Wondering whether or not you need to engage a financial planner but aren’t quite sure if your specific financial situation is warranted for one? The reality is that if you make, spend or save money; then a financial planner can help you.
Fee-only CERTIFIED FINANCIAL PLANNER™ CFP® have a fiduciary duty to their clients, which means that every decision they make is for the financial benefit of the client. In other words, they receive no commissions or kickbacks on specific financial products; all of their advice and decisions are made in the client’s best interest.
There are several things a CFP® Professional can help with, from small, everyday decisions to big, long-term goals. Here are just a few:
1. Tax Planning
No one wants to pay higher taxes than they need, but often people do simply because they aren’t aware of certain tax strategies. A CFP® Professional is well educated in the tax code, and therefore able to guide you in ways to save money on taxes each year. From maximizing deductions, utilizing tax credits, write-offs, offsetting gains and losses, to setting up a trust, of the several ways to ensure that you keep as much of the money you have worked hard to earn as possible.
2. Budgeting and Saving
A CFP® professional doesn’t just plan for the future, they also help you with your day-to-day spending and saving. That’s because they know the financial decisions you make right now affect your long-term goals. They will work with you to envision and define those big goals so you can work backwards to see what you need to be doing right now to make that dream possible, whether that’s adding more to your 401K, refinancing your mortgage, or adjusting your cashflow by minimizing expenses and optimizing income.
3. Planning for Retirement
Perhaps the thing most people associate with financial planners is retirement. Keep in mind that it’s never too early or too late to plan for your retirement. A CFP® professional will also help you plan for things like tax efficient investing, retirement draw down, and diversifying your portfolio beyond the amount of money you need in the bank. They can help you find the resources to set up a will, trust, or other estate planning needs. They may guide you through the many retirement life changes and decisions you will likely face, such as health insurance, social security and if long-term care is right for you. They can even set up a “family meeting” wherein you can educate your loved ones about your financial wishes, where certain assets are held and what their responsibilities will be when those assets are passed down. Whether you’re 25 or 75, retirement planning is important.
4. Investment Advising
A CFP® professional can evaluate your appetite for the stock market, what level of risk you’re comfortable with, your family financial needs, and provide guidance on the kind of investments you’re interested in. They can also give advice on the kinds of investments that may be most beneficial for each stage of your financial flight path toward your goals. Most importantly, they will counsel you on when to hold onto investments and when to let them go, including when it may be tax beneficial to do so for tax loss harvesting.
5. Round Out Your Financial Team
A CFP® professional will collaborate and work closely with other professionals in your life such as your estate planning, business or law attorney, insurance agent and CPA or tax preparer. Taking a holistic approach to your finances, ensuring that other critical areas such as life insurance, wills and trusts and tax returns are also being handled with your best interests in mind. With a diligent team of professionals working for you, you can feel confident in your financial decisions and finally put that worry to bed.
Tull Financial Group focuses in the
following client markets or areas of practice:
The Tull Financial Group, a member of NAPFA (The National Association of Personal Financial Advisors) can be found @ 640 Independence Pkwy Ste 300Chesapeake, VA 23320-5205. Tull Financial Group can also be contacted by calling them at 757-436-1122.
Author: Phil Tull