A portfolio review is an essential part of managing your financial growth and future goals. To ensure you get the most out of our meeting, you should prepare certain documents that give us a complete, accurate picture of your financial situation. Below is a checklist of documents and information that might be helpful to bring to our portfolio review.
1. Recent Tax Returns
Providing your last one or two years of tax returns allows your advisor to better understand your tax situation and how it impacts your investment strategy.
Why It’s Important: Investments and tax implications go hand-in-hand. By reviewing your tax return, we can look for opportunities to improve tax efficiency, such as tax-loss harvesting or adjusting your taxable vs. tax-free accounts.
2. Insurance Policies Statements
Bringing along the most recent statements of your policies, which includes: life, health, disability, and property insurance. Include policy details, premiums, coverage amounts, and beneficiaries.
Why It’s Important: Insurance is a key component of financial planning. Reviewing these policies allows us to assess whether your coverage aligns with your financial goals and obligations.
3. Updated Estate Planning Documents
If you have updated your estate plan recently, bring copies of key documents, such as:
- Will and trust agreements
- Power of attorney (financial and healthcare)
- Beneficiary designations
4. Income Information and Employment Benefits
Bring a recent pay stub or income statement if employed, or other income documentation if self-employed. Also, include any benefit plans or stock options offered by your employer.
Why It’s Important: Having your income and benefits information helps us understand cash flow and potential investment options within your employment benefits, such as employer-provided 401(k) matches or stock purchase plans.
5. Debt and Loan Information
If applicable, please provide details on outstanding debts, including mortgages, student loans, credit card balances, and personal loans. Include interest rates, minimum payments, and payoff terms.
Why It’s Important: Debt impacts your cash flow and can affect your overall financial health. Understanding your debt obligations helps your advisor create a plan that prioritizes high-interest debt and balances debt repayment with investment growth.