A old sage once said, “Managing your assets without a financial plan is like setting out on a journey without a compass. You don’t know your present location, and you can’t determine your progress toward your destination.” A CERTIFIED FINANCIAL PLANNER™ professional can help you determine how to best use your resources to meet your goals and financial objectives based on your life values.
Here are four things you can expect when working with a CFP® professional.
1. First and foremost, the CFP® professional always acts in your best interest when offering financial advice.
As the core ethical principle , the CFP® professional upholds the fiduciary standard by fulfilling the duty of loyalty, the duty of care and the duty to put their client’s interests above of their own. He or she must act with honesty, integrity, competence and diligence when providing financial advice. The CFP® professional also closely follows applicable regulatory guidelines.
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2. The CFP® professional guides you through the financial planning process, which includes the following steps:
- Understanding your personal and financial circumstances.
- Identifying and selecting your financial goals.
- Analyzing your current course of action and potential alternative course(s) of action.
- Developing your financial planning recommendations.
- Presenting the financial planning recommendations
- Implementing the financial planning recommendations.
- Monitoring your progress and updating your financial plan.
As you can see, the CFP® professional will help you devise your financial road map and thereafter, help you stay on track to meet your financial objectives.
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3. The CFP® professional develops a comprehensive financial plan for you.
To ensure that you develop a sound financial plan, the CFP® professional will cover the following areas:
- Cash flow planning that includes budget, debt and savings planning.
- Tax planning.
- Investment planning.
- Education planning.
- Retirement planning.
- Insurance planning.
- Estate planning.
The CFP® professional leaves no stone unturned to make sure that you address all of the critical issues to optimize your likelihood of financial success. This holistic approach provides you with peace of mind when making any financial decision.
4. The CFP® professional offers you objective and client-centric advice.
The most critical piece of your financial plan involves the crafting of recommendations that specifically address your financial circumstances. The CFP® professional identifies, analyzes and selects the actions, products and services that are most appropriate for you. In addition, he or she monitors your progress and updates your goals, recommendations and implementation decisions when necessary.
We all face challenges in traversing through our financial journey. Perhaps you feel as if your financial compass has been unreliable. While no one can predict the future, one thing is certain: Our lives are full of uncertainties. Working with a CFP® professional can provide prudent guidance and advice to assist you in reaching your desired destination. So what’s possible with a CERTIFIED FINANCIAL PLANNER™ professional? You may come closer to meeting your financial aspirations and even experience new possibilities.
Disclosure: Registered Representative of and Securities and Investment Advisory Services offered through Cetera Advisor Networks, LLC. Registered Broker Dealer, Member FINRA/SIPC. Reid Financial Consulting, Inc. and Cetera Advisor Networks are unaffiliated.