What do financial advisors have in common with football coaches? They are both adept at formulating strategies to reach a desired objective: in the first case, building and protecting wealth, and in the second, scoring the winning touchdown. They also know how to think on their feet, adjusting to ever-shifting circumstances to keep their plan on track. This is something every investor needs to do as well—particularly when dealing with life-changing events. If you’ve encountered any of the following situations, it may be time to change your investment game plan.

1. You got married. It’s more than the merging of two souls; you’ve joined your financial futures as well. If you’ve recently married, it’s time to change the beneficiaries on your life insurance policies and other investment accounts to reflect your new circumstances. In the event that something happens to one of you, you most likely want these assets to go to the remaining spouse.
2. You may also want to discuss risk tolerance with your new partner. Compromises may be necessary if one of you prefers stocks with higher potential returns and the other feels more comfortable in bonds. It’s important to develop a strategy you can both live with if you want to avoid the possibility of resentment down the line.
3. You had a baby. If you don’t yet have a will, it’s time to create one. You’ll want to select someone to become the guardian of your child should you unexpectedly pass on. You’ll also want to ensure the distribution of assets according to your wishes. In addition, you may want to set up a 529 college savings plan so you can start setting money aside for your little bundle’s future education. The funds will grow free from federal income tax, and your child can eventually withdraw them tax-free to pay for tuition, books, room and board.
4. You got divorced. In most divorces, couples split their retirement and investment account assets. The payment of taxes may be required, and you may need to rebalance your portfolio to achieve the desired asset allocation. Additionally, you’ll need to consider adjusting your retirement plan to compensate for the amount your former spouse was contributing to the nest egg.
5. Your parents are getting older. At some point, almost everyone needs help managing finances. If your parents are having difficulty with theirs, it may be time to step in and offer assistance. Talk to them about their bank and investment accounts. Find out what financial professionals they use, and note any necessary passwords. Make a list of their bills and talk about how and when they pay them. You should also find out where they store their important documents.
   
   Your parents may also want to set up a durable power of attorney. A simple legal document, it will allow you (or any party they designate) to pay their bills, write checks on their behalf, and otherwise manage their investments. It’s important to do this before your parents become unable to care for themselves.

Much like a great game of football, life is full of changes that can require an adjustment to your game plan. If you’d like assistance, contact your financial planner today.