Plan Update Calendar and Meeting Agendas

Financial plans require regular maintenance to remain effective. Without a structured review schedule, plans drift out of alignment with changing circumstances, market conditions, and personal goals. This article provides a framework for scheduling reviews and conducting productive planning meetings.

Why Regular Reviews Matter

A financial plan created today reflects current income, expenses, goals, and market assumptions. Within 12 months, any of these variables may shift significantly. Regular reviews catch discrepancies early, allowing for course corrections before small issues become major problems.

Consider a client who planned to save $24,000 annually toward retirement. If actual savings drop to $18,000 due to unexpected expenses, the shortfall compounds over time. A quarterly review catches this gap after one quarter ($1,500 shortfall) rather than discovering a $6,000 annual shortfall at year-end.

Quarterly Review Framework

Quarterly reviews focus on short-term execution and performance monitoring. These meetings typically last 45-60 minutes and cover three primary areas.

Investment Performance Review

Compare portfolio returns against appropriate benchmarks and the assumed rate of return in the financial plan. A plan assuming 6% annual growth requires 1.5% quarterly growth to stay on track.

Sample quarterly performance analysis:

• Portfolio value (start of quarter): $500,000
• Contributions during quarter: $6,000
• Investment returns: $8,750 (1.75%)
• Portfolio value (end of quarter): $514,750
• Year-to-date return: 5.2%
• Benchmark return (60/40 portfolio): 4.8%
• Plan assumption: 6% annual (1.5% quarterly)

If returns significantly underperform or outperform assumptions for two consecutive quarters, consider adjusting projections in the financial plan.

Cash Flow Analysis

Review actual income and expenses against budgeted amounts. Track savings rate as a percentage of gross income.

Sample cash flow review:

• Quarterly gross income: $45,000
• Quarterly expenses: $33,000
• Quarterly savings: $12,000
• Savings rate: 26.7%
• Target savings rate: 25%
• Variance: +$750 (favorable)

Goal Progress Tracking

Measure progress toward specific financial goals using percentage completion metrics.

Sample goal tracking:

Annual Review Framework

Annual reviews provide a comprehensive assessment of all planning areas. These meetings typically require 90-120 minutes and address strategic considerations beyond quarterly monitoring.

Tax Planning Review

Analyze the current year's tax situation and identify planning opportunities for the coming year.

Annual tax review items:

• Year-to-date income vs. projections
• Tax bracket analysis and bracket management opportunities
• Retirement contribution optimization (401(k), IRA, HSA)
• Tax-loss harvesting candidates
• Estimated tax payment adequacy
• Charitable giving strategies (bunching, donor-advised funds)

For a client in the 24% federal bracket with $15,000 in unrealized losses, harvesting those losses saves $3,600 in federal taxes ($15,000 × 24%).

Insurance Review

Evaluate coverage adequacy across all insurance types.

Annual insurance review items:

• Life insurance: coverage amount vs. income replacement needs
• Disability insurance: benefit amount and definition of disability
• Homeowners/renters: dwelling coverage vs. replacement cost
• Auto: liability limits and umbrella policy coordination
• Health: plan selection during open enrollment
• Long-term care: coverage evaluation for clients over 50

Estate Document Review

Confirm estate documents remain current and aligned with wishes.

Annual estate review items:

• Will: named executor and beneficiaries still appropriate
• Trusts: funding status and trustee designations
• Power of attorney: agents still willing and able to serve
• Healthcare directive: treatment preferences unchanged
• Beneficiary designations: aligned with estate plan
• Account titling: consistent with estate planning strategy

Trigger-Based Reviews

Certain life events require immediate plan updates regardless of the regular review schedule. These events typically affect multiple planning areas simultaneously.

Marriage or Divorce

Planning areas affected:

• Beneficiary designations (all accounts)
• Insurance coverage and beneficiaries
• Estate documents (complete revision typically required)
• Tax filing status and withholding
• Account titling and ownership
• Social Security claiming strategies

Job Change

Planning areas affected:

• Income projections and cash flow
• Retirement plan contributions and rollovers
• Health insurance and benefits elections
• Stock compensation and vesting schedules
• Relocation expenses and cost of living adjustments

Inheritance

Planning areas affected:

• Asset allocation (sudden wealth integration)
• Tax planning (inherited IRA distribution requirements)
• Estate planning (increased estate size)
• Goal timeline acceleration
• Charitable giving capacity

Health Diagnosis

Planning areas affected:

• Insurance claim procedures and coverage review
• Disability income planning
• Long-term care needs assessment
• Estate document updates (healthcare directive review)
• Goal prioritization and timeline adjustments

Sample Meeting Agenda: Quarterly Review (60 minutes)

Pre-meeting preparation (completed before meeting):

• Update portfolio values and performance calculations
• Prepare cash flow summary from account aggregation
• Calculate goal progress percentages
• Note any trigger events since last meeting

Meeting structure:

0:00-0:05 - Opening (5 minutes)

• Review agenda and confirm priorities
• Address any urgent concerns from client

0:05-0:20 - Investment Review (15 minutes)

• Present portfolio performance vs. benchmarks
• Discuss any rebalancing completed or needed
• Review contribution levels and automation

0:20-0:35 - Cash Flow and Goals (15 minutes)

• Review income and expense tracking
• Assess savings rate vs. targets
• Update goal progress metrics
• Identify any funding gaps or acceleration opportunities

0:35-0:50 - Planning Updates (15 minutes)

• Discuss any life changes or upcoming events
• Review action items from previous meeting
• Address questions on current economic conditions

0:50-0:60 - Action Items and Scheduling (10 minutes)

• Document action items with owners and deadlines
• Confirm next quarterly meeting date
• Provide summary document within 48 hours

Sample Meeting Agenda: Annual Review (120 minutes)

0:00-0:10 - Opening and Year in Review (10 minutes)

• Summarize major accomplishments and challenges
• Confirm meeting objectives

0:10-0:35 - Investment and Performance Deep Dive (25 minutes)

• Annual performance vs. plan assumptions
• Asset allocation review and rebalancing plan
• Investment policy statement review

0:35-0:55 - Tax Planning (20 minutes)

• Current year tax projection
• Next year planning opportunities
• Retirement contribution optimization

0:55-1:15 - Insurance and Risk Management (20 minutes)

• Coverage adequacy analysis
• Premium review and shopping opportunities
• Identify coverage gaps

1:15-1:35 - Estate Planning (20 minutes)

• Document review and update needs
• Beneficiary designation audit
• Trust funding verification

1:35-1:55 - Goals and Projections Update (20 minutes)

• Refresh all goal timelines and targets
• Update financial plan assumptions
• Run updated projections

1:55-2:00 - Action Items and Next Steps (5 minutes)

• Document all action items
• Schedule quarterly reviews for coming year

Review Cadence Summary

Checklist: Implementing Your Review Calendar

• Schedule all four quarterly reviews at the start of each year
• Block 120 minutes for annual review in Q4 or early Q1
• Create a trigger event notification system with your advisor
• Prepare account statements and documents before each meeting
• Review previous meeting action items before each session
• Document all action items with specific deadlines and owners
• Request written meeting summaries within one week of each meeting
• Track goal progress using consistent metrics across all reviews
• Update beneficiary designations after any trigger event
• File meeting summaries for future reference and accountability