How Often Should I Meet With My Financial Advisor? - Spinnaker Investment Group (2024)

It’s important to remember that although you hire your financial advisor as a professional to perform a specific task, your satisfaction level will be largely based on the relationship you develop. And, as with all relationships, expectations and communication play key roles. Many investors are busy, find in-person meetings burdensome and feel they’ve hired the advisor to do the work and worry for them. Others feel the need to be more involved and, perhaps, reassured with more regular interactions. In addition to striking the appropriate balance for you and your personal situation with your advisor, there are certain times when meetings are essential.

Annual meeting

You should meet with your advisor at least once a year to reassess basics like budget, taxes and investment performance. This is the time to discuss whether you feel you are on the right track, and if there is something you could be doing better to increase your net worth in the coming 12 months.

Estate planning

When you’re creating or making a major change to your estate plan, you should meet with your financial advisor to make sure those plans fit in with your strategic financial planning scheme. Of course, your advisor cannot offer legal advice, but they can ensure your estate plan is proceeding in the right direction.

Significant financial event

Whether it’s coming into more money through an inheritance or promotion at work or acquiring a large debt, a significant financial event should trigger a meeting with your financial advisor. Your taxes, strategies and the structure of your portfolio may be impacted.

Major life-changing event

Your short and long-term financial planning can be altered by events such as marriage, birth of a child, divorce, loss of a job and many others.

Large portfolios

If you are an investor with a large portfolio, it’s likely to be diversified in ways different than the average investor. If so, a quarterly review may be more appropriate than an annual one to, for example, re-evaluate underperforming assets.

Again, one size does not fit all when it comes to financial advice. One way to provide an overview as to where you are with your investments is to visit our quick reality check for your portfolio. You’ll be glad you did.


The information contained herein is based on internal research derived from various sources and does not purport to be statements of all material facts relating to the securities mentioned. The information contained herein, while not guaranteed as to the accuracy or completeness, has been obtained from sources we believe to be reliable. Opinions expressed herein are subject to change without notice.

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How Often Should I Meet With My Financial Advisor? - Spinnaker Investment Group (2024)


How Often Should I Meet With My Financial Advisor? - Spinnaker Investment Group? ›

You should meet with your advisor at least once a year to reassess basics like budget, taxes and investment performance.

How much money should I have to meet with a financial advisor? ›

Some traditional financial advisors have minimum investment amounts they require to work with clients. These can range from $20,000 to $500,000 or even more. Why? Because their fees need to cover their time and expertise, and managing smaller portfolios may not be cost-effective for them.

When should you talk to a financial advisor? ›

Experts say it makes sense to hire a financial advisor in the following circ*mstances: You don't have the time or inclination to manage your finances. You experience a major life event, such as a marriage, divorce, loss of a spouse, birth of a child, relocation or change in your employment status.

Is it smart to meet with a financial advisor? ›

Whether you have complicated finances or you don't know how certain things work, hiring a professional can help you grasp concepts you weren't familiar with. Some people need the extra assistance and if you have the means, getting personalized help can make a big difference.

What is the average return from an investment advisor? ›

Source: 2021 Fidelity Investor Insights Study. Furthermore, industry studies estimate that professional financial advice can add between 1.5% and 4% to portfolio returns over the long term, depending on the time period and how returns are calculated.

What is the 80 20 rule for financial advisors? ›

The 80/20 rule retirement emphasizes the importance of focusing on actions that yield the most significant results. When planning for retirement, concentrate on the 20% of your efforts that will have the greatest impact on your financial future.

How often should my financial advisor meet with me? ›

At the bare minimum you should expect to speak with a financial advisor once a year. Experts recommend meeting at least annually to review your financial strategies as your living circ*mstances change.

What is a red flag for a financial advisor? ›

On the other hand, fee-based or commission-based compensation structures can both be financial advisor red flags. These advisors may earn part or all of their compensation in sales commissions. In other words, they may be more incentivized to sell products than give advice.

How often should you talk to your advisor? ›

The vast majority of universities recommend meeting your academic advisor at least once a semester. There may be times when you need to speak to them more often than that, but you shouldn't leave too long between advising sessions.

What financial advisors don t tell you? ›

10 Things Your Financial Advisor Should Not Tell You
  • "I offer a guaranteed rate of return."
  • "Performance is the only thing that matters."
  • "This investment product is risk-free. ...
  • "Don't worry about how you're invested. ...
  • "I know my pay structure is confusing; just trust me that it's fair."
Mar 1, 2024

Is a 1% management fee high? ›

Many financial advisers charge based on how much money they manage on your behalf, and 1% of your total assets under management is a pretty standard fee.

Should I pay 1 to a financial advisor? ›

While 1.5% is on the higher end for financial advisor services, if that's what it takes to get the returns you want then it's not overpaying, so to speak. Staying around 1% for your fee may be standard but it certainly isn't the high end. You need to decide what you're willing to pay for what you're receiving.

Should you tell your financial advisor everything? ›

It might come as a surprise, but your financial professional—whether they're a banker, planner or advisor—wants to know more about you than how much money you can invest. They can best help you achieve your goals when they know more about your job, your family and your passions.

How much money do I need to talk to an investment advisor? ›

Generally, having between $50,000 and $500,000 of liquid assets to invest can be a good point to start looking at hiring a financial advisor. Some advisors have minimum asset thresholds. This could be a relatively low figure, like $25,000, but it could $500,000, $1 million or even more.

What is considered a good rate of return on investments? ›

A good return on investment is generally considered to be around 7% per year, based on the average historic return of the S&P 500 index, adjusted for inflation. The average return of the U.S. stock market is around 10% per year, adjusted for inflation, dating back to the late 1920s.

What percentage is considered a good return on an investment? ›

General ROI: A positive ROI is generally considered good, with a normal ROI of 5-7% often seen as a reasonable expectation. However, a strong general ROI is something greater than 10%. Return on Stocks: On average, a ROI of 7% after inflation is often considered good, based on the historical returns of the market.

What is the minimum amount for wealth management? ›

Any minimums in terms of investable assets, net worth or other metrics will be set by individual wealth managers and their firms. That said, a minimum of $2 million to $5 million in assets is the range where it makes sense to consider the services of a wealth management firm.

Should I get a financial advisor if I'm poor? ›

Even if you don't have a lot of money, financial advisors can be beneficial. If they're tax-savvy, they can suggest tax credits and other tax advantages you may qualify for as a low-income individual. These could include the saver's tax credit, the earned income tax credit, and more.

How much should I pay for a financial coach? ›

Financial coaches typically charge an average of $257 hourly or per-session fees for their services. Some coaches also offer coaching packages that range from a few hundred dollars and reach up to $5,900. Unlike financial coaches, financial advisors may earn commissions on the products they sell.

What return should I expect from a financial advisor? ›

A good financial advisor can increase net returns by up to, or even exceeding, 3% per year over the long term, according to Vanguard research. The most significant portion of that value comes from behavioral coaching, which means helping investors stay disciplined through the ups and downs of the market.

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