5 Reasons Why You Need a CERTIFIED FINANCIAL PLANNER™ professional – Is it worth it?

Many of us enjoy DIY shows and learning new skills to save some money. However, it can be risky to DIY your personal finances without a professional, like a CERTIFIED FINANCIAL PLANNER™ professional, on your side. Here are 5 reasons to use a financial planner, in particular a CFP® professional, regardless of how much you make or your net worth.

1. Higher Standards of Financial Planning

Undoubtedly if you are searching for financial advisors, you have come across the word fiduciary. A fiduciary is a person or organization that makes financial decisions on behalf of another party and is legally obligated to act in their client’s best interests.

In short, someone who is acting as a fiduciary can not sell you an investment if it is a poor choice for your portfolio. Some brokers and advisors profit from commissions and do not act as fiduciaries.

A CFP® professional is, by definition, a fiduciary so you can rest assured they will act in your best interest. This is one of the main reasons to talk to a CFP® professional, to work with someone who has this high standard.

2. Comprehensive Planning for Retirement Goals

No matter when you start saving and planning for retirement, you may want to talk to a financial planner to navigate the many options. Should you invest in an IRA? Roth or Traditional? How much should you contribute? If you and your spouse have multiple options how do you manage what money goes where?

Determining how much you need for a comfortable retirement can be a daunting task. Discussing how to plan for retirement with a wealth manager can keep you from falling short of your goals. Your financial planner can explain the common mistakes many people make with their retirement funds and how to avoid these errors. Our team at The Retirement Planning Group can discuss any essential retirement questions you may have.

2. Comprehensive Planning for Retirement Goals

No matter when you start saving and planning for retirement, you may want to talk to a financial planner to navigate the many options. Should you invest in an IRA? Roth or Traditional? How much should you contribute? If you and your spouse have multiple options how do you manage what money goes where?

Determining how much you need for a comfortable retirement can be a daunting task. Discussing how to plan for retirement with a wealth manager can keep you from falling short of your goals. Your financial planner can explain the common mistakes many people make with their retirement funds and how to avoid these errors. Our team at The Retirement Planning Group can discuss any essential retirement questions you may have.

3. Keeping Up With the Times – Education & Experience

When it comes to investment management, not everyone has a strong foundation behind their approach or strategy. One of the many reasons to talk to a CERTIFIED FINANCIAL PLANNER™ professional is to learn about the different avenues to your investment goals.

Many people planning on their own might only be familiar with stocks and mutual funds. Some may have other investment accounts beyond their retirement accounts. Others may be invested in non-traditional options and need specialized help in newer areas of investment or knowledge of the current tax implications of their investment decisions.

CFP® professionals are required to complete Continuing Education Units (CEUs) yearly and must have thousands of hours of experience before achieving this certification. These are highly educated financial planners who stay well informed of new trends and opportunities available to their clients.

4. Achieving Wealth Goals – Help With Big Decisions

Building wealth is about the journey, not a singular destination. Along the way, many big decisions will influence how much, and how quickly, you build your wealth. For instance, purchasing property is often a key milestone in the lives of many people. Figuring out how much home you can afford and getting a home mortgage loan can be a lengthy and confusing process.

In addition to residential real estate, you may have the opportunity to invest in non-traditional products like cryptocurrency, commercial real estate, or art. A big reason to use a financial planner is having a strong financial planning team can help with big investment decisions and show you how they fit into your overall wealth journey.

4. Achieving Wealth Goals – Help With Big Decisions

Building wealth is about the journey, not a singular destination. Along the way, many big decisions will influence how much, and how quickly, you build your wealth. For instance, purchasing property is often a key milestone in the lives of many people. Figuring out how much home you can afford and getting a home mortgage loan can be a lengthy and confusing process. 

In addition to residential real estate, you may have the opportunity to invest in non-traditional products like cryptocurrency, commercial real estate, or art. A strong financial planning team can help with big investment decisions and show you how they fit into your overall wealth journey.  

5. Estate Planning

Anyone who has lost a loved one may be familiar with the challenges that can arise for surviving family members if a will or estate plan is not in place. A financial planner can create an estate plan to secure your future and that of any beneficiaries. According to a 2020 Gallup Poll, 46% of Americans had a will. Without a financial planner to work with you on your estate plan, the probate court can prolong the period of time it takes for friends and family to gain access to any potential inheritance. We can streamline the estate planning process so there are no questions for your loved ones regarding your bequests for your estate.