Will you run out of money at the end of your life? How much money do you need to assure that you your financial needs will be met throughout your lifetime? What would happen to your family if you should die suddenly or become disabled and unable to work?
These are some of the important questions asked by financial planning professionals to people who are serious about living a financially secure, prosperous, and happy life. Obviously, the younger you are when you begin financial planning, the more time and opportunities you will have to grow assets and accumulate wealth. But even people in retirement years can benefit from no risk strategies and small changes that produce big money growth.
The Financial Planning Process
It is never too early or too late in life to benefit from financial planning. Obviously, if you are younger and have 20-30 years or more before retirement, your tolerance for risk and time to grow investments will be greater. You will also be more likely to qualify for low cost insurance policies that can protect you and your family, including lifetime policies that grow in value tax free. Regardless of your age, as long as you are in good health, have an adequate income, and do not have excessive debt, most likely you can benefit from financial strategies that reduce unnecessary spending, protect assets, cover expenses, and accumulate cash value..
Successful financial planning is a process that is ongoing. It takes a serious commitment by all members of a household whose actions can affect the plan. Even school age children are capable of understanding basic financial concepts that will greatly improve the quality of their life. Involving children in the financial plan will guide their financial decision-making and assure their support for strategies that are within their control.
The financial planning process begins with a complete financial analysis that is foundational for a comprehensive financial plan that is consistent with your stage of life, goals, assets, liabilities, and tolerance for risk. A financial plan often includes estate, tax, legal, insurance, investments, gifting, and end of life considerations.
Tri-Stand Financial relies on a team of expert financial planning professionals. This provides you with access to comprehensive financial planning services including estate planning, tax planning, investments, insurance, asset protection, and living wills and trusts – precisely what you need in your financial toolbox for living a happy, financially secure life for as long as you might live.
Common Financial Planning FAQs
All independent adults, families and retirees should have a financial plan. Of course you will need to be in a position to apply strategies that will produce financial security, minimize debt, and benefit from financial investments. We believe that you are a good candidate for successful financial planning provided that you are in good health, have an adequate income, and do not have excessive debt.
Financial planning services are designed to provide you with a plan for meeting your ongoing expenses, achieving financial goals, protecting assets, and growing wealth. A comprehensive financial plan will include provisions for your estate, tax needs, asset protection, insurance, investments, gifting, and end of life considerations.
Successful financial planning results do not occur overnight. It takes implementation of strategies, time, and an ongoing commitment to stick with the plan. Financial success requires a new way of thinking and behaving when it comes to money. You will need to acquire new attitudes and behaviors about money and learn how to manage debt so it doesn’t control your life. Ongoing financial planning services provide opportunities to evaluate your progress and and make adjustments to your plan as needed.
Certified Financial Planners (CFP) complete a rigorous training and certification program that prepares them to address most every aspect of your financial life. Besides a basic college education, they must complete another college-level course of study in financial planning, pass a difficult test, and complete three years of work experience to earn the designation.
Certified Financial Planners are held to a very high standard and code of ethics that ensures they act as fiduciaries in making decisions and recommendations that are in their client’s best interests.
Typical financial planning services include:
- Analysis of your current financial situation including the preparation of financial reports, such as your net worth.
- Insurance planning.
- Maximizing use of your employer’s retirement benefits program, i.e., your 401k.
- Income tax planning.
- Estate planning.
Most certified financial planners work with high net worth individuals and families. If you are a good candidate for services by a CFP, our team will provide you with access to certified financial planning services that will evaluate what you have in place and determine precise products and strategies for getting the best possible financial results.
Financial coaching provides you with a customized analysis based on your unique needs, goals and stage of life. Financial coaching will reinforce education and training about money that will assist you in cultivating healthy attitudes and behaviors essential for your success. Your coach may be a financial adviser who is licensed to assist you with the selection of insurance and investment products. The main role of coaching is to help you to stick with your customized plan for achieving financial security, protecting your assets, managing your expenses and debt, accumulating wealth, and providing for future retirement needs.
A certified financial planner (CFP) is focused on creating a customized financial plan, and taking measures to implement the plan while monitoring results. Typically, the CFP works with high net worth individuals. They do not provide financial coaching or training about money and debt management.
Having a sound overall financial strategy can be very confusing in light of the unpredictable direction of Wall Street and other financial markets. What is certain however, is that your finances are in a constant state of change. Fortunately, it is easy to predict changes in your own financial life and how to meet your financial needs as you go through certain stages of your life.
Most financial consultants hold a traditional definition of life stages based on needs associated with marriage and family life. These include early marriage, families with children, and retirement. But in our present day times, many Millennials and older individuals have chosen alternate life styles or to delay marriage until much later in life. As young people enter the workforce, many are buying their first home, purchasing a car, and are in need of financial planning to keep their assets secure and to grow wealth. For these reasons, our approach to financial planning has evolved to include life stages for single independent individuals, families with children, and those approaching or in their retirement years.
What is important to understand is that in each of these life stages, your financial needs will change according to your income, spending patterns, family situation, assets, investments, and other areas of financial concern. While not exactly predictable, these life stages tend to follow a pattern with ideal strategies for securing assets, building wealth, planning for retirement, and meeting financial needs throughout your lifetime.