Ten Topics to Discuss With Your Financial Advisor Right Now


Ryan Borucki, CFP®

March Madness took on a whole new meaning in 2020 as this last month has been an unprecedented time in the U.S. as well as globally. Not only have our worlds been turned upside down but the volatility within the market has made it difficult to remain calm and keep ourselves from being glued to the refresh button on our account(s) balance page.

Although we cannot control the markets and timing them can be just as difficult, we can control how we plan for our financial future and determine what steps we can take to ensure we come out stronger on the other side of this pandemic. With that in mind, we wanted to give you ten topics to discuss with your trusted advisor here at DBR.

  1. Explore refinancing your home

  • Depending on your current rate you may be able to reduce your monthly payments, lower your interest rate or change your loan program.

  1. Convert your Traditional IRA assets into a Roth IRA

  • The tax treatment of withdrawals compared to the tax rates now and in retirement. The current market only adds another piece to the puzzle and presents an opportunity to analyze the impact of a conversion.

  1. Increase your 401k contribution percentage

  • When the markets dip, a buying opportunity is created. By increasing your contribution, you can take advantage of the market sale while also removing timing from the equation through dollar cost averaging.

  1. Rebalance your account(s)

  • If you have an investment mix of stocks and bonds, your original allocation to each has changed with the recent market drops. Rebalancing will buy and sell your current allocation to get you back to your original allocation.

  1. Evaluate any current cash positions

  • If you have extra cash available to invest this is a good time to work with your advisor to identify potential buying opportunities

  1. Analyze the impact of Tax Harvesting

  • By selling a security that has experienced a loss, investors are able to offset taxes on both gains and income. The sold security is replaced by a similar investment.

  1. Review or create a budget

  • Evaluate your monthly expenses and determine which ones are fixed vs. variable. This will give you a good idea of what can be adapted to meet your current income.

  1. Update or create your financial plan

  • Work with your advisor to develop your “big picture” and set goals with strategies of how to achieve those goals.

  1. Assess your life insurance

  • From covering debt or expenses for your family to building cash value or diversifying your investments, life insurance can provide multiple benefits.

  1. Determine or revisit your risk tolerance

  • Time horizon, income, savings and level of risk aversion are all important factors when determining the right mix of investments for your assets.

Only time will tell if this list will be as helpful as one providing the Top Ten Netflix Shows would have been, but we hope this can give you some guidance when it comes to your financial health. Please give us a call to discuss these opportunities and determine the next steps in securing your financial future.

We look forward to speaking with you and hope to be able to invite you to the office in the near future!

Please stay safe and healthy.

Ryan

Ryan Borucki is a Financial Advisor at DBR & CO, a wealth management firm. If you would like to contact the author, Ryan Borucki, please e-mail him at rboruck@dbroot.com or call 419.574.9399.

D.B. Root & Company, LLC (“DBR & CO” or the “Firm”) is an SEC-registered investment advisor. Any reference to or use of the terms “registered investment adviser” or “registered”, does not imply that DBR & CO or any person associated with DBR & CO has achieved a certain level of skill and training. DBR & CO and its representatives are in compliance with the current registration and notice filing requirements imposed upon registered investment advisers by those states in which the Firm maintains clients. DBR & CO may only transact business in those states in which it is notice filed, or qualifies for an exemption or exclusion from registration/notice filing requirements. This communication is limited to the dissemination of general information pertaining to its investment advisory services. Any subsequent, direct communication by DBR & CO with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of DBR & CO, please contact the Firm or refer to the Investment Adviser Public Disclosure web site www.adviserinfo.sec.gov. For additional information about DBR & CO, including fees and services, send for our disclosure statement as set forth on our Form ADV by contacting our firm at 412-227-2800. Please read the disclosure statement carefully before you invest or send money.

Subscribe to our monthly Big Picture Financial Planning newsletter

LATEST BLOG POSTS

Where to find us:

MID-ATLANTIC REGION

 

436 Seventh Avenue, Suite 2800

Pittsburgh, PA 15219-1818

-

Phone: 412.227.2800

Toll Free: 888.227.0913

Fax: 412.227.2805

GREAT LAKES REGION

 

811 Madison Ave, 7th Floor

Toledo, OH 43604

-

Phone: 419.574.9399

Toll Free: 888.227.0913

Fax: 419.574.9356

  • White LinkedIn Icon
  • White Facebook Icon
  • White Twitter Icon
  • YouTube - White Circle

© 2020 DBR & CO  View Disclosures  Compliance Documents