As markets surge amid economic uncertainty, now is the time for high-net-worth investors to re-evaluate and recalibrate their financial plans.
Tiffany Irving, a wealth advisor with Mesirow Financial Holdings, recommended doing a strategic “mid-year check-up” in a recent discussion with Jon Hansen, host of “Your Money Matters” on Chicago TV station WGN.
“I encourage clients to pause, revisit their goals and ensure each component of their strategy is still working together,” Irving said, according to a Mesirow news release. “Whether cash flow, retirement funding, or estate planning—it’s essential to be intentional and proactive.”
Among Irving’s recommendations:
Cash Flow and Budget Review
Start with foundational principles, Irving said. Changes in income should be assessed, and monthly spending should be re-evaluated. Any changes should be reconciled against your budget plan. Irving is an adherent of the “50/30/20” rule — 50% needs, 30% wants, 20% savings. Tools like Quicken or budgeting apps should be used to track spending, she said.
“Many people can’t tell you what they spend monthly — tracking helps bring clarity and control,” Irving explained.
Look Beyond Simply Funding Retirement Accounts
As markets continue their strong performance, investors need to ensure their retirement contributions are optimally allocated, not simply deposited. “Max out your 401(k) if possible and capture every dollar of employer match,” Irving said.
But she added this caveat: “Don’t assume contributions mean investments. Many investors mistakenly leave money in low-yield vehicles instead of allocating it thoughtfully.”
Put Idle Cash to Work
Investors can enhance returns by identifying excess mid-year cash. Such surplus can be placed into high-yield savings or CDs, or can be used to increase retirement savings, if possible, Irving said.
“Idle money in a checking account is a lost opportunity. Ensure cash is deployed efficiently,” she advised.
Revisit and Refresh Your Estate Planning
Estate planning is too often delayed, but it is a key aspect of long-term financial health. Irving said investors should review:
Beneficiary designations and account titles.
Powers of attorney for both health and property.
Trusts and “transfer-on-death” instruments.
Digital asset access, including online accounts and cryptocurrency.
Even if initial structures are in place, “regular check‑ins ensure plans reflect life changes,” she said.
Go One Step at a Time to Make the Task Manageable
The mid-year check-up is a big job, but investors can ease the burden by tackling objectives month by month, Irving said. “Pick a July goal, another for August—you don’t need to do everything at once. A small hour of intentional planning yields long-term peace of mind.”
Mesirow is an independent, employee-owned financial services firm founded in 1937 and headquartered in Chicago, with offices around the world.
