Let’s say you are approaching retirement or you have already taken the plunge. Let’s also say you have not worked with a financial planner along the way. Is there a reason to consider forming a relationship at this stage of the game?
Even at this stage in life, it may help to seek out a financial planner to be a thinking partner leading up to and along your retirement journey. But finding the right fit may not be easy. A successful financial planning engagement starts with you figuring out what is most important. Details about your money are equally as important when put in context with your envisioned life.
Here are two steps that will help you pull together your overall financial picture:
1. Create a financial plan: This will be a roadmap to help you see your financial picture in one coordinated view.
- This plan is all about you, your priorities and needs. The goal is to help you feel secure and at ease about your financial future.
- It will show you how you are currently invested and make suggestions for appropriate changes.
- Analyze how your investments could be working to supplement your income, either on a regular basis or as needs arise.
- Make sure that your estate plan is the way you want it.
2. Consolidate: If your accounts are spread around with many different companies, it may come with a financial and organizational cost.
- With consolidation you can easily access all of your information in one place.
- You’ll simplify the ongoing paperwork you receive and streamline information gathering at tax time and when you must take required distributions.
- It provides more consistent management and ongoing monitoring in a cohesive framework.
Even if you have the individual areas of your finances under control, it is still important to pull all the pieces together. Perhaps you have multiple IRA’s that too closely mirror each other, investments you have inherited that aren’t worked into your overall strategy, or your life circumstances have changed and your investments have not.
The right fit might take some trial and error. You don’t have to settle. A financial planner that truly understands your financial story will be able to guide you to think about areas of your financial life you may not have considered up to this point. If you’re nearing, at, or past retirement and need help exploring your financial planning options, don’t hesitate to contact me about building a relationship and shaping your plan.
Laurie Renchik, CFP®, MBA is a Partner and Senior Financial Planner at Center for Financial Planning, Inc. In addition to working with women who are in the midst of a transition (career change, receiving an inheritance, losing a life partner, divorce or remarriage), Laurie works with clients who are planning for retirement. Laurie was named to the 2013 Five Star Wealth Managers list in Detroit Hour magazine, is a member of the Leadership Oakland Alumni Association and in addition to her frequent contributions to Money Centered, she manages and is a frequent contributor to Center Connections at The Center.
Five Star Award is based on advisor being credentialed as an investment advisory representative (IAR), a FINRA registered representative, a CPA or a licensed attorney, including education and professional designations, actively employed in the industry for five years, favorable regulatory and complaint history review, fulfillment of firm review based on internal firm standards, accepting new clients, one- and five-year client retention rates, non-institutional discretionary and/or non-discretionary client assets administered, number of client households served.
Any opinions are those of Center for Financial Planning, Inc. and not necessarily those of Raymond James. You should compare your current and prospective account features, including any fees and charges, before making consolidation decisions. This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. C14-022519