• Goal Setting – The first step is to establish clear and measurable financial goals. These goals can include saving for retirement, buying a house, paying off debt, funding education, starting a business, or any other specific financial objective.
• Financial Assessment – A thorough evaluation of your current financial situation is conducted. This includes analyzing income, expenses, assets, liabilities, investments, insurance coverage, and any other relevant personal and financial information.
• Risk Analysis – An assessment of potential risks and uncertainties that may affect your financial well-being, such as health emergencies, disability, job loss, or market fluctuations, is performed. This helps determine the need for insurance or contingency plans.
• Investment Planning – Based on your goals, risk tolerance, and time horizon, an investment strategy is developed to help grow your wealth. This includes asset allocation, diversification, and selecting suitable investment vehicles like stocks, bonds, mutual funds, or real estate.
• Retirement Planning – If retirement is a goal, a plan is created to determine how much you need to save, what investment vehicles to use, and how to optimize tax advantages (i.e. retirement accounts such as 401(k), IRA, and even HSA).
• Tax Planning – Strategies are implemented to minimize tax liabilities and optimize your overall tax position in the short-term as well as over the long-term. This may involve taking advantage of deductions, tax credits, tax-efficient investments, and strategic timing of income and expenses.
• Estate Planning – If applicable, arrangements are made to manage the transfer of assets and wealth to future generations or beneficiaries in a tax-efficient manner. This includes drafting wills and/or establishing trusts with the help of an estate attorney or estate planning service, as well as naming beneficiaries for insurance policies, retirement accounts, investment accounts, and even cash accounts.
• Insurance Planning and Risk Management – Evaluating and managing various types of risk, such as insurance coverage for life, health, disability, or property, is essential to protect against unforeseen events that may negatively impact your finances.
• Regular Monitoring and Adjustments – Financial plans should be reviewed periodically to track progress, adapt to changing circumstances, and make necessary adjustments to keep the plan aligned with your goals.

Your financial advisor is an integral part of your team to help you manage your wealth and grow your future. Unfortunately, you may not be sharing with them everything that you should be. Whether you're not communicating things because you feel they are unimportant or you're a private person who wishes to keep certain information to themselves, not sharing what you need to with your financial advisor could result in problems with your financial future. Below are five things that you should always share with your advisor.

You can have all types of goals in your life from charitable giving, to buying a vacation home, to planning for retirement. Whether these goals involve finances or not, it is important that your financial advisor knows them so that they can provide you with the best advice on how to achieve these goals. You may be concerned about caring for a family member or protecting your family against possible interruptions in income. While these may fall outside of what is considered traditional goals, your advisor may find certain solutions that can help these goals be obtained as well. Also, as your life changes so may your goals. Be sure to let your financial advisor know if a previous goal is no longer important or if you have found a new goal that you've set your sights on. The sooner you let your financial advisor know, the sooner you can begin achieving your goals.

You may be under the impression that being confident and under control at all times is necessary to portray strength. But putting on a bravado that you feel everything is ok when you're panicking inside will not improve your situation, and could make it worse. If an investment makes you nervous, or you have a financial concern that has been worrying you, your financial advisor is there to help you work through it. They also can help explain occurrences in the market that can put your mind at ease. Remember it is their job to guide you through your wealth journey and handle any concerns that may arise. 

Whether it is a big change such as losing a job or switching careers, or even small changes, such as adjustments to your benefits, you should alert your financial advisor right away. You might need to adjust your retirement allotment to account for other possible expenses, or need additional insurance coverage to fill in the gaps for lowered benefits. If you embark on a side job, you should also consult with them to determine the best ways for tax planning, and possible investment opportunities for any surplus of income.

There are some aspects of your personal life that are prudent to share with your advisor. Such things as separations or impending divorces can greatly affect your finances as well as deciding to get married or having children. Your advisor can help you plan for the loss of assets in your divorce, help you invest properly to plan for children's college education, or advise you on changes to your life insurance and other assets to protect your family.

In the event your personal information has been comprised, or you suspect your identity has been used by someone else, you should alert your financial advisor immediately, even if it is as simple as you have lost a credit card. Your financial advisor will have the ability to place additional restrictions on your account and provide added security to protect your financial information and wealth. Your advisor can also provide you with advice on how to protect yourself from future breaches.

