Financial planning can be overwhelming. Whether it is figuring out educational plans for your children, planning for retirement, and learning how to better manage your finances; having a trusted guide can help ease the worries.
Working with a licensed financial advisor has endless benefits, but some are worth mentioning and discussing.
1. No general advice or guessing games
With so many different resources available online for finance, it often can feel like an information overload and the question of who can you trust?
In recent years, there has been a demand for more comprehensive financial literacy. With that demand arose the influx of financial “gurus†on social media platforms offering general advice, from which stocks to buy, to ways to make multiples streams of income.
The issue with many on these platforms is that they offer general advice that is not suitable for each person’s unique needs.
Suitability refers to the recommendation of products or investment tools that appropriately match a client’s financial limitations, risk level, investment objectives based on the client’s unique profile. Often many are being told not to utilize an investment tool such as individual stocks or REITS, but in favor of mutual funds and ETF’s, but is that the case for every age group, financial income, risk level, and personal goals?
Financial planning is a personal journey that requires a full understanding of clients’ unique financial situations. A licensed financial advisor has fiduciary duties to every client and is qualified to offer suitable financial advice.
When using a trusted advisor who is qualified to answer and address all of your concerns, it is not a guessing game of what MAY work or general advice, you will have a detailed action plan of what WILL work.
2. Accountability and discipline
Personal finances evoke many emotions, and investing in the market heightens those emotions. One of the biggest challenges in investing is sticking to the plan and shutting out the noises in good and bad times. It is extremely tempting to chase market performance and abandoning the original plan, but that can be costly. Having a trusted financial advisor is key to keep you accountable, discipline, and the emotions out of investing and sticking to the long-term goals.
3. A team effort
Comprehensive financial planning should address 7 areas: Financial health, risk level, investments, taxes, estate planning, education planning, and retirement. A financial advisor will provide a team of professionals, such as accountants, attorneys, and life insurance agents to address each specific need. Most importantly, your trusted advisor will ensure that everyone is on the same page to take your finances to the next level.
4. The JP Law and Wealth Advisors’ difference
JP law and Wealth Advisors is the ideal combination of law and finance to help you achieve your goals. We are the first combined firm offering both legal services and financial services. We provide a unique approach to financial planning. We have years of experience helping individuals, families, and small businesses achieve their financial goals.
Our clients do not have to spend time, effort, and money to find a trusted attorney that understands their finances; we can also serve as their estate planning attorney.
Let us help you get on the path to success!
