Financial Planner have basic requirements

Starting the planning process early in life, maintaining open lines of communication with your planner, involving your spouse in the planning process, and thinking not just about financial goals but personal dreams and ambitions can go a long way towards building a rewarding life, both while you are working and after you retire.

Successful financial planning can require a conscious effort that sometimes runs against your thinking or we call it psychological makeup.

Let’s see some areas where you can help in Working with Financial Planner:

Late arrival means friction & stress

There’s an old saying- if you wait to have children until you can afford them, you’re not likely to have children.Working with Financial Planner. It’s a lot like that with financial planning: if you wait until you have time on your hands or some investment figure in mind- you may never get started.

It’s a truth that majority do not like to plan. They are busy with work and with their hectic lifestyles.

Achieving financial security could be a lot harder if you are late. Your work, stress, and planner efforts are going to increase if you delay and join late.

You haven’t just lost time you’ve lost compounded interest, which is a huge opportunity lost to anyone trying to build wealth over time.

Your life partner is your financial partner

Men historical have been viewed as default driver when it comes to family finances.Working with Financial Planner

This is a completely outdated as nearly all women today share equal house burden. They work or not is a family choice but yes they have an opinion.

Many are the primary decision maker on their family’s biggest and most important buying decisions. They are the stakeholders.

While men tend to focus on the bottom line or end goal, women tend to think more contextual about how decisions will affect not only themselves but their families.

Women have a longer life expectancy than men. Financial plan and investments will serve the wife longer than the husband. By including both marriage partners in the financial planning process you are saving your time and future hassles.

In case you see your financial planner neglecting this aspect, tell him firmly- “Sir, two heads really are better than one”.

Only numbers should not be a focus area. Life will be dynamic.

Financial planning numbers on canvas – the amount of money you have to need to save before you can retire to a life of travel. But these are not like a balance sheet and you are not the Accounts Officer.

Don’t just focus on how much money you‘ll need in the abstract, but on the real products and services, you are going to apply for.

Start thinking about options regarding health, eldercare, long-term care, second careers, starting a small business, even housing, transportation and home modification etc.

These should be part of your compressive longevity planning. Do not just focus on retirement number. Life will take many turns before you retire. These turns will impact the retirements.

Your choices should not come in between

A good plan will provide you with the ability to execute on your retirement plans, not just save for them.

To make that possible, the financial planner will incorporate concrete solutions into your financial plan. That solution can take the form of products & investments. These can result in disagreement due to past experiences or like a brand.

For Eg, I recommended Reliance Growth Fund to one of my investors but he said, he does not wish to invest in any company connected to Reliance Power (IPO debacle in 2008).

Help financial planner to address these issues. Have an open mind. Your choices sometime may toughen job of your planner.

Financial planners know that their most successful clients rely on them for more than saving and investment advice. By bringing your best efforts to the planning process, you can ease the process pain.

Share your views about your experience on Working with Financial Planner. Help us spreading financial planning literacy by sharing the article with your friends and family.