Throughout the course of our lives we often find ourselves in need of the benefits various advisors provide. In the realm of finances, there are three types of advisors we see as invaluable to your long term financial health.
1. Estate Planning Attorney
A recent Gallup poll found only half of Americans have created a last will and testament (source). Furthermore, estate planning services seem to be a dime a dozen from cheap online solutions to attorneys who draft the same plan for every client.
Estate planning is often misunderstood. It involves much more than paying estate taxes. Estate planning done well allows you to provide guidance to and appoint person(s) of your choosing to make healthcare and financial decisions on your behalf in the event of your incapacitation and may help ensure that your assets are divided amongst heirs as you desire. Building a relationship with a reputable estate planning attorney who understands your unique situation not only makes sense for you, but it also can help offer your loved ones peace of mind that you have a plan in place.
If you don’t have a relationship with an estate planning attorney, ask for referrals from trusted friends and advisors.
Maintaining personal and business bookkeeping can be time consuming and complicated. Working with an accountant may not only save you time, it may save you money. They can help you put together a strategy to minimize your tax bill, work with you on business structure recommendations and represent you in the event of an audit. Accountants can be especially valuable advisors for those who own a business.
Even though tax day 2016 has passed us by, there is no time like the present to begin working with an accountant.
3. CERTIFIED FINANCIAL PLANNER™
Some might accuse us of being a little biased with the last advisor on our Top 3 list, but we are in this business because we all strongly believe in the value we bring to our clients. Creating financial plans geared toward meeting your goals, assisting in implementing your plan, and monitoring your progress are just part of what Certified Financial Planner™ professionals offer to their clients.
There are many so called ‘financial planners’ out there, but not all of them have the CFP® designation. Those who have the CFP® designation have gone through a rigorous certification process and have agreed to abide by important ethical requirements (source). For example, CFP®‘s are fiduciaries and must act in the best interest of their clients. Working with a planner who has your best interest in mind means you will receive objective advice tailored to your needs and goals — not the planner’s needs and goals.
As your needs and goals change with life events, career changes and other milestones, CFP®s are here to advise you on what makes the most sense for your financial plan. If you aren’t working with a CFP® yet, we would be honored to schedule a complimentary consultation to discuss your goals.
Maintaining optimal financial health takes work, but by building relationships with these three types of advisors, you will be on your way to a clean bill of financial health.
What other advisors would you add to our list?