You and your financial advisor will both have the same goal in mind, which is making you more money, growing your wealth, and protecting it. Remember to treat your advisor as part of your team and trust them with all the changes in your life can affect your financial future.

In the wake of unprecedented high inflation, rising interest rates, and market volatility, 96% of investors who work with a financial advisor are satisfied with their financial advisor. That's a pretty clear overwhelming majority, according to a survey of 1,000 retail investors by Broadridge.

The same study found that although 33% of investors are familiar with robo-advisors, only 6% use a robo-advisor. Robo-advisors are frequently used by investors who want to make their own decisions with their investments, but don't want to handle the tasks of actually trading and rebalancing their portfolios.

When it comes to millennials, 65% of millennial investors currently use self-directed investing and do not work with a financial advisor. They could be completely handling their own investments themselves, or they could be utilizing a robo-advisor. Additionally, 65% of those millennial investors not already working with a financial advisor said they are likely to begin working with a human financial advisor.

With the high satisfaction of investors with their financial advisor, it's clear that investors see a high value in a human advisor when looking for a service to plan and manage their investments and tailor a financial plan and investment choices to their unique situation and needs. It's a recognition that investors know the importance of a real financial planner and having better control of when and how their money is invested.

What is driving that value and recognition?

In the survey, 53% (over half) of investors who plan to turn to human financial advisors were concerned they won’t be able to achieve their financial goals. You may have a number of goals, such as funding a college education for your children, an annual vacation, a new car, and first home purchase or vacation home purchase, retiring at a certain age, and of course being able to financially support yourself during your retirement. Those are common goals, and you may have a number of additional goals that are personal to you. A robo-advisor won't know your goals and how to invest your money to specifically help you achieve those goals. If you're not using a robo-advisor and are instead investing all on your own, you may not know how to figure out how much money you need in the future for those goals and how much to invest now to achieve those goals by a certain date. That's where a real human financial advisor can help.

Also in the survey, 46% of investors want to work with a financial advisor to reduce financial stress. That demonstrates that working with a financial advisor can help investors feel more confident about their financial goals and provide them with peace of mind. A human financial advisor can monitor your investments and how they are affecting your ability to achieve your goals, and recommend adjustments to your financial plan when necessary, so you don't have to.

A human financial advisor can offer a larger array of services, including retirement planning, insurance planning, tax planning, education savings and planning, and more, in addition to investment advice and management. With a robo-advisor, the investments are in a standard model portfolio that is used for all of their investors. The allocation of those investments may based on a projected retirement date, life expectancy, and risk tolerance. However, there are many more factors that could and should be taken into account when deciding on the appropriate investments and allocation for an investment portfolio. That includes taking into consideration other investments inside accounts that the robo-advisor doesn't have access to, including 401(k) and other employer-sponsored retirement accounts or other accounts at different financial institutions.

If you want to avoid outliving your money, investing can be a great way to continue to grow your nest egg as you approach — and enter — your retirement years. While there may be many robo-advisors out there that will do the investing for you, the one-on-one, hands-on approach and personal advice and guidance you get when working with a real-life financial advisor oftentimes will offer better insight and clarity into the investment process.

According to a recent survey, financial advisors have become more important over the course of the past decade. An increasing lifespan could be one of the many reasons people are more interested in professional help when it comes to effectively managing their money. The survey found that “consumer use of financial advisors has increased from 28 percent in 2010 to 40 percent in 2015,” signifying a potential shift in attitude toward financial professionals. While approximately 30 percent of households have a financial advisor, investors who are nearing retirement are more likely to hire one. About 40 percent of individuals in their 60s have a financial advisor.

From your needs and objectives to your risk tolerance and timeframe, there are a variety of factors your financial advisor will consider when designing your customized investment strategy. However, before you hire a financial advisor to help you grow your assets, it’s important to ask yourself these five key questions first.

While a financial advisor can be helpful in any situation, hiring one is usually more necessary when you have complex issues and questions to sort out. Things like inherited stock, investing the assets of your small business, or retirement distribution strategies require more in-depth insight. Even if you’re simply looking for straightforward advice that you can apply on your own, a financial advisor could save you some time and money in the long-run. If you’re about to experience a transition — such as the birth of a child, a divorce, or retirement — teaming up with a financial advisor can help guide your decisions as you enter new financial territory.

