Even the best laid plans can go astray if you don’t monitor your progress. That’s why one of the keys to making sure that your financial dreams actually come to pass is the annual review. This is where you get to sit down with your planner to explore how realistic the current financial plan is, what’s changed over the past year, and what, if anything, is going wrong.

At this review your adviser will probably want to address whether or not there have been any significant changes—in your life or your finances—since the initial meeting. He or she will want to review any new short-term plans, such as a kitchen renovation, that could significantly impact your cash flow. Your planner will also check to make sure your spending is in line with the proposed plan. Finally, your planner may go over the legal components of your plan, such as your power of attorney documents and wills to see if they need updating, and review your insurance (life and home) to make sure you’re not over- or under-insured.

The annual meeting is a great way to make sure you’re not veering off course, but Lenore Davis, partner at Victoria-based financial planning firm Dixon, Davis & Company, says you should track your progress all year long. She suggests a financial diary in which you can make notes throughout the year about what’s working and what isn’t, or jot down items you want to bring up at the review. “Then periodically throughout the year, review what you’ve written down.”

Right before your appointment with your planner, go back through your notebook and create a list of actions you still need to take, and flag any questions or concerns you would like to address. This will give you more control over what’s addressed at the annual meeting, plus it will send a message to your adviser that you expect a bit of back-and-forth dialogue on issues that are important to you.

When you’re keeping your diary, you can make note of anything you want, but you should be sure to include the following:

• your current and future job situation (particularly early termination or a recent promotion or big raise)
• any changes to your retirement plans (such as when you hope to retire, and what you want to do during your golden years)
• any changes in marital status or family situation, including separation or divorce
• thoughts about moving (from a smaller home to a bigger home, or to a different city altogether)
• questions about purchasing additional property (such as a cottage)
• any changes to your debt (the amount, the interest rate, where it’s held)

By reviewing your major concerns and future goals, you’re more likely to maximize the benefits of hiring a planner—such as seeking advice on certain decisions, or asking his opinion on different options. It’s the primary reason why Lance Howard, founder of Lance Howard Group in London, Ont., encourages his clients to seek advice on any decision that involves a large sum of money. “My role isn’t to talk you out of spending money, but to remind you of how your current decisions will impact your future goals.”