Wealth Planning

5 Reason to Consider Wealth Planning

1. Managing Your Finances

It has been our experience that many busy people, no matter how well educated or financially sophisticated, don’t have the time or inclination to effectively manage their own financial affairs.

To prepare a financial plan with the same attention to detail as that of a professional advisor would just take too much time away from your personal life, occupation, business or civic responsibilities.

If your financial situation is being monitored by a financial advisor, you can be assured that your “financial house” is in order. Your time and attention can be focused on effective management of your business and pursuing your personal interests.

2. Creating a Comprehensive Plan to Help Achieve Your Financial Objectives

Many people have several advisors who provide advice only within their own area of expertise. For example, the broker may be an expert picking stocks and bonds, but without access to information concerning your total financial situation may not be able to provide the proper advice with respect to how to register those assets for estate planning purposes.

Your accountant may be doing an excellent job of tax preparation, but may not be able to help you re-position assets to reduce the following year’s taxes.

A professional financial advisor is certainly not intended to replace any of your existing advisors. However, by evaluating your total financial situation, they can coordinate strategies that do not interfere with any of your stated goals and objectives. By focusing on the whole, rather than on a part, this advisor can make recommendations that are consistent with your long-term financial strategy.

3. Monitoring Your Implementation

A financial plan that is not implemented becomes merely an educational experience. Your stated goals and objectives can never be met without putting the plan into action. Follow-through is critical!

A financial advisor will ensure that all phases of your plan are properly implemented by your selected agents, not only in terms of the types and categories of investments, but with respect to estate, tax, and retirement planning. All areas of risk assessment are important. Any area if overlooked could wipe out the rewards of years of work and saving.

4. Reviewing Frequently to Remain on Schedule

Your planning is a dynamic process and should be reviewed on a continuing basis to verify that your goals are being met and that you are remaining on your financial schedule. Since “nothing is as constant as change itself” your goals, attitudes toward financial risks and family circumstances will change.

Even if we as individuals were to remain the same, the financial world around us changes so frequently that constant monitoring is a necessary part of the planning process. The political, tax, legislative and economic changes increase in frequency.

The on-going review and reporting also holds the planning firm accountable to you—the client. Quarterly reviews also ensure that any necessary adjustments are made before it is too late.

5.Financial Confidence

Many people have expressed the sentiment that the planning process has made them much more comfortable with their financial situations—their financial questions and concerns have been resolved.

Dealing with a financial advisor will give you the confidence of knowing that your financial situations are being handled by a full-time professional who is dedicated to your financial needs and who is in constant pursuit of your goals.

Tyler Office  |  1828 East Southeast Loop 323, Suite 200, Tyler, TX 75701-8340  |  Mon-Fri: 8:00 AM - 5:00 PM  |  Sat-Sun: By Appointment

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by Advisor Launchpad to provide information on a topic that may be of interest. Advisor Launchpad is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

Securities and investment advisory services offered through Lion Street Financial, LLC., member FINRA/SIPC. Fixed and traditional insurance offered through Feliciano Financial Group (FFG). Medicaid planning and consulting offered through Geriatric Care Solutions (GCS). FFG and GCS are not affiliated with Lion Street Financial, LLC.

This site is published for residents of the United States only. Registered Representatives and Investment Adviser Representatives of Lion Street Financial, LLC and Lion Street Advisors, LLC respectively, may only conduct business with residents of the states and jurisdictions in which they are properly registered. Therefore, a response to a request for information may be delayed.

DOL ERISA: Effective June 9, 2017, all individuals who provide advice to retirement plans, including Individual Retirement Accounts (IRAs), must abide by the fiduciary standard.  What does the fiduciary standard mean?  This means that your advisor must put your interests first before their own or that of the firm, make prudent recommendations, charge reasonable compensation and make no misrepresentations to you regarding recommended investments.  The recommendations made by your advisor must be based upon your specific investment needs and objectives.  The fiduciary standard is applicable to any recommendations that your advisor makes to you, the client, for your retirement account.  Please note the firm does have policies and procedures in place to monitor this level of fiduciary responsibility for our clients.

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