✨Year End Review Time✨
Everyone gets busy this time of year, so as the year 2022 comes to a close, make sure you're checking off these important client review topics.
First, general housekeeping:
Qualified Accounts (Traditional, Roth, SEP, and SIMPLE IRAs, 401(k)s, 403(b)s, Gov 457s, and profit sharing plans)
- Required Minimum Distributions (RMDs): If not already calculated, here is an IRS RMD worksheet Roth IRAs excluded
- Check Beneficiaries: This is a great reason to talk to your client's family!
- Are updates needed for wills or trusts?
- Connect or realign with your client's estate attorney.
- Stretch IRAs - review the SECURE Act rules if you have clients affected by this change.
- If your clients are still contributing, review their plan, company match, are they saving enough? Retirement Calculator
- Review your client's goals and expenses as inflation is most likely having quite an impact on their lifestyle.
- Contact your client's tax advisor and understand if tax loss harvesting is being suggested.
- Review gifting rules and understand 529 plans for clients that can benefit (state specific).
- Check in on their insurance needs, or refer to an advisor that specializes.
If you're already using RiskPro,
- Pull up your client's Personal Risk Budget (PRB) and have them do a "gut check".
- Use the signed PRB and proposal as their investment policy statement.
- Make any changes that are appropriate to their PRB or investments, and help your clients that are anxious about the markets and economy.
- Show them how staying the course in uncertain times vs. cashing out can make a huge difference in their long term success. This chart can help:
Wish them a Happy Holiday✨
Don't forget to
ASK FOR REFERRALS!