Financial Planning Advise
posted in General Finance |Do you need financial planning advise?
If you are checking out for free financial planning advise to help reach your financial planning goals, here are some information you may want to check out.
In the first place, many people never reach their financial objectives for a very simple reason - they simply do not have a plan. In some worse case scenarios, they do not even know what they want.
The first thing you may want to change is your mindset and attitude. Start thinking like a financial planner, even if you are not one. This change in attitude alone can make a big difference to how you handle your financial affairs. You may have already heard - 95% of the population in this country (in fact, perhaps every country on this planet) will be poor and broke by the time they reach their retirement age. Sad fact, but the numbers do not lie.
What then could be the problem? It is clear in the majority of cases that this is due to a lack of financial plan and good financial planning advice. And now the clincher… the first piece of good financial planning advice is this - you must actively manage your own finances. Do not ever leave your finances to a financial planner totally. They are proficient at their job but the main responsibility lies with you to actively manage your own investment portfolio. Only then it is possible to have your investments achieve the highest possible return. Quite obviously, this has to be done within the context of your own financial risk appetite.
The financial planner should ask for information about your financial situation. You and the planner should mutually define your personal and financial goals, understand your time frame for results and discuss, if relevant, how you feel about risk. The financial planner should gather all the necessary documents before giving you the advice you need.
The financial planner should analyze your information to assess your current situation and determine what you must do to meet your goals. Depending on what services you have asked for, this could include analyzing your assets, liabilities and cash flow, current insurance coverage, investments or tax strategies.
The financial planner should offer financial planning recommendations that address your goals, based on the information you provide. The planner should go over the recommendations with you to help you understand them so that you can make informed decisions. The planner should also listen to your concerns and revise the recommendations as appropriate.
You and the planner should agree on how the recommendations will be carried out. The planner may carry out the recommendations or serve as your “coach,” coordinating the whole process with you and other professionals such as attorneys or stockbrokers.
You and the planner should agree on who will monitor your progress towards your goals. If the planner is in charge of the process, she should report to you periodically to review your situation and adjust the recommendations, if needed, as your life changes.
