This is a sample financial checklist that you can easily adapt to share with your clients – I call it the 30 Minute Financial Report Card.
Would you get new clients by offering something like this for free?
The 30 Minute Financial Report Card
Consider offering a “30 minute financial report card.” During this time, you can assess your client’s current financial situation and review the past year. Did they meet their financial goals? Did they pay off the debts that they hoped to? Is there a family budget? Clients who answer these questions thoroughly and honestly can move their financial positions forward. If there are some areas that need improving, clients can commit to making those changes now. There’s no time like the present to get a grip on finances.
Some of Action Items to review:
Do You Need a “Debt Diet”?
You are probably thinking to yourself, “No way! I can’t worry about my debt in the midst of the holiday season!” But now is the best time to go on a debt diet. All that credit card debt makes your bottom line look bad and it’s hurting your financial health. It’s time to start shedding it today.
Can You Sell Positions for a Tax Loss?
Are there any money-losing positions and/or investments in your portfolio? If so, you can consider selling them for a tax loss. Just remember that there are very specific wash sale rules. For example, if you sell a stock for a loss, you are not allowed to buy substantially identical stock or securities within 30 days. In order to stay within compliance, I suggest that you consult with your financial advisor.