When to Work with a CERTIFIED FINANCIAL PLANNER™ professional

Schedule your consultation with a CERTIFIED FINANCIAL PLANNER™

When to Work with a CERTIFIED FINANCIAL PLANNER™ professional

by | Dec 28, 2016

The busy medical professional, business owner or executive may not have the time, expertise or the interest in making sure their family has all their financial ducks in a row.  The complications of managing a properly diversified portfolio, making sure they have taken care of all the legally available tax reduction strategies, having all the proper insurance coverage, protecting their assets from lawsuits or creditor claims, developing a detailed estate plan for the family and retirement cash flow are all critical elements of the financial needs of every family.   The successful families we work with have come to the realization that they really don’t have the time or the “brain band width” to tackle all these areas on their own.  They realize their need to have a competent and trusted advisor to take the time to carefully listen to their concerns and goals and then partner with them to stay on track and execute and monitor and their plan.  

You may benefit from an objective, third-party perspective on what are often emotional, difficult decisions. In today’s complicated and hectic world, it can be beneficial to have a CFP® professional to make sure you stay focused and follow through with your financial plans.  The CFP Board shows 78,518 active CERTIFIED FINANCIAL PLANNER™ professionals in the U.S.  The Bureau of Labor Statistics state there are almost 300,000 Financial Advisors.  So only about 26 percent of financial advisers have the certification.  A financial advisor can assess your current financial health by examining your assets, liabilities, income, insurance, taxes, investments and estate plan and create a realistic, comprehensive strategy to help you meet  your financial goals by identifying financial opportunities and building on financial strengths.  

The biggest mistake we see is that the majority of families don’t know what they don’t know and have not really focused on their financial issues and coast through life hoping it will all work out the end.  So financial planning is put on the back burner and not really a priority since the “tyranny of the urgent” daily pressures detract from longer term planning. 

Many unfortunately wait to confront their planning needs only when certain life events that demand more attention like: 

  • The ultimate epiphany that in their 50’s they realize they don’t have near enough stashed away for retirement.
  • Getting a windfall from an inheritance or other unexpected financial benefit
  • Change in marital status
  • Planning for the birth or adoption of a child
  • Facing a financial crisis such as an illness, layoff or natural disaster

It’s really not that hard to get started with a CERTIFIED FINANCIAL PLANNER™ professional.  Make sure to first learn about their credentials and experience, their financial planning process, fee structures, regular review expectations and what kind of support team they have in place for the long term. They should have a clearly defined approach to helping you gain clarity on your goals, having an honest discussion on your current financial reality and a written plan for how to achieve your goals and reduce your risks.  But ongoing accountability measures are the key to successful implementation.  Having a plan and not executing it will not get the results you’re looking to achieve.  Just like having a new year’s resolution to work out and not ever going to the gym.  That’s why we like to joke that with permission, we can act in a “friendly nagger” capacity for our clients to make sure they follow through and help them accomplish their goals year over year. 

Opinions expressed are not necessarily those of Raymond James & Associates. Information contained was received from sources believed to be reliable, but accuracy is not guaranteed. Investing always involves risk and you may incur a profit or loss. No investment strategy can guarantee success. Past performance may not be indicative of future results. Diversification and strategic asset allocation do not ensure a profit or protect against a loss. Investments are subject to market risk, including possible loss of principal. The process of rebalancing may carry tax consequences. Changes in tax laws may occur at any time and could have a substantial impact upon each person’s situation. While we are familiar with the tax provisions as Financial Advisors of Raymond James Financial Services we are not qualified to render advice on tax or legal matters. Per the CFP®  board of standards the following CFP tagline must be used when featuring the CFP®  marks in articles, advertisements, web sites, brochures or any other promotional literature: Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®,CERTIFIED FINANC IAL PLANNER™ and federally registered CFP® in the U.S., which it awards to individuals who successfully complete CFP®  Board’s initial and ongoing certification requirements.

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