While many people have not had a holistic financial plan prepared for them, they likely have had an annual check-up with a physician. The check-up process is the same every time. On your first visit, the doctor pokes, prods, takes measurements and asks questions. They are gathering data to evaluate your physical health. Following that initial consultation, there is usually some testing and evaluating that takes place – lab work, charting, evaluation of results, maybe even some further research for unusual readings. Finally, there is a follow-up consultation to review the results and make recommendations about improving your health. These recommendations all fall within your interdependent medical systems (ex. circulatory, respiratory, muscular, digestive, etc…). And all recommendations are made with the primary objective of making you “holistically healthy.”
Just as the right medical professional helps you improve your physical condition, the right financial professional can help you evaluate your financial health. And then, they can help you sort out increasingly complex tax and financial matters. Even those who enjoy handling their personal finances discover that an expert opinion is irreplaceable with a constantly changing tax code, investment markets that rise and fall in a volatile economy, and retirement planning decisions increasingly falling on employee’s shoulders with 401(k) plans and individual retirement accounts.
Your financial professional should also help you coordinate key tax and estate planning issues, insurance and risk management needs, as well as helping you make sure your money is working for you.
How The Planning Process Works