What's Happening?
Financial advisors are encouraged to begin year-end planning with clients earlier in the fourth quarter to better assess their financial health and adjust strategies accordingly. This proactive approach
allows advisors to identify changes in clients' insurance needs and financial goals before the holiday season. By starting in October or November, advisors can address tax implications, required minimum distributions for retirees, and potential adjustments in insurance coverage. This early planning helps clients make informed decisions and ensures their financial plans remain aligned with their evolving needs.
Why It's Important?
Starting year-end planning early provides clients with the opportunity to make strategic financial decisions that can impact their long-term financial health. For retirees, this may involve adjusting withdrawals to meet daily needs or reviewing insurance coverage to protect assets. Younger clients can evaluate their savings performance and adjust contributions to align with life changes such as buying a home or starting a family. By addressing these considerations early, advisors can help clients avoid last-minute decisions and position themselves as trusted partners in their clients' financial futures.
