The Role of a Financial Planner is to assist us transition smoothly between our different financial life stages while maintaining focus on our various financial goals.  Honesty and Open Communication are two very important qualities in a good financial planner, as well as having a very strong knowledge of products and the financial services industry.

It is very important to be completely honest with our financial planner because it is their role to provide professional financial advice on our entire financial situation, not only our assets with their financial institution.  Although financial planners do have annual sales objectives, their primary role is to manage client relationships.

The main role of most financial planners is to assist clients with their investment and retirement needs. This also includes Estate Planning and Tax Planning.  It is important to consult with a financial planner to make sure that our investment and retirement goals are attainable with a professional financial plan.

The role of a financial planner is to assist us to start planning for our retirement in our 20s, and make sure that we stay on the right track over the years to come.  We should maintain regular contact with our financial planner throughout the year and meet with them in person at least once a year.  Regular communication with our financial planner ensures that we remain focused on our financial goals as well as stay on track for our retirement plan.

Between the age of 20 and the age of retirement we can have many other financial goals which may include paying off debts, buying a car, travelling the world, as well as buying a home.  The role of a financial planner is to help us achieve as many of our financial goals as possible.  If we have a financial or retirement goal that is unrealistic, it is also the financial planner’s role to tell us that certain financial goals may not be attainable. The Financial Planner role is like a psychic, we have to accept the good with the bad.

One of the benefits of the financial planner role is that we offer our clients comprehensive or simplified financial plans. A financial plan is a clear picture of our current financial situation presented with our path to achieve our various financial goals throughout the years.  As our information changes over the years, our financial plan will need to be updated to always remain current.

A simplified financial plan focuses on one or two specific goals; while a comprehensive financial plan focuses on our entire financial situation, which also includes managing our money after we have passed away.  The financial planner role does not cease upon death.  Very often a financial planner will take part in the estate process.  The relationship between a financial planner and their clients usually extends to a family relationship that includes immediate as well as extended family.  After the head of household passes away the financial planner role extends to the family and continues to manage money for the family.

The role of a financial planner and our relationship with a financial planner are crucial for determining, working toward, and achieving all of our investment, retirement, and financial goals. Most major financial institutions offer financial planning services free of charge for their clients.

Photo by D’Arcy Norman

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