Monitoring Your Portfolio: The Annual Review

ITHACA, NY – 25 Jan, 2016 – Periodic monitoring of your portfolio is important, but a comprensive yearly review is critical to your financial well-being. After all, life is not static. Many changes can occur during the year that will affect your investment goals and strategies. Tompkins Financial Advisors suggest that an annual visit with your financial advisor is as important to your financial health as your yearly physical is to your personal health.

Here are three ways to prepare for the coming year:

Start with a personal “year-in-review.”

The first of the year is a perfect time to do your annual review. Look at major milestones. Have you had any significant life changes during the previous year that will affect your investment goals and strategies? Did you start a new job, receive a raise, buy a new home, have a baby, get married or go through a divorce? Have you decided you want to retire early, buy a second home or downsize? Have you experienced any major health issues that could impact your finances? Any of these are likely to have an effect on your personal and financial goals.

Review your current financial goals.

Revisit your current financial goals and determine what stays the same and what needs to change. Do you, for instance, want to create a college fund for your new child, or, as a grandparent, do you want to make a gift to your grandchild’s education? Did your income increase, leaving you to debate whether you can make a greater contribution to your 401K or make another investment? Are you on track to have sufficient funds for retirement? Your financial advisor can help you align your investment strategies and portfolio with your changing life circumstances and financial goals.

Make an appointment with your financial advisor.

With information in hand, sit down with your financial advisor to discuss your current goals and any necessary changes to financial strategies, asset allocations,  and goals.

“When we sit down for an annual review, we not only help clients to realign their personal goals with their financial objectives but we also offer allocation strategies to maximize earnings and minimize risk,” said Laurie Haelen, senior vice president and managing director for Tompkins Financial Advisors.

“At the same time, we look at tax implications and adjust the strategy to ensure clients are positioned for maximum tax efficiency.  We stress to clients the importance of monitoring their portfolios throughout the year and we keep our clients apprised of changing market conditions so we can make course adjustments as necessary,” Haelen said. “This, along with an annual review of goals and investment strategies, is imperative to ensure we stay on track to meet our clients’ short-term objectives and long-term goals.”

About Tompkins Financial Advisors

Tompkins Financial Advisors is an independent, fee-based, wealth management firm with offices throughout New York and southeastern Pennsylvania. We take tremendous pride in our fiduciary approach to serving our clients’ best interests which has led to our 95+% client retention rate.

Tompkins Financial Advisors is part of Tompkins Financial Corporation, a financial services holding company, publicly traded on the NYSE MKT under the symbol TMP.  Tompkins Financial was founded in Central New York over 175 years ago and is still headquartered there. The company is committed to creating long-term value for our clients, our communities and our shareholders. Tompkins has been recognized as among the strongest and best performing financial institutions in the country by numerous third party organizations, including The Staton Institute, Sandler O’Neill & Partners and KBW (Keefe, Bruyette & Woods).

For more information contact: 

Kim Bellavia
VP Marketing

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