Things are hectic. I have had many new clients to the point where I temporarily can take on no more. I regret that because there are not enough fee-only financial advisers, especially those willing to work by the hour.
Lots of work for a business person is a “good problem to have,” I always hear. But for my existing clients, not so much. I am taking a break from working with new people so I can spend more time doing checkups and reviews with those I am already committed to help.
I have reached out to some of you directly. Other clients have been proactive about getting follow-up help, while some folks may be waiting for me to contact them or are preoccupied with life.
Getting follow-up help is extremely important. As we like to say in the Garrett Planning Network, financial planning is a process. An initial plan is simply a snapshot and needs to be tweaked and updated.
When you start with one asset allocation, for instance, changes in the market will usually throw the initial allocations out of whack and investments will need to be brought back into alignment. Academic research has shown that regularly rebalancing a portfolio – effectively trimming your better-performing asset classes and adding to those that have performed less well – can add significantly to your long-term return. The idea is to “buy low and sell high.”
Of course, changes in your family situation, employment and goals also would need to be considered in performing an annual assessment.
So what does this mean for you?
- If you have signed up for a complimentary Get Acquainted meeting, nothing. We will go ahead with the meeting and you would receive financial guidance under the same general terms as everyone else.
- If you have already met me but have not committed to a plan, that option is still open to you.
- If your plan is in process, it will go forward.
- If you had planning work done in the past and it has been at least been at least 12 months, you can expect to hear from me.
- If you would like to work with me but have not contacted me yet, please check back in a few months.
The cost for an annual checkup tends to be about one-third to one-half the cost of the initial engagement. I will send 
you your electronic questionnaire for updating and I may ask you to submit new statements for your investment accounts and other data.
I hate to be thought of as being like the dentist, but just as your teeth need regular checkups and cleaning, so do your finances.
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