Five checkup mistakes:
- What checkup? It didn’t happen because someone failed to schedule, participate, or complete.
- Failure to act on results. The checkup showed numerous action items, but they were never acted upon.
- Failure to find or provide accurate information. Action items were missed because information was missing in the review.
- Inappropriate checkup timing. Many factors play into the best time for a checkup including tax planning, age, life changes, estate changes, etc.
- Avoiding unscheduled checkups. Life moves fast and changes can be spontaneous. Some changes should force a checkup or review.
With hundreds of online offers, a free checkup should be easy. So why do you need an advisor? And that’s just the problem; the checkup part is pretty easy. It’s the information gathering and action parts that create problems. The first action is initiating the checkup and the hardest since our daily lives are chucked full of tasks. Face it, priority rules, and “financial checkup” isn’t high on that list, if there at all! So how could one begin to formulate appropriate actions if the checkup never gets done?
A relationship with an advisor puts you in an advantageous position forcing you to be cognitive of this all important task. Beyond the checkup, an advisor can play an invaluable role in accurate information gathering plus creating and implementing action items. An ongoing relationship constructs cumulative processes with cumulative results.
We value checkups, whether scheduled or spontaneous, because they chart a path. And like our dynamic lives, this path is going to change and our reactions need to be considered. Annual checkups may not be enough for some especially during or after life transitions.
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