The Ins and Outs of Financial Planning

Choosing the Right Financial Planner

It's important to know about the different types of financial planner and what they can do for you. It's a good idea to meet with more than one advisor to find someone you feel comfortable with and can build a good relationship with over time. This person will learn a lot about you and your family, so it's important to ask questions.

Find out:

• How they charge for their services
• What qualifications they have
• What financial planning services they offer
• How often they stay in touch with their clients
• If they work alone or with a team
• Most importantly, if they’re a fiduciary, meaning they are legally required to make decisions that are best for you, not just try to sell something.

Working With a Financial Planner

Once you've chosen who to work with, a financial planner will spend time getting to know you, your family, and your goals for the future. Financial planning helps you make the best use of your money to reach your goals. A good financial plan will help you answer important questions as you move through life. It's made just for you, based on where you are in life and what matters to you. While working with a financial planner, they’ll focus on your big picture, including things like estate planning, investments, retirement, risk management, charitable giving, and family needs.

Planning for the Future

Whether you’re just starting out or settling down, most people wonder when and if they can afford to retire. A financial planner can help you save and invest your money for the long term. They can guide you through investment strategies that align with your goals.

As your family grows, you may need to save for college or plan for your spouse’s care if something happens. Parents of adult children can worry about helping without causing problems with money or estate plans. A good financial planner can guide you, ensuring your choices benefit everyone and teach valuable lessons to strengthen family bonds.

As you get closer to retirement, there are a lot of things to think about, like what you’ve saved in your company’s retirement plan, other sources of income like pensions or Social Security, and how you’ll handle health insurance and long-term care needs.

Once you have a financial plan, you’ll feel much more at ease! It will be easier to make financial decisions and stay focused on reaching your goals. It’s also a good idea to revisit your plan as your life changes, because your plan will need updates as your family, work situation, and the economy changes!