by Samantha Pahlow, CTFA, AWMA
Wealth Management Chair
As we enter the final stretch of the year, it’s a great time to set aside a few hours to review your financial picture and position yourself for a confident start to the new year. Here are seven practical steps you can take before year-end:
1. Revisit Your Financial Goals
Life evolves quickly, and your financial goals should evolve with it. Reflect on the plans you made at the beginning of the year. Are you still on track? Have priorities shifted? Use this time to adjust timelines
and savings targets and ensure your investment strategy reflects both where you are now and where you want to be.
2. Review Cash Flow and Spending Patterns
Year-end offers a clear snapshot of your income, expenses and savings habits. Compare actual spending to your planned budget and note any recurring or unexpected patterns—positive or negative. This isn’t about tracking every penny; rather, it’s about gaining clarity and identifying opportunities to redirect resources toward your top priorities going forward.
3. Fine-Tune Your Investment Strategy
Review the allocation of any portfolios you manage independently, alongside those managed by your team at Ferguson Wellman, West Bearing or other investment firms. Ensure that your overall strategy remains aligned with your risk tolerance, time horizon and objectives. As markets and circumstances evolve, periodic adjustments help maintain discipline—especially after a volatile year.
4. Optimize Retirement Contributions or Distributions
If you’re building toward retirement, check whether you’re on pace to maximize contributions to retirement plans such as 401(k)s and IRAs. Even small increases before year-end can compound meaningfully over time. If you’re already retired, collaborate with your tax advisor and portfolio manager to fulfill any distribution requirements and optimize for tax efficiency—strategically balancing withdrawals across account types and income brackets.
5. Consolidate and Organize Accounts
Having accounts across multiple institutions can complicate performance tracking, investment rebalancing, risk management and tax preparation. Consider whether consolidating accounts could simplify your financial life. Our team can help you evaluate the pros and cons, including fees and tax implications, and assist with paperwork and asset transfers, should you decide to consolidate.
6. Prepare for the Unexpected
Review your emergency fund (typically a minimum of three to six months of living expenses, depending on your situation) and personal insurance coverage. If your reserves are low, insurance policies haven’t been updated in several years, or personal circumstances have changed—now is the time to review to ensure
they still meet your needs.
7. Set a Strong Foundation for the New Year
Take a forward-looking approach and set a plan for your top priorities in the first quarter of 2026. Create a simple checklist—such as scheduling your annual portfolio review, updating beneficiary designations or setting up automated savings transfers. There are often important financial tasks we’ve all intended to tackle but haven’t found time for. Planning now, for when you will get those done, makes them easier to achieve.
Year-end financial planning is most helpful when it involves thoughtful, intentional steps to ensure your financial life is organized, aligned and ready for what’s ahead. With a clear picture of where you stand and where you want to focus, you’ll be better prepared to enter the new year with confidence and clarity.
Ferguson Wellman, Octavia Group and West Bearing do not provide tax, legal, insurance or medical advice. This material has been prepared for general educational and informational purposes only and not as a substitute for qualified counsel. You should consult qualified professionals to understand how this information may, or may not, apply specifically to you.