Before deciding to engage with a financial advisor it’s important to first consider how much money you have to invest. Some financial advisory firms require you to have a minimum amount of "assets under management" (also referred to as AUM) before they will take you on as a client. Fortunately, with Strateon Intelligent Wealth there are no minimum amounts of assets that you need to be a client.

When looking for someone who can help you invest your money, you can either hire someone who purely specializes in investment management, or you can find someone who offers comprehensive financial planning services. Because comprehensive financial planning involves investing, some may argue that finding a professional who provides this comprehensive style will give you more value for your money. This is the kind of service that Strateon Intelligent Wealth provides - full comprehensive financial planning and personalized investment management if you want or need it..

This may seem like an obvious question, but some people overlook this critical question and end up in an undesirable situation. Not having set goals is like hopping in the car and just driving with no destination in mind and no sense of direction. The best way to determine how much to invest where t invest, and how to invest is to figure out your goals first. Sometimes your goals may not be obvious or even seem like goals. A financial advisor who has a focus on financial planning can help you determine and set your goals, and then develop a strategy for achieving them with your investments.

In addition to the potential of losing money in the stock market, you will also incur fees from your financial advisor. Some advisors charge a percentage of your assets under management (AUM), so it’s important to consider how much you’re willing to pay someone to professionally manage your investments. Some people would rather save the money and do it themselves. However, a financial advisor is valuable in that they can educate you, as well as apply their knowledge, to help you make smarter investment decisions. At the end of the day, a financial advisor is an investment in itself, so you’ll want to think carefully about what you’re willing to pay for the value they can provide you.

Once you have the answers to all of these questions, or if you need help understanding and answering them, feel free to reach out to Strateon Intelligent Wealth for a complimentary introductory meeting.

Have you ever set a financial goal for yourself with the best of intentions, only to find yourself derailed after a few months? If so, you're not alone. Just look at how many people start the New Year off with a brand new gym membership, only to stop going after a few months.

At first glance, this section may seem a little silly. The definition of financial goals seems self-evident. But sometimes it's easy to only look at the money-related goals (wanting to save $20,000 this year) and not the money-required goals that accompany the rest of your life (buying a house, taking a sabbatical from work, or funding your dream vacation).

When you start to identify some of your financial goals, it's important to figure out which goals fall under short-term financial goals and which of your goals require a more long-term plan. In general, short-term goals are defined as any goal that will take three years or less to complete, while long-term goals may take more than three years to complete.

Why is it important to identify a time frame for your goals? If your goal is to have $10 million saved in your retirement account by the time you're 65, it can be hard to stay motivated for a goal that feels so far away. By having a mix of short and long term goals you'll be able to build up successes to keep focused for the goals that will take a little longer.

Now it's time for the real work. When it comes to identifying your financial goals, leave no stone unturned in every area of life. What does your dream life look like, and how similar is it to the life you lead now? Where are the disparities? Most importantly, are you and your life aligned with your current financial goals? And if not, what do you need to do to close the gap?

The importance of getting clear about the kind of life you want to live and writing it down is two-fold. First, you'll have a written record of what you want to do rather than have ideas floating around in your head. Again, this seems like a simple tactic, but it makes a difference to see your goals in writing in the physical world. Once they're down on paper, you can start to examine which parts of your life match, which ones don't, and start to close the gap. The second reason is that having something to hang onto is important when the going gets tough. Life happens, and without fail there will be some speed bumps along the way. Writing down your goals can keep you focused when the road gets rocky.

Now that you have your goals and dreams written down, it's time to figure out how to make them a reality. Sometimes this is an easy thing to do, like canceling a subscription you no longer use, or calculating how much it will cost to spend two weeks in Bali.

One of the easiest ways to turn your goals from dreams to reality is to use the SMART goal method. SMART is an acronym that stands for Specific, Measurable, Achievable, Relevant, and Time-Bound. By applying this metric to each of the goals you've defined above, you can create a simple plan for each one.

