One of the hobbies I enjoy with my kids is building and maintaining planted freshwater fish tanks. For those of us that have had a fish tank we all know one thing, fish tanks take continual maintenance. Whether we’re cleaning the pumps, checking the temperature, performing water changes, or keeping the proper chemical balance – there’s always something to do. There is no “set it and forget it” when you have a fish tank.
Similarly, there is no “set it and forget it” with investing. Regardless of time horizon, you cannot simply invest the money and do nothing to adjust to ever-changing market conditions; That’s why I regularly check in with clients to see if they have questions about their investments, update them on current market conditions, and inquire about any possible updates to their financial picture. Staying up-to-date on all the relevant information with regards to the markets and my specific clients allows me to stand firm, when necessary, but also suggest ways to improve if that is the best course of action. Checking in is part of my responsibilities to make sure we perform all of the necessary maintenance on a clients investments and/or financial plan, rather than setting a plan in place and never taking the time to evaluate it again.