The Annual Money Checkup: 4 steps to keep your wealth growing and protected

Is your money working for you—or against you?

Here’s a hard truth: If you’re not actively reviewing your financial setup every year, you could be losing money without even realizing it.

Maybe your advisor isn’t delivering real value. Maybe your investment accounts are riddled with unnecessary fees. Maybe your assets aren’t optimized for growth.

The good news? A simple annual checkup can uncover hidden inefficiencies, stop money leaks, and ensure your wealth is working just as hard as you are.

So, let’s walk through a step-by-step financial review—one that helps you assess your advisor, accounts, and assets so you can make smarter financial decisions in the coming year.

Step 1: Assess your financial advisor’s performance

If you work with a financial advisor, it’s crucial to review their performance to ensure they continue to provide value. Here are key areas to evaluate:

1.1 Review communication and service quality

• Does your advisor proactively reach out to discuss financial updates?

• Are they responsive to your questions and concerns?

• Have they taken the time to understand your changing financial situation?

1.2 Evaluate investment performance

• Compare your portfolio’s performance against appropriate benchmarks.

• Has the advisor made strategic decisions based on market conditions and your risk tolerance?

• Are you satisfied with the balance between risk and return?

1.3 Assess fees and costs

• Are you paying a reasonable amount for the services provided?

• Have there been any unexpected or hidden fees?

• Are there alternative advisors who offer better service at a lower cost?

1.4 Check for conflicts of interest

• Does your advisor recommend products that benefit them more than you?

• Are they providing unbiased, client-first advice?

• Do they have a fiduciary responsibility to act in your best interest?

If your advisor is underperforming or not meeting your expectations, consider shopping around for a new one who better aligns with your needs.

Step 2: Audit your accounts

Reviewing all your financial accounts ensures they are optimized for security, growth, and efficiency.

2.1 Review account structures and performance

• Are your checking and savings accounts earning competitive interest rates?

• Are your investment accounts diversified according to your risk tolerance and goals?

• Have any accounts underperformed compared to similar options?

2.2 Analyze fees and costs

• Check for maintenance fees, trading fees, and expense ratios.

• Consider switching banks or brokerage firms if you’re paying excessive fees.

• Ensure you’re not paying for unnecessary account features.

2.3 Review beneficiaries and account ownership

• Ensure your beneficiaries are up to date on retirement accounts, insurance policies, and trusts.

• If you’ve experienced life changes (marriage, divorce, new children), update account ownership accordingly.

2.4 Confirm cybersecurity measures

• Change passwords for online banking and investment accounts.

• Enable two-factor authentication where possible.

• Monitor for fraudulent activity and unauthorized transactions.

Step 3: Evaluate your assets and investments

The final step is to review your assets and investments to ensure they align with your financial goals.

3.1 Analyze your investment portfolio

• Review asset allocation: Are your investments properly diversified?

• Adjust holdings based on life changes, risk tolerance, and market trends.

• Rebalance your portfolio if necessary to maintain your target allocation.

3.2 Assess real estate and other physical assets

• Determine if your real estate investments are performing well.

• Check if rental properties provide positive cash flow or need refinancing.

• Ensure your insurance policies provide adequate coverage.

3.3 Evaluate debt and liabilities

• Check loan balances and interest rates—can you refinance for better terms?

• Pay down high-interest debt to improve financial health.

• Consider strategies for managing mortgages, car loans, and student loans efficiently.

3.4 Plan for tax efficiency

• Maximize tax-advantaged accounts like 401(k)s, IRAs, and HSAs.

• Harvest tax losses where applicable to offset capital gains.

• Review your tax strategy with a professional to ensure efficiency.

Step 4: Set goals for the next year

Once you've assessed your financial advisor, accounts, and assets, set clear goals for the next year.

4.1 Define new financial objectives

• Do you need to adjust savings or investment contributions?

• Are there major purchases or life events to plan for (e.g., home purchase, college tuition, retirement)?

• Do you need to update your estate plan?

4.2 Create an action plan

• Make a list of tasks, such as opening new accounts, adjusting investments, or switching financial advisors.

• Set deadlines to keep yourself accountable.

• Schedule periodic check-ins to monitor progress.

Automate with Truthifi

Manually tracking your financial setup can be overwhelming—but Truthifi makes it easy with powerful tools that automate and simplify the process.

Here’s how Truthifi’s core features help you stay in control of your wealth:

✅ The Map – See your entire financial picture in one place. No more scrambling through accounts and statements—Truthifi helps you visualize and organize your assets, investments, and accounts at a glance.

✅ Pro Tools – Take financial oversight to the next level with advanced analytics and benchmarking. Whether you’re evaluating an advisor, investment performance, or fee structure, these tools give you data-driven insights to make better decisions.

✅ The Score – How well is your financial setup performing? Truthifi’s scoring system gives you a clear, objective rating of your financial health, making it easy to identify areas that need improvement.

✅ The Statement – Eliminate confusion with a simple, clear, and standardized financial statement that consolidates all of your important information in one document. No more wading through mountains of paperwork!

✅ The Dash – Stay up to date with real-time insights on your financial performance. Truthifi’s dashboard provides a snapshot of key metrics, helping you track progress and adjust strategies as needed.

Truthifi’s Financial Control System brings all these tools together, automating your annual financial review and making it easier than ever to keep your wealth optimized year-round.

👉 Take control of your financial setup with Truthifi: Explore Truthifi’s Features

Final thoughts: Take control of your financial future

If you’re serious about building wealth, financial success isn’t about luck—it’s about intentional action.

An annual financial review helps you:
✅ Spot unnecessary fees and expenses.
✅ Make sure your investments are performing well.
✅ Hold your financial advisor accountable.
✅ Optimize your accounts for maximum growth.
✅ Set a clear action plan for the next year.

And with Truthifi’s suite of tools, you gain an extra layer of oversight—ensuring your financial setup remains transparent, efficient, and fully aligned with your goals.

So, block off an afternoon, grab your financial statements, and give your money the attention it deserves.

Because at the end of the day, the smartest investors aren’t the ones who take the biggest risks—they’re the ones who stay in control.