Let's use the example of saving for a trip to Bali. A few actions that you can take is to find the best time of year to travel to Bali, research the costs of flights and accommodations, and decide what activities you want to do when you're there. But that doesn't necessarily mean that you have an actionable plan to make this happen. Here's how we can apply the SMART method:

• Specific: "I want to save for my dream vacation in Bali. I have estimated this trip will cost $5,000."
• Measurable: "Broken down, this means that I need to save roughly $97 per week or $388 per month."
• Achievable: "My current budget has $1,000 of disposable income per month, which allows me to set aside the required funds."
• Relevant: "Based on my income and expenses for the past year, this should be achievable."
• Time-Bound: "I want to achieve this goal within the next year."

Now that you have identified a SMART goal, it's time to get started. Make it as easy as possible to save by setting up automatic transfers to a special savings account that you know you won't dip into when a sale at Nordstrom tempts you. Track your progress, celebrate your wins, and know that a year from now, when you're lounging on a pristine beach, you'll have proof that you can set and achieve your financial goals.

Whether it's paying off debt, saving for retirement, funding education or your dream trip, setting SMART financial goals will help you build the life you've always wanted.

Strateon Intelligent Wealth works with entertainment professionals on both sides of the camera or microphone, across various disciplines, including movie and television production and post-production crew members, producers, directors, actors, athletes, writers, musicians, choreographers, dancers, and other entertainers and creatives. Strateon Intelligent Wealth knows your challenges & solutions in the media and entertainment industries including film, television, music, multimedia, and sports.

It’s important for entertainment professionals to find a financial advisor who is familiar with fluctuating income, and understands the complexities of having to pay various entities, managers, and business managers with their income. Most financial advisors are only familiar with working with executives and individuals with 9-5 jobs who have a flat salary or know what income and expenses will look like each year. For many entertainment professionals, income and expenses change yearly, monthly, weekly, and even daily, and sometimes those changes can be very drastic. It’s important to have an advisor who understands the dynamics of the finances of an entertainment professional and knows exactly how to manage the planning for somebody working in the entertainment industry.

Below are some scenarios that many entertainment professionals find themselves in as they work in media and entertainment.

Those in the entertainment industry come across unusual business challenges during their career. One such financial challenge is that income might not always be steady from year-to-year. Many entertainment professionals fall under the category of “gig workers.” These professionals don’t know when they’ll be working next or how long the next gig will last. They still need to pay bills, even when they don’t have any income. During times between gigs, they may be collecting unemployment at a considerable lower amount than their usual income. With that unemployment income, they may or may not have federal taxes withheld, and if they do, the 10% federal tax withholding may be considerably less than their actual tax rate. A financial planner can help entertainment professionals determine the correct amount of quarterly estimated taxes to pay to avoid underpayment penalties later during tax season, along with other solutions for handling the dynamics of their income.

Entertainment professionals working as gig workers may be receiving income that is non-employee, usually with a 1099. This type of income has no federal or state tax withholdings, so it’s important to have a financial planner and advisor that understands the type of income that is being received and how to properly plan for paying taxes.

Not only does this non-employee income have no federal or state tax withholdings, there is no Social Security withholding either. This means these entertainment professionals are not earning Social Security credits or having income reported to Social Security to be able to collect higher Social Security benefits in retirement. A financial planner that understands this kind of employment for so many entertainment professionals is important so that they know to pay the correct type of taxes to earn those credits and also to plan for the possibility of lower Social Security benefits in retirement.

Entertainment professionals that typically receive non-employee income also typically do not participate in any employer-sponsored retirement plans, such as a 401(k) or pension. Thus these entertainment professionals must find their own way to save and invest for their retirement.

Even entertainment professionals that may be gig workers, but receive employee income because they’re a member of a union, may find themselves with fluctuating income and a need to plan ahead for retirement due to the uncertainty of future Social Security benefits. They may also be receiving income that is combination of employee income and non-employee income, making it important to properly plan for tax season and avoid underpayment penalties.

Some entertainment professionals, such as actors, directors, writers, and musicians, may suddenly receive a large amount of income, but then not receive additional income later or have a longer period of time before they receive additional income.

