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Understanding the Multifaceted Role of a Comprehensive Financial Planner

By Rianka R. Dorsainvil, CFP® and Lazetta Rainey Braxton, MBA, CFP®

While hiring a financial planner may sound like a luxury to many, those who find the right one view the partnership as a necessity. Financial planners serve an important role in keeping both personal and business affairs and portfolios healthy. Not only are these experts highly trained in financial strategy, they can also help curate specialized teams who are uniquely positioned to help you or your business thrive.

One primary goal of comprehensive financial planning is to unveil a clear analysis of one's overall financial condition, and strategize on how to enhance its health. What’s most exciting is that everyone’s journey is highly personalized.

Have you considered working with a comprehensive financial planner before? Here’s what you should expect.

What to Expect

There are baseline components of a comprehensive financial plan; the breadth and depth of the engagement varies based on your personal situation. Your financial planner will guide you through the steps of discovery, analysis, recommendations and implementations while integrating goals, life events, and life cycles. Most individuals will be guided through the following categories to name a few:

  • Annual, mid-year, and end-of-year goals

  • Cash flow and debt analysis

  • Annual credit score, credit history

  • Tax return review and strategies

  • Estate planning to include wills, trusts, and power of attorneys

  • Investment review and recommendations

  • Real estate, mortgage, and refinance options

  • Insurance policies and employee benefit reviews

Special Situations

While comprehensive financial planners run the gamut to find solutions to problems in your general financial threshold, they also try to locate specific areas that have not been considered. Whether you are rebuilding after a divorce or moving to a foreign country, there are many situations that could affect your financial freedom, like

  • Paying for tuition

  • Managing identity theft

  • Navigating long-term care for yourself or family members

  • Gifting finances or assets to family

The Dos and Don’ts

Expect all financial advisors to help create a plan for you to realize better financial health over the course of your lifetime. In ensuring that your affairs are in order, the financial planning process incorporates steps that allow you to organize your documents for ease in defining and sharing your legacy sharing

However, don’t expect comprehensive financial planners to prepare taxes, negotiate on your behalf, or offer legal advice unless they hold the appropriate licenses.They most often coordinate with allied professionals to ensure that the specialized services integrate with your overall financial plan.

If you’re ready to work with a comprehensive financial planner, 2050 Wealth Partners would welcome the opportunity to meet you. Learn more about our processing and partnering with us, here.

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