Who is Your Financial Planner?
Financial Planners are for Everyone
“Failing to plan is planning to fail.” – John Wooden”
It was recently brought to my attention that many people think that only “rich” people have financial adviser’s. Nothing could be farther from the truth. If your family income is over $100,000/year or you are retired with investments of $200,000 or more you are missing out if you do not have a trusted adviser to make sure you on a good track to reach your financial goals.
If you haven’t hired someone, by default, you have named yourself as your financial planner. If you have the time, talent and temperament to manage and coordinate your goal planning, investments, insurance, budgeting, estate planning, etc. then you are truly special. If you are not sure how you are doing, may I suggest you get a second opinion before it’s too late.
If you decide to venture out and work with a professional you should know that financial planners with the Certified Financial Planner (CFP®) designation owe clients a “fiduciary” duty. This means that CFP® certificant’s owe at all times to clients: “to place the interest of the client ahead of his or her own.” This is much different from brokers, bankers or insurance agents that do not have this fiduciary duty.
Some of the questions a good planner will help you answer:
Will I ever have enough money to retire? What do I need to do to get on track?
How should I have my money invested given all the changes that are happening in my life and around me?
How much and where should I save my money for college or retirement?
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