Everyone’s heard the stories of celebrities (whether they be actors, athletes, or other entertainers) who made millions in a relatively short period of time, but squandered their sudden fortunes and in later years found themselves broke. Having a lot of money all of a sudden will make anyone want to splurge. The important thing is to maintain control of spending, which is harder than it sounds. A financial planner and advisor can help maintain control of spending by helping to establish a budget and monitoring the entertainment professional’s financial plan to ensure spending stays within limits, as well as finding the right investment plan tailored to the entertainment professional and their situation. This enables the entertainment professional to enjoy their newfound fortune for many years to come, and even pass it on to future generations.

Some entertainment professionals’ careers may be short-lived. This is especially true for many athletes. It’s important to have a game plan in place for what life will be like after retirement from their athletic career so they can live comfortably later in their life and provide for their family for years to come.

Some entertainment professionals have their own business or, especially in many cases with actors, a loan-out company. They call it the entertainment business for a reason, and that’s because it is a business. Like any business, an entertainment-related business needs tax-planning like a business. There may be ways of receiving extra tax deductions by having certain expenses go through the business instead of personal accounts. And business income, depending on the type of business entity, can be taxed differently than personal income. It’s important that the financial planner and advisor understands these differences, as well as how some entertainment-related expenses may actually qualify as a deductible business expense even though they would normally not qualify as a deduction for other individuals.

Entertainment professionals may travel a lot. This includes movie and television shoots that take crews and actors to other states and countries for long periods of time, athletes traveling for half or more of the year for games, exhibitions, and competitions all around the country and the world, and musicians on tours. It’s easy for finances to get away from you, especially when you're away from home for extended periods of time. A financial planner and advisor can monitor income and expenses to make sure the financial plan stays on track.

Some entertainment professionals are members of unions. For these entertainment professionals, if they work enough hours, they qualify for health insurance and other benefits. However, what if they don’t work enough hours? Well, then they don’t receive health insurance. Entertainment professionals need a plan in place to ensure they are able to have health insurance if they don’t qualify for their union’s benefits. And what if they aren’t in a union and must find health insurance on their own? Strateon Intelligent Wealth can help with the evaluation and selection of the right insurance to meet needs and budget restrictions.

Many professionals working in media and entertainment need to hire a team to help them manage their lives. This can include a day-to-day manager, a business manager, an attorney, agents, and an accountant.

It’s important to find a financial advisor who is comfortable working with an entertainment professional’s attorney and business manager, as well as other members of the team. An attorney will often develop different trusts or entities. It’s important that the financial advisor understands what has been done and created by the attorney as it relates to entertainment professionals. They should have a good working relationship to make sure that the different entities or trusts are properly funded and managed.

Business managers provide record-keeping services, account reconciliation, and tax management, among other services. A financial advisor works closely with a business manager to ensure the financial soundness of the entertainment professional’s business and personal life, as well as in different types of philanthropic giving and gifting options that could affect different short- and long-term goals.

It’s smart to hire a financial planner and advisor early in the team-building process. A financial specialist who focuses primarily on your unique income and tax situation will be able to work with your team more cohesively than an advisor who isn’t familiar with the life of an entertainment professional.

Those are just some of the scenarios that entertainment professionals can find themselves in. As an entertainment professional the reality of your life is unique, so there are surely other issues that you have to deal with. Strateon Intelligent Wealth is used to unique situations and able to adapt to your needs.

Even if you’re not yet earning substantial income from working as an entertainment professional, it’s important to have an advisor who is willing to help educate and empower you to begin your savings journey, who understands your short- and log-term goals, and is there from the beginning to help you build your future as you continue to accrue income.

Myths about working with a financial advisor abound, maybe you've even heard a few:

• "I don't need one"

• "They're for the wealthy"

• "There are lots of hidden fees"

The truth is that financial education around saving and investing money is for everyone. Even though everyone has different perceptions and expectations about a financial advisor’s purpose, the goal remains the same: getting your money to work for you.

The sooner you start, the better. Developing good financial habits now, helps to prevent major catastrophes later. Here are some myths about working with a financial planner and financial advisor that you may have heard or even thought yourself.

Your wealth isn't simply just the sum of the money you have in your checking account. When evaluating wealth, all of your assets are taken into consideration, and a better term to use is net worth.

