We feel every client should see a financial plan to see if they're on track to meet their various goals.
Peter J. Mersberger, LUTCF®
Jun. 8th, 2016
Many people think that when they work with a financial advisor they are receiving customized advice for their particular situation. However, we find that many advisors only concentrate on the "money" and ignore other key areas of financial planning. At Mersberger Financial Group we feel that there are five areas that should be discussed by a personalized financial planner.
The financial plan is the cornerstone of the advice that is provided to each and every client. The financial plan allows the advisor and the client to ensure that they are on track to reach the goals that they have set, whether that may be retiring at a certain age or taking that special trip they have always wanted to do. The financial plan is a living, breathing plan that is updated every time circumstances change.
Money management is usually what prospective clients come to an advisor seeking first, however, we feel that the financial plan must be created first before we can discuss money management. From the financial plan, an advisor is able to determine how much risk a client may need to take and what types of investments they should be utilizing.
Estate planning is another key area that we find clients overlook. Many people create a will when they have a major event in their life (getting married, having kids) and then they never update that will. As part of our planning process, we encourage our clients to update their wills and powers of attorney, as well as discuss with them the difference between wills and trusts.
Asset protection deals with the different types of insurance and risks that clients may face in the future. We like to discuss the different types of insurance and what types of insurance we feel that our clients should have. One key question that we often discuss is "How do I protect all of the assets that I have worked so hard to accumulate?"
Tax analysis and planning is an extremely important area that is often overlooked as well. Mersberger Financial Group often works in tandem with clients' CPAs to develop their withdrawal strategy in retirement to attempt to minimize taxes and maximize estate transfer to future generations. Another key conversation that we have with our working clients is whether they should be contributing to a traditional IRA or a Roth IRA.
Please contact our office if you have any questions regarding this topic.
MFG Market Monitor 6-22-22 Selling Out in Times of Uncertainty
Key Investing Strategies: Is The 60/40 Portfolio Dead?
MFG Market Monitor 6-1-22 Inflation: Quantitative Theory of Money
Subscribe to get updates, and expertise content from our team.