Seven Questions to Ask Your Financial Advisor in 2026

How worried should I be about inflation?

Current inflation levels and economic forecasts make inflation an ongoing concern, but the degree of concern naturally depends on a person’s financial situation, income, and investment strategy. Inflation rates impact how far your money will go in retirement. Let’s take a 10-year period –  an inflation rate of 2.5% would reduce $500,000 to $390,000, and the rate is consistently higher than that at present. Basic expenses have increased and high inflation rates can hurt your long-term portfolio growth, particularly if your investments are tied to low-yield accounts. But there’s good news! Historically, elevated inflation is a short-term challenge and strong, long-term investment strategies will help you ride the wave. Plus, moderate inflation from time to time signals economic growth.

Should I be concerned about the current state of the stock market?

This is where a diversified investment portfolio can help ease your mind, no matter how much the market fluctuates. It aims to spread your investments around so that your exposure to any one type of asset is limited, reducing the volatility effect as well as potential losses while not hindering returns in process. This practice better prepares your portfolio for any market turbulence by properly allocating your assets. For example, if one stock or sector of the economy in your portfolio performs poorly, others may be doing well, offsetting the losses. By spreading your investments over various asset classes, you increase the likelihood that at least some of your investments will perform well even when others aren’t.

There has been a lot of talk in the media about estate plans this year. What do I need to do?

First, make a detailed list of your possessions and financial holdings, including any real estate, bank accounts, investments, retirement accounts, life insurance policies, and any valuable assets. Then, identify who will receive your assets and property after you pass and designate them as beneficiaries directly on the respective policies and accounts, which override any provisions in your will and trust. Consult with an experienced trust professional to evaluate if a trust aligns with your objectives and is necessary. Other crucial elements of the process are making a will, executing a durable power of attorney, advance directives for health care, and designating guardians for your children. Each component of an estate plan serves an important purpose in ensuring that your legacy endures as you envision. Again, meeting with an experienced financial advisor can help ease both the process and concerns.

With rising healthcare costs in the headlines, should I get a Health Savings Account?

With healthcare expenses, premiums, deductibles, and copays rising, a Health Savings Account (HSA) could help you prepare for these costs and others. It’s a tax-advantaged personal savings account that works in combination with a high-deductible health plan to let you set aside money for qualified health care expenses. Then, you can utilize your savings for a variety of costs from vision and dental to standard medical bills and health care related travel, helping you gain control over your health care spending.

Has any recent legislation affected charitable giving tax deductions?

It has! If you take the standard deduction, you can now claim a “universal” deduction for cash contributions without itemizing. You can deduct up to $1,000 for single filers and up to $2,000 for married couples filing jointly. If you itemize your deductions, you are now subject to a new 0.5% floor. This means you can only deduct the portion of your charitable contributions that exceeds 0.5% of your adjusted gross income. If you are in the top federal income tax bracket, the tax savings you receive from charitable deductions are capped at 35 cents on the dollar, reducing the traditional tax benefit of large gifts. In addition, the per-taxpayer limit for Qualified Charitable Distributions (QCDs) for a retiree from an IRA directly to a qualifying charity has been adjusted upwards for inflation to $111,000. To make the most of your charitable deductions, consider making larger contributions in alternate years.

What’s your investment strategy?

Learning about your financial advisor’s strategy for investing is crucial as it can greatly impact your portfolio’s performance, risk tolerance, and success. If you’re in the market for a new advisor, look for someone who follows a disciplined philosophy based on research and industry knowledge, and select an advisor who gets to know you, your values, and your goals. Ensure you have regular portfolio reviews and that any adjustments made are emphasizing long-term growth.

Can you explain what a family fiduciary is and are you one?

A family fiduciary is a trusted individual appointed to legally manage your assets, estate, or healthcare. Bound by a strict legal and ethical duty, a family fiduciary always prioritizes your best interests, exercises careful management, and avoids all conflicts of interest. For instance, all team members of the Norway Savings Asset Management Group are family fiduciaries who conduct themselves with integrity and transparency in preserving your assets and building genuine relationships. Experience with objectively managing money, property, and assets makes a professional family fiduciary an often-preferred choice than naming a relative or family member.

How Can Norway Savings Asset Management Group Help? 

At Norway Savings Asset Management Group, we offer guidance backed by proven success and a driven, experienced team who can manage trusts and investments for people like you. We take the responsibility of safeguarding your assets incredibly seriously. We’re here to make sure your story lives on. NSB’s Wealth Management Resources Hub also features a number of helpful articles that can assist you in achieving your financial goals.

This article was written by NSB asset management experts, not created by artificial intelligence. It is intended for educational purposes only and should not be construed as legal or tax advice.