The reality is, you can’t afford to be without one. A financial planner or advisor helps manage your finances, including student loans, credit cards, retirement savings or real estate investments, and works to put on a path to achieving goals, even those you haven't thought of or considered yet, and living comfortably during your retirement.

They don’t. They put you in a better position for making good financial decisions for short- and long-term planning. There is never a guarantee, and if anyone is telling you they'll get you something for sure, run as fast as you can.

Not true, although market predictions exist, no one knows for sure. Advisors can get you closer to your goal, but you need to understand the risks and measurements of time required.

Ask for complete details on all-in fees for each consultation or transaction. This is your money, your future — don’t be shy about it. Choose wisely and ask questions about the forms of payment. Strateon Intelligent Wealth, as a fee-only financial planning firm and registered investment advisor, has a very simple and transparent fee structure. Strateon Intelligent Wealth also focuses on providing lower cost investments for clients and any additional fees or expense ratios of any investments are always communicated to clients.

Everyone at some point needs professional help. There’s more to financial planning than making a deposit. It’s about knowing how to manage the funds for growth. Strateon Intelligent Wealth's focus is to help you achieve your goals as efficiently as possible while keeping costs to a minimum. You don't want all your positive returns to be eaten away by excessive fees in your accounts or high expenses ratios of your investments.

Not always true, a successful advisor succeeds when you reach your goal. Their goal is to educate you on the market choices and how to avoid a financial crisis. Strateon Intelligent Wealth exists to help people achieve their goals and have a prosperous future without worrying about money.

This is far from the truth, since most Americans hold assets that continue to outperform the stock market. Your home’s equity, retirement, or savings combined may exceed the average bank balance.

Individual planning is unique to your lifestyle and your situation could have complications. Good advice is not free.

Most of the time, accumulating wealth takes a long time and a lot of work. Working with a long-term financial planner provides a better chance of succeeding with a financially-planned future.

It’s never too late to manage finances, but it helps to start early. The earlier you start saving and investing, the less money you need to save and invest each year to achieve your future goals and accumulate enough wealth to live comfortably in retirement. The longer you wait, the more difficult it will be to achieve your goals.

Not necessarily. Focus on the things you can control and keep an eye on the long-term strategy. Strateon Intelligent Wealth focuses on long-term strategies so that if there is a downturn in the market, you'll have time for recovery.

True financial planning is about developing and building a comfortable long-term financial plan and involves a realistic investment goal. That's what Strateon Intelligent Wealth is all about.

Talk with an advisor and be honest about the budget. There may be a plan to get you started. Strateon Intelligent Wealth has no investment asset minimums and has multiple service tiers to fit different needs. Clients can even change service tiers as their needs change. If you have limited assets and a limited budget for financial planning, you can start with the Starter tier. As your assets grow and your needs change, you can move to higher tiers with more service offerings to help you achieve even greater goals.

Wrong. The key to building a secure future includes budgeting and learning. It involves using different money tools like insurance policies and estate planning, as well as making changes to different aspects of your finances and even your life as your situation and needs change, and your situation and needs will change.

Without financial planning, social security and 401(k) balances may not keep up with the cost of living. The future of Social Security is uncertain, as it's predicted to run out of funding by 2034 at the latest unless Congress steps in to make drastic changes. The drastic changes could range from increasing the full retirement age, changing eligibility, increasing taxes, and/or decreasing how much Social Security will pay in benefits.

Thinking about the future can sometimes be scary, but proper financial planning is about managing circumstances and preparing for life’s transition. Strateon Intelligent Wealth develops comprehensive financial plans that are continuously monitored and updated to adjust for changes in clients lives and with the markets to better ensure that clients can achieve their goals and live a prosperous future.

If your financial planner or advisor doesn’t keep you in the loop, it’s time to change. You need to understand the whole picture, complete with details of what works or why it doesn’t. You need a financial planner or advisor that monitors not just your investment accounts, but your entire plan, so that you know when your on the right track for success and when your sliding off the path and need to adjust to get back on the road to achieving your goals.

Financial planning isn't just about investments. It's about making your finances more efficient so that your money is working for you, so that you're living more comfortably, and so that you have more cash to achieve your goals and enjoy living your life. You can learn to spend less and smarter to accomplish your future goals. With Strateon Intelligent Wealth, regular review meetings are an important part of the financial planning process so that your plan can be adjusted as needed.

