As we approach another new year, we take a moment to reflect on our financial plans and make adjustments as needed.  In this episode of Financial Clarity for Doctors, hosts Rachelle Vanderzanden and Corey Janoff walk through all of the things you should be revisiting.  Even if you’ve made a plan, don’t let it get stagnant and out of step with your current life and goals.

Parts of a financial plan to revisit include:

• Goals and priorities: we change over time, so this will likely change as well!


• Progress toward those goals: you may need to adjust if you are off track!


• Beneficiary designations on accounts, retirement plans, etc as well as estate planning documents.


• Insurances: the coverage you need at Age 40 is likely not the same coverage you will need at Age 55.


• Investment allocations: as your risk tolerance changes, so should your investment strategy!


• College savings: as your kid(s) get older, you may have a better idea of what they will need.

It’s a great idea to do at least an annual review.  You may not need to adjust each of these things every year, but that will give you an opportunity to recognize anything in your plan that is out of step in a timely manner.  I think we’d all rather know if we are off track sooner than later so we can make the necessary changes.

For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.

Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.