As a busy, independent professional juggling countless responsibilities and commitments, managing your finances can often take a backseat. You don’t know where to start. You get lost trying to fill in a spreadsheet your friend sent you. Or you don’t know who to talk to and get an objective perspective.
Neglecting or not regularly reviewing your financial situation can have long-term consequences on your personal and professional life. This is where a certified financial planner can step in as a trusted partner, offering expert guidance tailored to your specific needs. Here’s how reviewing your financial plan with a CFP® can be a game-changer for busy professionals – and what to look for in finding the right partner.
- Expertise and Knowledge: A financial planner is a professional who has undergone extensive training, education, and certification to provide comprehensive financial advice. They possess a deep understanding of various financial instruments, investment strategies, tax implications, and estate planning. By partnering with a certified financial planner®, you can find the right partner based on your particular needs – at any given time over your lifespan – and create and update financial plans tailored to your needs.
- Time Saving: Time is a precious resource for busy professionals, and managing complex financial matters can be overwhelming. A financial planner acts as your financial quarterback, taking care of intricate financial tasks such as budgeting issues, investment research/analysis, portfolio management, and tax planning. By delegating these responsibilities to a professional, you can reclaim valuable time.
- Risk Management: As a busy professional, you may not have the time or expertise to thoroughly assess and mitigate financial risks. A financial planner can help you navigate the world of investments by analyzing risk profiles, diversifying portfolios, and helping develop and manage proper asset allocation. They also keep a watchful eye on market trends, economic indicators, and legislative changes that may impact your financial strategy and reach your financial goals.
Financial planning is not a one-time task; it requires continuous monitoring and adjustment. Working with a financial planner on an initial review and then periodically reviewing your financial plan against various life events, can ensure your plan remains aligned with your evolving goals and circumstances.
Here’s what to look for when hiring a financial planner:
- Credentials and Experience: Consider the credentials and experience of a financial planner before making a decision. Look for professionals who hold the Certified Financial Planner®, as it signifies a higher level of expertise, a fiduciary duty to YOU, and adherence to ethical standards. You should feel free to ask about their experience working with clients in similar situations to yours.
- Fee Structure: Financial planners typically charge clients based on a fee structure that can be categorized as hourly, project-based, retainer, or asset-based fees. It’s important to understand how they charge and whether it aligns with your preferences and budget. Look for a partner who is transparent about their fees and clearly communicates their pricing structure upfront. Asti Financial Management is hourly and project-based which allows for the simplest and most affordable financial planning partnership.
- Client Testimonials and Referrals: Take the time to read client testimonials or ask for referrals from friends, family, or colleagues who have worked with the financial planner you’re considering.
Finding the time and expertise to manage personal finances can be challenging. The benefits – and peace of mind afforded – of hiring and partnering with a solid CFP® professional are a game-changer. By delegating your financial matters to a trusted professional, you can focus on your professional and personal pursuits, enjoy peace of mind, and have confidence in a secure financial future.