Although the calendar says “May," there's still plenty of time for spring cleaning. This year, why not put a check-in with your financial advisor on your to-do list, along with giving your house and yard the usual once-over.


Here are three things to go over with your advisor:

1. Re-assess

Life changes rapidly and so do our financial situations. This spring, take time to think back over the past year and determine how life may have impacted your financial goals and needs. Maybe you got married - or added a son- or daughter-in-law to your family. A new grandchild may mean it is time to set up a college fund.

As you age, your risk tolerance may change along with your retirement time horizon.

List out the major and minor changes you've experienced in the past year and use that as a starting point for your meeting with your financial advisor, so he or she can be as effective as possible in helping you make progress toward your financial goals.

2. Consolidate

As you do your spring cleaning, you'll probably find tools, such as scissors, rolls of tape, screwdrivers and so on, scattered among various rooms in your house, even though it's more efficient to keep all those types of items in one central location.

Your financial assets may be in a similar state of affairs: You may have an IRA at one institution, a 401(k) with a former employer and some other investments with a different brokerage.

If you consolidated all these investments with one firm, it might be easier to view all your holdings across various accounts and make holistic asset allocation and diversification decisions. It may be easier to monitor your financial progress, too.

3. Re-arrange

As you look around your house, you may find that certain rooms have become outdated and no longer fit your lifestyle. Similarly, as you evaluate your investment portfolio you may find that some of your holdings may no longer be aligned with your financial objectives or risk tolerance.

If you're going to achieve your long-term financial goals, such as having enough in retirement, the investments in your portfolio need to help get you there.

It's a good feeling to give your home a good spring cleaning and know everything is in the right place. You can achieve similar results by checking in with your financial advisor and refreshing your investment portfolio.

Investment Products are:

  • not insured by the FDIC.
  • not a deposit or other obligation of, or guaranteed by, the bank.
  • subject to investment risks, including possible loss of the principal amount invested.

Important Disclosures

City National Bank provides investment management services through City National Rochdale, its wholly-owned subsidiary. Brokerage services offered through City National Securities, member FINRA/SIPC and a wholly-owned subsidiary of City National Bank.  

Any opinions, projections, forecasts, and forward-looking statements presented herein are valid as of the date of this document and are subject to change.

Bonds and bond funds are subject to interest rate risks and will decline in value as interest rates rise. This risk is heightened with investments in longer duration fixed-income securities and during periods when prevailing interest rates are low or negative.

All investing is subject to risk, including the possible loss of the money you invest. Past performance is no guarantee of future results.

This report is for general information and education only and was compiled from data and sources believed to be reliable. City National Bank does not warrant that it is accurate or complete. Opinions expressed are those of the authors as of the date of the report with no obligation to update or notify of inaccuracy or change. City National, as a matter of policy, does not give tax, accounting, regulatory or legal advice. Rules in the areas of law, tax, and accounting are subject to change and open to varying interpretations. You should consult with your other advisers on the tax, accounting and legal implications of any proposed strategies based on your particular circumstances.