Quarterly Review

Written by True Tamplin, BSc, CEPF®

Reviewed by Subject Matter Experts

Updated on January 24, 2024

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What Is a Quarterly Review?

A Quarterly Review is a financial planning practice that involves assessing one's financial situation every three months to ensure that they are on track with their financial goals.

The process involves reviewing income, expenses, investment portfolios, debt, and progress towards financial goals to determine whether the current financial plan is working effectively.

The review helps individuals and their financial advisors to identify areas of improvement and make necessary adjustments to their financial plan.

By conducting a Quarterly Review, individuals can stay informed about their financial situation, track their progress towards financial goals, and make informed decisions about their finances.

The review also helps to identify potential risks or challenges that may impact financial success and address them proactively.

By taking a proactive approach to financial planning through the Quarterly Review process, individuals can maximize their financial potential and achieve long-term financial stability.

Preparing for the Quarterly Review

Steps for Preparing for the Quarterly Review

Gather Financial Documents

Before beginning a quarterly review, it is crucial to gather all relevant financial documents. These include:

Set Financial Goals

Establishing both short-term and long-term financial goals provides a roadmap for achieving financial success. It is essential to include retirement goals in this process.

Schedule Review Meetings

To ensure effective communication and collaboration, schedule review meetings with your financial planner or advisor and any family members or other stakeholders involved in your financial decisions.

Reviewing Financial Performance

Analyze Income and Expenses

Begin your quarterly review by analyzing your income and expenses. Compare your actual income and expenses to your budget, identify trends and anomalies, and adjust your budget as necessary to stay on track with your financial goals.

Evaluate Investment Performance

Assess the performance of your investments by comparing portfolio returns to relevant benchmarks. Evaluate your asset allocation and rebalance your portfolio if needed to maintain an appropriate level of risk.

Assess Progress Toward Financial Goals

Update your net worth statement and measure your progress against your financial goals. Adjust your goals or strategies if needed to remain on track for success.

Tax Planning and Strategy

Review Tax Implications of Financial Activities

Understanding the tax implications of your financial activities is crucial to maximizing your financial success. Review your financial activities to identify potential tax savings or liabilities.

Identify Tax-Saving Opportunities

Identify and take advantage of tax-saving opportunities, such as tax-advantaged investment accounts, deductions, and credits.

Plan for Upcoming Tax Payments

Ensures that you have planned for and can meet your upcoming tax payment obligations.

Risk Management and Insurance

Evaluate Current Insurance Coverage

Review your current insurance coverage, including life, health, disability, and property and casualty insurance, to ensure you are adequately protected against potential risks.

Assess Changes in Risk Profile

Evaluate any changes in your risk profile that may necessitate adjustments to your insurance coverage.

Adjust Insurance Policies as Needed

If your risk profile has changed or your coverage is insufficient, adjust your insurance policies to ensure adequate protection.

Retirement Planning

Review Retirement Savings and Contributions

Assess your retirement savings and contributions, ensuring that you are on track to meet your retirement goals.

Adjust Retirement Goals and Strategies

If your progress towards your retirement goals is insufficient, adjust your goals and strategies as needed.

Assess Retirement Income Sources

Evaluate your potential sources of retirement income, such as Social Security, pensions, and investments, to ensure a comfortable and secure retirement.

Estate and Legacy Planning

Review Wills and Trusts

Regularly review and update your wills and trusts to ensure they accurately reflect your wishes and circumstances.

Update Beneficiary Designations

Ensure that your beneficiary designations for accounts such as retirement plans and life insurance policies are current and accurate.

Discuss Wealth Transfer Strategies

Engage in discussions with your financial advisor and family members about wealth transfer strategies that align with your values and goals.

Action Items and Next Steps

Prioritize and Assign Tasks

After completing your quarterly review, prioritize and assign tasks to ensure that action items are addressed promptly.

Set Deadlines for Action Items

Establish deadlines for completing action items to maintain momentum and accountability.

Schedule Next Quarterly Review

Finally, schedule your next quarterly review to ensure that you maintain a regular cadence of financial check-ins and stay on track with your financial goals.


Conducting a Quarterly Review is an essential practice for individuals and their financial advisors to evaluate their financial situation, assess progress toward financial goals, and make necessary adjustments to their financial plan.

By gathering relevant financial documents, setting financial goals, scheduling review meetings, and reviewing financial performance, individuals can ensure that they stay on track with their financial objectives.

Additionally, by reviewing tax planning and strategy, risk management and insurance, retirement planning, and estate and legacy planning, individuals can identify potential opportunities for improvement and ensure that they are adequately prepared for the future.

Finally, by prioritizing and assigning tasks, setting deadlines for action items, and scheduling the next quarterly review, individuals can maintain momentum and accountability to stay on track with their financial goals.

Overall, a Quarterly Review is a valuable financial planning practice that can help individuals achieve financial success and security.

Quarterly Review FAQs

About the Author

True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website or view his author profiles on Amazon, Nasdaq and Forbes.

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