When Life Happens: Reasons the Good Times Require a Good Financial Planner

by James on September 10, 2016 · 0 comments

water-fight-442257_640Some people might turn out be better handling their money than others but generally speaking, there are definitely times in everyone’s life where a bit of financial wisdom from someone who has trained to understand the intricacies of financial planning, might prove to be invaluable.

There are are always life events that require some advance monetary scheduling, and this where Fee-Only Financial Planners, could prove to be money well spent, if the advice shows you a clear path towards your fiscal goals.

How ready are you?

There are numerous typical scenarios that you will most likely encounter at some point in your life, where it would be advantageous to be fully prepared from a financial point of view.

Sending your kids to college is one obvious example, as is when it is time to see one of your children get married. These are just a few life events where you need to be ready and able to cope with the financial demands that you need to meet at that point in your journey.

All of these happy events will often prove to much more joyous occasions that you can relax and enjoy, if you have done your financial planning and are in a position to meet your promise to help your children, or fulfill your own personal dreams, such as buying a vacation home.

Most people could benefit

You might possibly have a preconceived notion that paying for financial planning is a preserve of the wealthy and not something that is particularly relevant to someone who couldn’t be classed as being amongst the financial elite.

It should be remembered that you certainly don’t have to be a millionaire to benefit from some financial planning insights.

In fact, whether you struggle to make ends meet each month or want to know how to grow your retirement fund, most people could benefit from some financial planning, as it allows you to make your money work as hard as possible and helps to eliminate costly mistakes, so you can keep more of however much you earn.

There is a reasonable chance that if you decide to invest in paying for some financial planning advice, it could actually turn out to be a good investment, especially if you are not particularly disciplined in tackling some important financial decisions head on.

Mapping out a sensible strategy

You should be wary of any financial planner who makes rash promises to double your money or make you fabulously wealthy from a fairly modest starting point, as most professional planners will offer to do a thorough assessment of your current financial situation, before setting out a sensible and realistic strategy for the future.

What a planner will do after they have obtained a detailed financial background by asking you to provide details of tax returns and other information, is to then set out to identify any specific financial goals that you have, so that a strategy can be formulated that gives you the chance to meet those goals.

Choice of options

A financial planner will either offer their advice on a fee-only or commission basis.

It should be remembered that although there is no specific reason to suggest that one option is better than the other in terms of how your planner is paid for their work, commissions available on certain financial products can vary greatly, so at least if you are paying a set rate for the planning advice you are receiving, you can be certain that the investments being suggested offer no financial reward for the planner in terms, which may increase your confidence that you are being offered the most relevant home for your money.

One of the main considerations is that you get to know your financial planner and are comfortable with what they are offering to do for you and the suggestions that they put forward based on your own unique financial circumstances.

Getting ahead of the game

Financial planning is likely to prove beneficial for a good number of us and again, it should be stressed that even if you have a few less zero’s attached to your bank balance than some of the wealthy high-profile individuals who use this advice to preserve and grow their wealth, it is just as relevant to you in terms of making sure you hit your goals.

Retirement planning is a classic example. Paying for some financial planning while retirement is a distant dream, could turn out to be money well spent when you find that you manage to accumulate enough money over time to be able to enjoy your senior years.

Stephan Reed is the digital marketing partner for PDS Planning, a financial services firm in Columbus, Ohio.



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