What can a financial planner do for you that you can’t do for yourself?
Some items to get you thinking:
Strategies: Even if you know your goals, what are the best strategies? What about life or long-term care insurance? How does your home mortgage fit in? What estate planning documents do you need? What tax savings strategies are in place? Yes, there is more to your financial plan than just buying a bunch of investments.
Priorities: Okay, you can’t do it all right away. First things first. But what comes first, second? What’s deferred? Budget each step and be certain they fit into your long term plan. Things take time. Maybe a pro can help you take things in order, slowly.
Research: Do you really have the time and resources to research the right products to fit each of your goals and strategies? Do you even know where to get all the information? What’s important,what’s a hustle? How to put it together?
Comprehensive: Okay, you know you can work separately with your current broker, insurance salesman, CPA and banker, but can you put together the most effective overall plan?
Appropriate deals: Assuming you have a workable plan, can you identify the most suitable products with the most appropriate value? Do you have the experience and resources?
Objectivity: Once you focus on a particular aspect of your plan, like paying down your mortgage or the best time to retire, emotions often get in the way of rational analysis. An independent outside voice can be worth its weight in gold.
Action: Like keeping at an exercise schedule or diet, once you make a decision, you may need a coach to push you when the going gets tough, through things like regular savings, excessive credit card debt, details in purchasing a home and not chasing hot investments.
Mediation: How do you balance the conflicting needs of you and your spouse? A good financial adviser should have experience in resolving delicate situations. (I excel at this one!!!)
Bottom line: Yes, you want it all, can you get it? After all is said and done, is this plan going to help you use the money you have to meet your goals, buy that house, get the kids through college or help you generate a lifetime income stream?