Given the personal nature and difficulty of finding a financial planner, it is one of the most difficult tasks to do these days. To ensure you receive the best services, it is important to not only understand the licenses held by the advisor but also to understand how the business operates. There are many certifications available that will show which type of business model a financial planner has. This is the key. Despite these difficulties, it does not diminish the importance of planning. As you know, "Failure to plan is your planning to fail!" Due to the extensive media coverage about these investment banks companies, which may or not have been illegal in their attempts to generate options and transactions for investors, financial services has become a difficult topic to talk about. Although there should be concern at the top about the way investment banks package products, this shouldn't cause us to denigrate those who make a living helping people understand their financial goals and achieve them. Let's not forget that sales and information are two different things. It is crucial to keep your eyes on the end result when dealing with service providers. This requires that these individuals be both planners and salespeople. It is difficult to trust them when it comes down to making sure clients' best interests are being met, rather than a commission goal. This is crucial because we all compete and it is easy to focus on investment returns instead of the logic that every client's financial picture is unique and requires different levels of risk and returns to be successful. Financial planning involves putting together the pieces of your past and future with assumptions about the future. Uncertain assumptions include Inflation, Taxes and Investment Returns, Rainy days, Insurance, and others. There are many variables that can make your future uncertain, and you should have enough to ensure that there is a plan. Although it's not the easiest thing to do, there are 3 things you should do when you decide to create your financial plan.
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October 2021
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