It's important that you take part in managing your current finances and planning your future.Financial planning is a collaborative process.

Long-term planning and good financial decisions with the help of a professional financial planner is a managed future. Understanding the basics of the financial advice will help to avoid overwhelming mistakes brought on by these myths.

Financial planner. Financial advisor. Investment advisor. Investment manager. You may be wondering what they are and how they’re different. And most of all, you may be wondering what they can do for you and if you should have one. To many, the titles may be interchangeable. In reality, they are not. Each actually plays a different role. An Investment manager typically manages assets in an investment portfolio. An investment advisor typically provides investment advice, but doesn’t actually manage the account. A financial advisor typically provides financial advice to a person or business, or perhaps to a retirement plan. A financial planner, does so much more.

Financial planning is the long-term process of a financial planner working with you to define your financial goals and then develop and implement a personalized plan to achieve those goals. The reason it’s a long-term process is because your goals will change throughout your life, and those goal changes will necessitate adapting your financial plan and its implementation to those changes.

When you engage financial planning services, the financial planner gathers personal and financial information about you. That gathered information, along with additional data such as realistic assumptions for inflation, investment performance and returns, savings, and spending, are used in various calculations to project if, when, and how you’ll meet your financial goals. Many questions you have will get answered, including:

• What is the probability I’ll meet my goals?

• When is the likelihood I’ll achieve my goals?

• What changes do I need to make to achieve my goals?

  
  

Your goals can be anything from wanting to buy a house to wanting to start your own business to making sure you don’t run out of money in retirement, and anything in between and outside.

Hiring the right professional starts with understanding what financial planning is.

There are numerous ways a financial planner can work with you to achieve no only your financial goals, but your personal ones as well. A financial planner could actually be thought of as more of a life planner.

A financial planner helps organize your finances, manage your budget, and achieve your financial goals as efficiently as possible. A financial planner can identify areas you need to work on, such as overspending or poor saving habits. They can take out the guesswork of how much you need to save to be on track for retirement and help you figure out what types of accounts you should be putting that money into. Financial advisors can help you navigate complex financial matters such as taxes, estate planning, and paying down debt, as well as making sure you maintain an adequate emergency fund.

A good financial planner will listen to you to learn what’s important to you, and can help improve the quality of the financial decisions you make. Hiring a financial planner means you have an expert at your disposal who can give you informed and helpful advice on how to manage one of the most vital aspects of your life. A good financial planner will give you advice and recommendations regarding many different areas, including:

• Determining short- and long-term goals

• What you need to do differently with your finances

• Establishing and maintaining an emergency fund

• Budgeting and saving

• Types of retirement accounts to use and how much money to put in them

• How best to utilize benefits offered by your employer

• The type of mortgage you should have

• Mortgage payoff and/or refinance options

• Insurance options

• Tax optimization and planning

• Required rate of return from your investments to achieve your goals

• Risk tolerance assessment

• Selecting investment account types

• Identifying appropriate asset allocation

• Managing and eliminating debt

• Savings for your child’s college education

• When to begin receiving Social Security benefits

• Estate planning

• Business planning

  
  

It doesn’t stop there. Any questions you have regarding your finances or anything that could affect your finances and retirement are questions that a good financial planner can answer or help you answer.

A financial planner can also act as your investment advisor and investment manager. They may give you investment advice, helping you make the best decisions for those assets based on your personal situation, as well as manage your investment portfolio for you so you don’t have to worry about handling that complicated task yourself.

A financial planner’s goal is to ensure you're financially secure not just 5 or 10 or 20 years down the road, but all the way through your retirement, for the rest of your life. That means a financial planner will make sure you're not missing any opportunities now that will affect your future.

A good financial planner will provide you with the education and tools you need to plan out your financial future, helping you make the best decisions about your money so that money occupies less space in your life, leaving room for the things you care about most.

If you’re struggling to prioritize your financial goals, need a plan for where and how to save, want help with investment management, or you want to be able to spend less time thinking about your money and more time doing what you care about most, you may want to work with a financial planner.