New Year, New Finances: Why You Should Work With a Financial Planner


(StatePoint) As 2024 gets underway, it’s time to set new financial goals and make a plan to reach them.

Whether you have a fixed, short-term goal, such as paying down debt, or you’re looking to draw up a comprehensive roadmap for your financial future, a CERTIFIED FINANCIAL PLANNER™ professional can be integral to the process.

To find a professional you can trust and to get the most out of working with them, consider the following answers to commonly asked questions.

Can I trust my financial planner?

The credentials of a “financial planner” can vary widely. It’s best to ensure that your financial planner is a CFP® professional. Certified by CFP Board, CFP® professionals commit to high ethical standards and have made a commitment to CFP Board to act as a fiduciary, meaning they act in your best interests when giving financial planning advice. They must also acquire several years of experience delivering financial planning services and pass a comprehensive exam. These rigorous qualifications can offer you peace of mind that your financial planner is someone knowledgeable who has your best interests in mind.

Is financial planning for me?

A common misconception is that financial planning is only for those with a certain level of income or wealth, or for those who are nearing retirement. The truth is that financial planning is for everyone at every life stage.

For example, if you’re newly graduated and just starting your career, you may need advice on how to pay off student loans while saving for the future. A financial planner can help you prioritize these competing goals. Likewise, if you’re established, a financial planner can help you manage and safeguard your wealth for the next generation.

What value does a financial planner offer?

A CFP® professional will learn about your financial goals and needs and can develop a holistic financial plan tailored specifically to you. Their education and experience make them uniquely suited to help you choose investments that align with your time horizon and risk tolerance, to help you save money on taxes and to assist you in planning for the future – including for the unexpected. With a CFP® professional by your side, you can feel more confident in your financial future, whether you’re planning for college, retirement or growing your family.

How do I plan for my first meeting?

While you don’t need to have all your goals set in stone at your first meeting, being prepared is helpful. In addition to any paperwork that the advisor sent you ahead of time, gather copies of financial statements from your banks, brokerage firms and retirement account custodians, as well as tax, insurance and estate planning documents. Come prepared to discuss your income, expenses and debt. Finally, prepare a list of questions. This is your opportunity to find out about the feasibility of your dreams and goals.

How do I find the right planner for me?

Perhaps you are estate planning and have unique concerns due to family dynamics. Perhaps you’re launching a new business and need assistance with cash flow and budgeting.

If you have specific financial goals or challenges, it may be helpful to work with a CFP® professional who specializes in that area. You can use the “Find a CFP® Professional” tool at letsmakeaplan.org to search by specific planning services and your location.

As you set your financial goals for 2024, consider how a financial planner can help you.

PHOTO SOURCE: © eggeeggjiew / iStock via Getty Images Plus


More Resources

Unable to open RSS Feed $XMLfilename with error HTTP ERROR: 403, exiting

More Personal Finance Information:

Related Articles

University: A Course in Personal Finance
Recent findings from the Educational Policy Institute indicated that the UK is the third most expensive place in the world to go to university. Combine this with figures from the Prudential, showing that a third of university students have considered abandoning their studies due to the financial strain they have encountered, and it is not surprising that many prospective students are finding the need to seriously think through the merits of going to University.
Personal Finance - Have Consumers Had a Belly Full of Personal Debt?
For months, we were trigger-swipe happy, putting our groceries, clothes, holidays and service charges on our credit cards. We wanted mortgages, we took out loans, we watched Property Ladder and What Not To Wear.
Organizing Your Finances - Thinking Outside the (Shoe) Box
If you're like most people, your personal financial records are most probably kept in less than "Good Accounting Practices" standards. For example, stashing old ATM receipts and hanging on to a stub showing what you paid for a pack of mints two years ago (cash, of course), might be filed with your paycheck stubs, credit card statements - paid and unpaid alike - as well as a few tax forms, a stray paper clip and a penny.
What is a Traditional IRA?
With a traditional Investment Retirement Account (IRA) you pay taxes when you take the money out at retirement in the future. Make sure that this account is really worth opening in your situation because what you put in the account today may be fully deductible, partially deductible or non deductible, depending upon your income and other retirement coverage.
Single Mother Resources Directs You Towards Success
As a parent you are bound to face a few challenges but as a single mother you are bound to face challenges almost everyday. Raising a child is not meant to be done alone however today it is occurring more often then traditional value holders would like to see.
Money Matters - Really!
One of the biggest challenges facing black RELATIONSHIPS today are finances. Many people mistakenly feel that money does NOT matter.
Do You Know What Tomorrow Will Bring?
I've been sharing the following idea with people for a few years now, and realized recently that I had never written specifically about it. So here it is:"I cannot predict the future.
10 Steps To Improve Your Financial Situation
Here are ten steps you can follow to help improve your personal financial situation and inevitably save more money:1. Pay Yourself WeeklyThis may seem a bit odd, but this is an excellent way to start building a substantial savings.
Save Money Off Your Home Utility Bills
Many don't realize that our basic utility bills provide the perfect money saving opportunity for practically every household!Especially with today's energy crisis so prevalent throughout many of the states, you've probably heard this term - conservation.Guess what, conservation really means "using less".
Are You Ready To Be Fired?
Your boss has just informed you that your department is being reduced by two and you are fired. After he leaves, what are you going to do?This is not about finding a job it's about being prepared for financial change.
How to Balance Your Checkbook - Get a Calculator and Pencil and You are Ready To Go!
Despite how easy it is to balance a checkbook, very few people take the time to do it and the few who do, don't always do it the right way. If you write down in your checkbook ledger what should be deducted and added, you are on the right track - if not, start there and follow these nine easy steps to a balanced checkbook.
What Are We Teaching our 2005 Graduates about Money?
Now that we are in the month of June I can't help but wonder if we have prepared our new graduates for the responsibility of managing and budgeting their money.I had a very interesting conversation with my God-son, a recent graduate from a local Los Angeles high school.
Budgeting -- The Critical Flaw That Causes Most Budgets to Fail
Budgeting. It's a word we're all familiar with.
5 Steps to Healthy Spending Habits
Next to our physical health most of us are primarily concerned with our financial health, and with good reason. Although our intentions are usually great our follow-through and discipline generally isn't.
Retirement Income Needs---Less Than You Think?
It is widely written that you need 75% of your presentincome to maintain your present life-style in retirement. Ifyou make 100 thousand now, figure 75 thousand inretirement.
Basic Bank Accounts Failing the Basic Needs of Consumers
The lists of bank and savings accounts that are available to most people are bewildering. A quick look at a comparison site like Moneynet or Moneyfacts will reveal thousands of different products.
Budgeting Tips to Save Real Money
Sticking to a budget can be difficult, but with so many demands on your finances you have to be extra cautious. TV ads are constantly bombarding the airwaves with messages that you need to buy this or you must have that.
Why You Should Seek Professional Help With Asset Management
Everyone needs to maintain their lives. What I mean by thatis that we all need to take certain measures to make surethat we have a home, transportation, food, entertainmentetc.
Bankruptcy Chapters Explained
Chapter 7The potential chapter 7 debtor should understand that a straight bankruptcy case does not involve the filing of a plan of repayment as in chapter 13, but rather envisions the bankruptcy trustee's gathering and sale of the debtor's nonexempt assets, from which holders of claims (creditors) will receive distributions in accordance with the provisions of the Bankruptcy Code. Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors.
Financial Security
1) HOW TO LOOK FOR A JOBA) The Chronological Curriculum:1. First and foremost you have to be able to write an effective resume or curriculum.