Working with a Financial Advisor
While most people have similar financial goals, each person will approach those goals in a unique manner. And with so many options now available in the financial arena, you are bound to face myriad options when deciding how to pursue your financial goals. Even if you feel you can design your own financial plan, a financial advisor can provide a second opinion, suggest options you may not have considered, or help in the following areas:
- Setting your financial goals. Properly designed financial goals should provide the motivation you need to control your spending. Specific goals should be developed that will provide help deciding how to accomplish them and in determining whether you are making sufficient progress toward achieving them.
- Determining you current situation. Assessing your net worth and how you spend your income will help you assess where you stand currently, which is important in determining what strategies are needed to pursue your determining what strategies are needed to pursue your financial goals. You may also want to evaluate your insurance coverage, review your investment portfolio, look at applicable tax strategies, or reevaluate your estate plan.
- Developing a plan. A written financial plan can act as a road map in helping you pursue your financial goals. The plan should list strategies to help you achieve your goals and provide milestones to help assess whether you are on track.
- Monitoring your plan. At least annually, you should review your plan to determine whether you are making adequate progress and whether changes are needed to the plan. You should also review your plan if major personal changes occur, such as the birth of a child, marriage, divorce, a job change, a sudden change to your finances, or the death of a spouse.
Copyright © Integrated Concepts 2012. Some articles in this newsletter were prepared by Integrated Concepts, a separate, nonaffiliated business entity. This newsletter intends to offer factual and up-to-date information on the subjects discussed, but should not be regarded as a complete analysis of these subjects. The appropriate professional advisers should be consulted before implementing any options presented. No party assumes liability for any loss or damage resulting from errors or omissions or reliance on or use of this material.