Everyone has a unique experience with finance, but there are some questions that are common to ask. Hopefully, we can answer them here:
When you find yourself asking questions like, “Do I need a financial planner?” and “What does a personal financial planner do?” you have discovered that you have a potential need. Our goal as financial planners is to intimately get to know each of our clients to understand how we can help. We create holistic financial plans customized to meet your individual needs. We map out your road to financial success and send you on your way to finding ease regarding your personal financial plans.
Financial planning is not one simple thing. It is a broad term used to encompass many aspects of creating financial health and well-being. Some of the main financial planning objectives include a retirement strategy, a risk management plan, a long-term investment plan, a tax reduction strategy, and an estate plan. Financial planning is essentially a step-by-step process in which a financial planner creates an individualized financial plan to help clients achieve their financial goals. A solid financial plan includes key components like budgeting, taxes, liquidity, large purchases, risk, return, retirement, communication, and record-keeping.
Everyone has a unique financial background and, regardless of your situation, the advice of a financial planner is invaluable. Anyone is welcome to explore financial advising options, and give their assets a new advantage - no matter how big or small. However, it is generally recommended that you consider saving a minimum of $100,000. This way, an advisor has an effective foundation for growing your nest egg. Or, if you are close to or entering retirement, it is important that an advisor can help you to preserve and distribute your money after you stop working.
The cost of an advisor will vary depending on the education and experience and how the fees are assessed. In general, a financial planner will charge based on one of two ways: commission or fee-based. If your advisor uses a commission framework, the amount will usually be a percentage of each transaction or assets they are managing for you. If the compensation structure is fee-based, he or she will typically charge an hourly rate or will quote a specified fee for the services provided. We need to discuss this as we charge a fee for the plan , fee on assets as the advisor and then if commissionable products are needed we use them We will also be implementing a subscription based service we will need to add to the web site.
A financial planner will analyze goals, risk tolerance, and stages of life to identify a proper individualized financial plan. Financial planners have suitable education, training, and experience in their field for their clients to have faith in their ability to help them succeed financially. Some of the benefits of their services include:
- Wealth Accumulation – Focusing on asset growth.
- Retirement Planning – Distributing assets in a tax-advantaged manner.
- Estate Planning – Preserving your wealth.
- Risk Management – Protecting what matters most.
- Business Planning – Grow, manage, and exit your business.
- Taxation – Minimizing tax obligation.