How often should a financial plan be updated?

Question

As things stand, I am considering hiring a financial professional for the first time. As things stand, I want help with retirement, investments, taxes, and estate related decisions, but I am seeing many different titles and business models and cannot tell which services I actually need. The outcome matters to someone else in my household, not just to me, so liquidity, taxes, and flexibility matter more than they would if I were deciding only for myself.

Soradin · Accepted Answer

Review it at least periodically and after major changes in income, family, health, housing, business, or goals. For this planning decision, a financial plan connects cash flow, savings, investments, insurance, taxes, retirement, and estate goals. Within the broader financial plan, it should show assumptions, priorities, tradeoffs, and actions rather than offering only a product recommendation.

How often should a financial plan be updated?

Soradin

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