Year-End Review: Meet with Your Advisor

As the season begins to change and with the holiday season quickly approaching, it is time to begin thinking of your financial goals for 2014.

Meeting with your trusted advisor before year end will serve as a beneficial time to review how your portfolio has performed this past year as well as discuss what you’d like to see in the future. There are several topics in which you should discuss with your advisor:

Looking back over the course of the year, how did my portfolio perform in 2013?

It’s wise to know things such as whether you have made or lost money and how particular investments are performing. Most importantly, you will want to ensure that you are on the proper track of meeting your long-term financial goals based upon this past years’ performance and to make any needed adjustments.

In regards to my portfolio, should any changes be made?

You would like to avoid the cliché of “having all of your eggs in one basket.” Talk with your advisor about if there is a need to rebalance your mixture of stocks and bonds as well as improve the diversification of your assets.

I have several tax-deferred accounts (i.e., IRA and education savings plans), should I do anything with them?

You’d like to know how much you can contribute to these accounts prior to the end of the year or if it’d be beneficial to convert part or all of your traditional IRA to a Roth IRA. Furthermore, if you’re 70 ½, you must begin withdrawing a certain amount from your traditional IRA prior to the end of the year.

Before January 1st is here, should I implement any tax strategies?

Your advisor should evaluate your portfolio and a conversation should be had regarding year-end tax planning opportunities. Have you held onto appreciated securities for more than one year? If donated, you are able to claim deductions on their full fair market values and avoids tax on the appreciation. 

By taking a proactive approach in meeting with your advisor to review 2013 and discuss future goals and strategies for 2014, you will be on the right track for a prosperous 2014.


By: Kristen Schmidt, Marketing Coordinator of CTAC

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