The end of year is a critical time for financial planning — with many strategies having a December 31 deadline.
Chris Hennessey explains why urgency about financial planning moves may be specific to the final quarter of the year, including: required minimum distributions, gifting, funding a 529 college savings plan, or reviewing asset allocations. Investors may also be concerned about the impact of upcoming mid-term elections on their investments and tax situation.
For financial advisors, it’s an opportune time to provide value-add for clients and to discuss a range of planning ideas that demonstrate a holistic view of their financial plan. Even starting with a beneficiary checkup could lead to additional legacy planning and connecting with other family members, such as adult children.