The New Year brings all the hope and anticipation of a fresh start. Sometimes a good excuse is all we need to make changes and improve ourselves, and a brand new year is a perfect reason to do just that.

Think back to 2018. Financially speaking, did you end the year where you hoped? Did you save what you wanted to save, contribute what you planned to contribute, and did you stay on-budget with your spending?

If so, congratulations!

If not, 2019 offers a fresh start to make wise financial choices, and one of the most critical components of a strong financial strategy is an annual review.


Clients occasionally ask if an annual review is necessary.

Think of it like flying in an airplane. If you were to fly from New York City to Los Angeles and ask the pilot what he or she did during the flight, they would most likely say, “course correction.” That’s what the majority of commercial flying is. Every so often the pilot checks to make sure the plane is on the right path to the destination. Without this practice, even the slightest error could send everyone onboard to the wrong city or even state.

Having an annual financial review is like a course correction for your income and investments, a check to make sure you are on the right path. As most people know, markets are unpredictable. The best anyone can do is make projections based on past performance. The reality, though, is that anything can happen. By sitting down for an annual review, you are able to check your investments against actual market figures to ensure you are still on-course to meet your annual and long-term financial goals.

An annual review is also useful for unexpected events in life, whether joyous or tragic. A new pregnancy may open the door for conversations about 529 plans or health savings accounts. The death of a loved one may have you thinking about estate planning that had previously not been on your radar. You may have a sudden increase or decrease in income, requiring a new strategy for savings and investments. Changes to your life often require slight adjustments to your financial plan. Those adjustments are best made during an annual review.

Finally, think of what you might tell a patient who asks if an annual check up is necessary. You want your patients to be healthy, to avoid preventable illness, and to maintain awareness of their overall wellbeing. An annual financial review is the financial equivalent of an annual checkup. You wouldn’t want your patient to miss one, and you should not miss your annual review.

Everyone at White and McGowan hopes 2019 is a joyful and prosperous year for you and your family. As you set your financial goals for the year, make sure your annual review is part of your financial strategy for 2019. If you would like to schedule your review, click the button below to be redirected to our homepage. Select the time slot that you prefer, and it will be blocked off just for you.