Your financial situation affects so many other areas of your life. Because of this, having a professional to help you manage your finances often has a positive ripple effect. If you’re considering working with a financial planner, you may be wondering what exactly they do and how they can help you take control of your financial life.
More information about what a financial planner can do for you:
What Is A Financial Planner?
A financial planner is an individual who helps you manage your money. The exact services a planner offers can vary considerably, but in general, these professionals work to help others reach their financial goals.
It’s important to be aware that the term “financial planner” isn’t regulated. This means that anyone can call themselves one, regardless of their actual experience or background. However, there are some certifications you can look for to help you find the right planner for your needs.
CERTIFIED FINANCIAL PLANNER™ (CFP®) certification is the standard of excellence in the industry and indicates that the professional has extensive experience and knowledge. It also indicates that they are held to a fiduciary standard, meaning they will put their client’s best interest first.
Financial Planner Vs Financial Advisor
You’ll like also see the term “financial advisor” in your search for a professional to help you manage your money. Like “financial planner,” the exact services that fall under this umbrella may vary. In general, a financial advisor helps their clients understand options for investments and insurance and also acts as a broker in many cases.
Financial planners also act as advisors, so you’ll often see these terms used interchangeably. However, not all advisors offer planning services.
How A Financial Planner Can Help You
The exact steps a planner will take to help you manage your financial life will vary based on the professional you work with and your unique situation.
In general, you can expect the following:
1. Overview Of Your Current Finances And Goals
Your advisor will begin by gaining a thorough understanding of what factors are currently influencing your financial world. They’ll ask about your assets and liabilities and will also discuss your short-term and long-term goals.
2. Financial Plan
A financial plan is a roadmap to help you manage your money. The elements it includes are highly individualized and it may include a budget for spending, plans for saving accounts, an outline of retirement saving goals, and much more. Your advisor will help you understand the elements of your individual plan.
3. Continued Advising
A great financial planner understands that your plan needs to change as your circumstances do, and will continue to work with you over time to adjust your plan and advise you on other financial matters. Depending on your needs, they may help you choose investments, manage your retirement accounts, adjust insurance coverage, et cetera.
Personalized Planning
At Wellspring Financial Partners, we provide personalized financial planning and advising services. We take a holistic approach to help you reach financial goals and plan for the future.
To schedule an appointment with one of our financial advisors, contact us today.
Wellspring Financial Partners, LLC does not provide tax or legal advice. The information presented here is not specific to any individual’s personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
