planning strategies stay aligned with your evolving goals. Here’s what to discuss with your advisor or fee-only financial planner to make 2024 a success.

1. Is My Emergency Fund Adequate for My Current Needs?

A solid emergency fund is the cornerstone of any financial plan. Ask your financial planner if your fund still meets the recommended 3 to 6 months of living expenses. Consider strategies like high-interest savings accounts or low-risk investments to optimize your safety net without compromising liquidity.

2. Has My Risk Tolerance Changed?

Life events such as career shifts, family growth, or economic volatility can influence how much risk you’re willing to take. Your financial advisor should reassess your investment planning strategy to ensure it aligns with your current risk tolerance and financial goals.

3. Should I Adjust My Financial Goals?

Financial goals evolve over time. Whether you’re planning for retirement, a major purchase, or your child’s education, discuss any changes in income or life circumstances. A fee-for-service financial planner can help you refine your strategy to meet these new objectives without bias or conflict of interest.

4. Am I on Track with My Retirement Plan?

Retirement planning requires regular check-ins to stay on course. Review your contributions, risk levels, and projected retirement age with your financial advisor. Ask how inflation and market conditions may impact your retirement timeline and if adjustments are necessary to maintain your desired lifestyle.

5. How Did My Investments Perform Last Year?

Understanding your portfolio’s performance is crucial for future growth. Ask your financial planner for a detailed breakdown, comparing your investments to market benchmarks. This insight can guide necessary adjustments and improve your overall investment planning strategy for 2024.

6. How Will Recent Tax Changes Affect My Plan?

Tax laws evolve frequently, influencing your overall financial strategy. Ask your financial advisor how recent changes impact your tax planning and how you can optimize your tax efficiency. A proactive approach can save you money and improve your financial well-being.

7. Are There Any Cost-Saving Opportunities?

Ask your fee-only financial planner about potential cost-saving strategies, from reducing investment fees to optimizing tax deductions. Even small savings can compound over time, significantly boosting your long-term financial outcomes.

Why Your Annual Financial Review Matters

Your annual review isn’t just a routine check-in—it’s a powerful opportunity to enhance your financial strategy. Working with a fee-for-service financial planner ensures unbiased advice tailored to your unique goals, helping you stay on track for long-term success.

Written by:

Jim Pan, CFP

Hi everyone, I’m Jim Pan. I run a small boutique advice-only firm, Panorama Financial Planning, in Vancouver. I work with busy, high-income professionals and families in their 30s and 40s, providing ongoing financial planning services. I am a Certified Financial Planner (CFP) and am currently pursuing additional designations and qualifications to better serve my clients and community. My journey in the financial industry began in 2010. As an immigrant child, I saw my parents given the wrong advice by various advisors. Then, early in my career as a sales-focused investment and insurance advisor, I blindly trusted a mentor, leading to unforeseen events that nearly ended my career. This experience, combined with my childhood perspective, allowed me to deeply contemplate the practice I truly wanted to build—one built on trust and unbiased expertise. That path led me to FPAC (Financial Planning Association of Canada) and to opening my own advice-only shop, a decision that resonates with me from head to toe. Outside of work, I’m a proud "girl-dad" who loves to golf, camp, snowboard, and travel. I’m also passionate about giving back, whether that's volunteering with FPAC or sharing financial literacy with youth in the community.

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