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What Your Financial Advisor SHOULD Be Doing For You

What Your Financial Advisor SHOULD Be Doing For You

The idea of paying money to someone for them to tell you how to handle your own money can be a difficult concept for people. After all, you can do your own research and listen to the news and that should be sufficient enough to determine where and how to invest, right?

The most common and costly error folks make is thinking that if they know what to invest in, their financial life will turn out the way they want it to. But there’s so much more to it than that.

A good financial planner helps you make a “financial game plan” that addresses not only retirement goals but also how you should navigate life’s expected and unexpected transitions. They take these complex issues and make them more digestible so you can understand how your money is implicated throughout different walks of life. A good financial planner will provide clarity.

Moving forward with a seasoned professional seems like a no-brainer. However, what wealthy individuals’ are really worried about is if the advisor is worth the fee.

Honestly, most aren’t. Unfortunately, most people who hold themselves out to be “financial advisors” are nothing more than financial sales people trying to meet a sales quota.

But a good financial planner puts your interest above theirs and will deliver value. Here is the value you should be getting out of your financial planner:

  1. Clarity- your financial planner should help you understand your financial situation. Sure, some of these topics are complicated and not the most interesting things to think about. But it’s important and you should have a clear understanding of where you are financially.
  2. Organization- your financial planner should be helping you organize your financial life. If it’s not organized, it’s probably not being tracked the way it should be.
  3. Tracking- this is important because this is the only way to measure progress. Your financial planner should be helping you track your cash flow and net worth statements from year to year help find ways to improve these areas.
  4. Execution- your financial planner should help you execute the things you need to be doing financially. This can be as simple as re-titling assets in the name of the trust you just had an attorney establish or updating the beneficiaries on your accounts over time or helping you stick to the savings/spending plan that you said you needed to.
  5. Coordination- a good financial planner will help you coordinate all aspects of your financial life. This means they are not just looking at your investments but also looking at your estate plan, your insurance policies, your tax situation, your debt, your savings, and taking all of these things into account to determine how to get you from where you are financially to where you want to be.
  6. Discipline- people don’t hire a personal trainer to tell them to eat less and work out more. They hire them because they keep you disciplined. You can walk out of the health club knowing how often you need to work out and what machines to use, but if you don’t go to the gym because you’re tired or [name your excuse], none of it works. Same thing with financial planning. You can know what to invest in but without discipline throughout all market conditions, you’re putting yourself in a position to really hurt yourself financially. A good financial planner will help keep you disciplined and hold your feet to the fire of your own best intentions.

Successful financial planning is truly a journey, not a one-time activity. Life is a series of transitions and your money is implicated in most of these transitions. A good financial planner is tasked with the important responsibility of being a stable source of knowledge in a constantly changing environment. Having a good financial planner to rely on can be truly relieving in all walks of life, especially in retirement.

At Baron Silver Stevens, we place our clients’ objectives as a priority. As a Registered Investment Advisor, we always act in our client’s best interest. That means crafting custom financial plans and giving unbiased and objective advice. As we act in a professional and fiduciary manner, our clients are able to fully relish in the best years of their lives. Contact our Boca Raton office today to learn more, we’d love to hear from you.

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