Scheduling Your Annual Financial Checkup

Scheduling an annual doctor’s appointment is common practice, but your finances could use an annual health checkup as well. A financial checkup, or a financial review, is an in-depth look at your personal finances. This includes everything from your current budget, debt, student loans, assets, retirement contributions, and more. Your financial advisor can help you assess where you are now, where you want to be, and how you can get there.

New Year’s Resolutions

The beginning of a new year is an ideal time to evaluate your goals and adjust your financial plan as needed. Or perhaps you haven’t checked financial planning off your resolution bucket list yet. If you are living paycheck to paycheck, or don’t have a clear sense of where all your money is going every month, a financial checkup can put things into perspective and set you on a clearer path.

“The most important thing when it comes to financial planning is to start early,” said Rodney Mott, LPL Financial Advisor with First Federal Investment Services. “Even the smallest steps can really help you in the long run. But of course, we are happy to help people at any stage of their journey.”

Perhaps with the new year you are facing a new chapter in your life. Graduating from college, getting a first job, marriage, buying a house, or having a first child are all crucial moments that need to be incorporated into your financial planning, so your goals can be adjusted accordingly.

“Life events entail responses, financially speaking,” said Richard Ruggieri, LPL Financial Advisor with First Federal Investment Services. “A financial check-up can make all the difference when adjusting to different stages in your life.”

Staying the Course

As interest rates rise and fall and the stock market shifts, it’s easy to overreact if it feels like your financial stability is at risk. A visit with your financial advisor can help put these market changes into perspective for your long-term goals.

“Frequently it feels like there is a crisis in the financial markets, but reacting too quickly can be a mistake,” explained Mott. “The window of opportunity for the inevitable market upturns can be small and are important not to miss.”

Rodney Mott, First Federal Investment Services Representative.

Rodney Mott, First Federal Investment Services Representative.

Changes in the market are also the reason that many financial plans include a diverse portfolio. Your financial advisor can help you develop a plan that matches the level of stability you are comfortable with.

“We can help you step back and look at the bigger picture, so your plan isn’t derailed,” added Mott. “Ideally, you want to avoid putting all your eggs in one basket. We’d be happy to cover options for diversification. It’s also important to set up an emergency fund so that you have a backup plan where funds are easily accessible.”

Meet your new local advisors

Mott and Ruggieri joined the First Federal Investment Services team in 2022. Mott recommended that Ruggieri apply to join after a positive experience with the First Fed team and culture.

Both Mott and Ruggieri started their careers as professional coaches for rowing teams – a mentally and physically challenging activity requiring dedication, coordination, and teamwork. Later they shifted their passion into coaching people about their finances.

Mott’s interest in finances started in his early college years and solidified when he went back to get his MBA, which he geared towards finance and portfolio management. “I was excited about the holistic approach to financial planning that First Federal Investment Services offers,” said Mott. “The team at First Fed really works together across departments to provide positive customer experiences.”

Ruggieri’s coaching career moved him to multiple countries overseas. Working with people from different backgrounds and cultures gave him a broader perspective that helps him relate to his diverse client base.

Richard Ruggieri, First Federal Investment Services Representative.

Richard Ruggieri, First Federal Investment Services Representative.

“You don’t have to be a customer of First Fed to benefit from our financial services,” noted Ruggieri. “However, it’s a nice benefit to have all your finances under one roof and experience the same level of care with all of your services.”

Schedule Your Checkup

Whether it’s been more than a year since your last financial checkup, or you’d like to schedule your first one, now is a great time to get an appointment on your calendar. No matter where you are on your financial journey, a checkup is the best way to make sure you’re on track for your future goals.

“There are no bad questions out there,” added Mott. “It’s better to find out and benefit from the answers now, rather than sit back and wait.”

To connect with an LPL financial advisor at First Federal Investment Services visit: ourfirstfed.com/investment-services


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