FINANCIAL PLANNERS
How can they help you?
For building about those the up who specifics a sound don’t of know financial investing much plan and for themselves, a financial planner might be the answer to future security. Financial planners assess the financial needs of clients on how best to save, invest and grow their money.
While people could go it alone when it comes to managing their finances, mastering personal finance requires time-consuming hours of research on a wide variety of subjects, such as investments, insurance, mortgages, college savings, estate planning taxes and retirement. Plus, for many people, financial goals and options often become more complicated as they get older and have more assets. “People are unique and have very different goals in life, but worry they might not have the right financial strategy that will allow them to live the way they would like,” said Wes Garner, president of TDECU Wealth Advisors. “Having a written plan can help people feel more confident in making their dreams and goals a reality. Hiring a financial planner can bring the experience and expertise to help guide individuals and families in making smart financial decisions.” Garner, who holds Chartered Retirement Planning Counselor (CRPC) and Professional Plan Consultant (PPC) professional designations, said that a professional can help provide people a better understanding of their current financial situation and resources, define goals, set timelines, look out for potential pitfalls, and build financial strategies aligned with achieving those goals. A good planner will translate this into a written plan that acts as a step-by-step roadmap to
clearly lay out the path forward. Having vague ideas like wanting to be well off financially won’t get you very far. Financial planners suggest concrete strategies for achieving specific goals. “A good adviser really knows their client in order to help them reach their financial goals, while avoiding behavioral actions that could derail their plan,” said Joe Moss, branch manager and investment representative at LPL Financial. They suggest things clients may not have thought about enough. For example, most people know they should be putting money into savings. A financial planner might advise clients to create a six-month emergency fund. This can be a safety net, both financially and psychologically. Financial planners will take an objective, unemotional look at your situation and use their experience to help you with your financial goals. investment “This expertise strategy, should income include and distribution help with plans for retirement years, legacy planning, and proper insurance protection. Proper insurance protection health, and can any include other specialized life, long-term insurance,” care, said representative DeWayne at Gerber, LPL Financial. an investment advisor
Input/control over investments
Typically, a financial planner and a new client will decide, early on, what type of input and control the client desires. People work with financial planners differently. Some want to stay in touch frequently, while others are not as hands-on.
Choosing financial planner
At a time when baby boomers are reaching retirement age, the need for personal financial planning expertise is greater than ever, and financial planners can make an impact, helping with financial goals and serving as trusted advisors, counselors and coaches. If you think you need a financial planner, ask friends and family if they know someone they can recommend. You want to find someone you feel comfortable working with. After all, you have worked hard to earn the money you have, so you want a financial advisor who will help you secure a happy and comfortable financial future. Financial planners typically earn their living either by charging a flat fee for their services or from commissions. Fee-only financial planners do not earn a commission by selling you a certain financial product. This way, a conflict of interest does not come into play. For more information about TDECU Wealth Advisors, visit www.tdecu.org/wealth-advisors/.
Having ideas vague like wanting to be well off financially won’t get you very far. Financial planners suggest concrete strategies for achieving specific goals.