Wednesday, January 19, 2011

My Financial Planner Makes House Calls

No, not really. But I wish it was true. To be able to have someone who you could go to whenever you needed some financial advice. That would be fantastic.

I came close once when I met a young man just starting his career over at Ameriprise Financial. He talked me into coming down to his office for help with planning my financial future. I did go and he helped me get organized and made me a nice financial plan.

It's interesting how relationships and your money are the most personal parts of your life. A stranger has to know your needs and plans for your future to help you form a game plan for your financial security.  They need to know all about your plans for your children and wife. They need to see your investments and know how much money you have. If you own your home and all about your debts.

Why do they have to be so nosey in your business? The answer is that they want to give you the best possible financial plan for your life. They want to show you what your doing wrong and also what your doing right. 

This getting to know you meeting lays the basic foundation of your financial plan. I was asked many questions like how much I save and where I save it. He wanted to see my tax returns to see my income and deductions were correctly done. I needed to show my insurance policies and asked if I had a will. All these things were necessary to share if I wanted a complete blueprint for success. 

When we go it alone it's possible to miss something or we just don't have the expertise in the field. when I received my plan it was complete in every way. It covered investments, insurance, cash flow planning, and debt payoff plans. It was complete and I was quite satisfied. It was 3 years ago yet I still refer to it today.

I highly recommend you see a financial planner for a money checkup. They will give you their professional opinion of what you have with any recommendations for improvement. I suggest you chose a planner that has expertise in the details of your life. Whether it's divorce, young families, or elderly. 

The way a financial planner is compensated is payment by the hour, flat-rate, or percentage of assets. I went with the flat-rate because it was right for me. I'll never regret seeing a financial planner because they put me on track and are working hard to keep me there.

If your looking for a financial planner in your area check out the National Association of Personal Financial Planners at www.napfa.org.

6 comments:

  1. I see my financial planner every day when I look in the mirror. I wish he were a bit better looking, but he'll have to do for now.

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  2. Grouch, LOL. Nice comment. Wish I could say the same.

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  3. Hi Dave, I highly recommend a "fee only" planner. Less conflict of interest than one who gets paid only when she sells you something!

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  4. I agree because you what someone to concentrate on helping you and not their commission. Thanks.

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  5. This is amazing like the previous one..
    Thank you for this article..

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