…..Financial planning or creating a financial plan isn’t a one-time, transactional exercise. As you build a plan, there are a number of inputs that help to create the personal and financial circumstances for each client. As those factors evolve, whether in one’s control or not, it’s the ongoing monitoring and assessment of those factors that provide future confidence in the plan……
At my annual physical exam recently, the doctor took my vital signs, reviewed my medical records, and after reading my EKG results, said, “Well the computer says you’re having a heart attack.” But the computer was wrong.
……This is true for any financial situation, including those outside of losing a partner or spouse. Start by finding a fiduciary, fee-only advisor, ideally someone who is a Certified Financial Planner™, so you’ll know you’re in the hands of a professional who always puts your needs and wants first….
Getting help on your financial decisions isn’t a bad thing. But with so many professionals and options out there, how do you go about choosing the right expert to work with?
……..It also means heightened enforcement around conflicts of interest through the SEC’s Regulation Best Interest rule that went into effect last year to restrict unsavory practices by brokers and making sure they put clients’ interests ahead of their own when making recommendations. That is a good development for individual investors and will accelerate the trend toward fee-only or fee-based financial advice……..
……Carefully consider what you’re entering into and take the time to determine whether the arrangement makes sense from a relational perspective and in terms of wealth planning…….
President Joe Biden is proposing higher taxes on the top 1% to help pay for the $1.8 trillion American Families Plan. But the “marriage penalty” may hit couples earning more than $500,000. Financial experts say tax planning strategies may lessen the sting.
…….check for advisors who are regulated as fiduciaries because they are required by law to look out for their clients’ best interests.
