At whatever stage of life you may be, there will always be these dreams and goals that you create for yourself and your loved ones. Retiring comfortably, saving for your children’s college education, buying a business or a home, reducing taxes, taking a dream vacation are only some of the goals that people are trying to achieve. To turn these dreams into reality, your finances need to be managed wisely.
Setting your personal and financial goals realistically
Examining your income, assets, liabilities, taxes, insurance, investments, estate plan and investments for the purpose of assessing your financial health
Developing a plan that will meet your goals
Putting this plan into action while monitoring how it goes, and make adjustments along the way, as deemed necessary
Staying on track, so that goals can still be met, even when there are changes in the market and tax laws, life stages, products, and personal circumstances.
Some other events where a financial planner can help include retirement preparation, college funding, handling a large inheritance, preparing for divorce (or marriage), preparing for the birth (or adoption) of a child, resolving a financial crisis – natural disasters, lay offs, or serious illnesses, buying a family business (or selling, or passing on).
Actively managing your wealth requires you to have a thorough knowledge, expertise, and time. You certainly needs professional help to get started planning for your future. A financial planner can help you make difficult decisions, and just having an expert by your side helping in your planning efforts will make you stay focused on your financial goals.
Choosing a financial planner well is very important. It will be like choosing a doctor to treat your illness, or a lawyer to defend you in a case; you need to succeed in both. Because your finances are a very personal thing, your relationship with a financial planner will also be a personal relationship. The best way to find your planner is asking friends and co-workers for names of potential financial planners. Perhaps one of them has hired one in the past.
You can also ask the lawyers that you know, accountants, bankers, insurance agents, and other financial specialists. Planners work with them often in carrying out their duties to their clients. If you can’t still get a name or two from them, perhaps the internet is another option. You can search by location and choose those that are within your geography. However, they should also undergo the hiring process, such as submitting resumes and interviews.
There are qualities that you should look for in a potential financial planner. Competency should be on top of your list, followed by integrity. He or she should also have your trust, and can commit to ethical behavior, and professional standards in the highest level. That is why it is always recommended that you personally interview at least 3 applicants and ask plenty of questions so you can find the planner that is right for your goals and needs.