Revamp client portfolios for 2013

When 2013 began, did you talk to clients about renovating their portfolios and revisiting their goals?

Though some may be happy with their returns, you should help every one take a second look at their current salaries, debts and spending habits, says Bob Stammers, director of investor education at the CFA Institute.

Since markets are still volatile—and since retirement funding has been undergoing major changes—Canadians need to make sure they’re on track for meeting both their short- and long-term goals.

Read:

• 5 retirement and benefits trends

• Cross-demographic tips for retirement education

To do this, Stammers says your clients should take the following steps:

Check the fitness of their portfolios: Help them revisit asset allocations and security selections.

Read: Talk to clients about risk

Take a financial inventory. Along with assessing their 2012 performance, discuss how well they managed their finances over the last year. Do so by helping them figure out how well they stuck to their budgets, and point out ways they can better maximize savings and investment capital.

Read: 8 ways clients can manage finances

Organize their records: The best way to keep a budget is make a list of all monetary obligations for the year to come, as well as plan out how you’ll cover them. Offer to aid clients with this task and also review their insurance coverage and risk management strategies. Get a credit check will also ensure they’re in good standing.

For more tips, read:

Take January to revisit portfolios

Using a client review to increase revenue

Help clients set realistic expectations

Look to the long term in 2013: BMO

Debt repayment tops 2013 resolution lists

Canadians expect a happy financial 2013

Find money in tax credits

The benefits of a concentrated portfolio

Markets will survive 2013