✪ 7 Reasons you may need a financial planner
Meet Sarah and James1, a couple in their late 50s with a net worth of over $2 million. Over the years, they’ve worked hard to save and invest wisely, building a diversified portfolio and an almost paid-off home. Now, as they prepare to transition into retirement, they feel confident and secure—thanks to their long-term relationship with their Certified Financial Planner™ practitioner.
Working with their financial planner has allowed Sarah and James to tackle some of the most complex aspects of wealth management. Their planner helped them implement tax-efficient strategies, like timing early withdrawals from their various accounts due to a bad accident that had James out of work for 13 months. With their planner’s guidance, they’ve created a clear legacy plan, including trusts to protect their children’s inheritance and a thoughtful approach to helping their young grandchildren with college expenses someday.
Their investments are aligned with their risk tolerance and retirement goals. Their financial planner worked with them to help ensure their portfolio is diversified and structured for both growth and stability2. Sarah and James also have a personalized retirement income plan, balancing Social Security, required minimum distributions, and other income streams to ensure they can enjoy their retirement years without worrying about running out of money.
What Sarah and James appreciate most is how their financial planner has acted as the quarterback for their financial life. By coordinating with their CPA, estate attorney, and insurance provider, their planner ensures every piece of their financial puzzle fits together seamlessly. They have peace of mind knowing their wealth is not only protected but positioned to support their dreams, their family, and their legacy.
As they enter this new chapter, Sarah and James feel more grateful than ever to have an experienced financial planner by their side. They know the decisions they’ve made together will allow them to focus on what truly matters—traveling, spending time with family, and embracing the life they’ve worked so hard to build.
This is where a financial planner could make all the difference. From optimizing tax savings and creating a sustainable retirement income to ensuring their legacy and coordinating their financial team, a financial planner can bring clarity and confidence to Sarah and James as they navigate this next chapter.
Here are the 7 areas you may want to focus on:
1. Tax Optimization
- High-net-worth individuals often face complex tax situations. A financial planner, working alongside your CPA, can help you minimize tax liabilities through strategies like tax-loss harvesting, charitable giving, and efficient withdrawal strategies in retirement.
2. Estate Planning and Legacy Goals
- With significant assets, proper estate planning is essential to ensure your wealth is distributed according to your wishes. A planner can collaborate with estate attorneys to design a strategy that protects your legacy. Charitably inclined? There are some ways to give to charity that are better than others when it comes to taxes.
3. Investment Strategy and Risk Management
- Managing a substantial portfolio requires careful diversification and risk assessment. A financial planner provides insights on aligning your investments with your long-term goals and risk tolerance.2
4. Retirement Income Strategies
- Financial independence doesn’t end with retirement. A planner can help create a sustainable income plan, balancing withdrawals, Social Security, and pensions to ensure a comfortable retirement.
5. Wealth Transfer to the Next Generation
- Passing on wealth involves navigating taxes, family dynamics, and legal requirements. A financial planner can guide you on trusts, gifting strategies, life insurance, and education funding for children or grandchildren.
6. Comprehensive Financial Coordination
- High-net-worth individuals often have multiple financial professionals (CPAs, attorneys, insurance agents). A financial planner serves as a coordinator, ensuring all aspects of your financial life are aligned.
7. Peace of Mind
- Managing significant wealth can be overwhelming. A Certified Financial Planner™ practitioner offers professional expertise, so you can focus on your passions while knowing your financial future is secure.
1. Not their real names
2.All investments carry risk to loss of principal. Always speak with an investment professional and understand these risks before investing.
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All the best.
Rick Fingerman, CFP®, CDFA™, CCPS®
617-630-4978
Rick@PlanWithFPS.com
Financial Planning Solutions, LLC (FPS) provides this blog for informational and educational purposes only. Nothing in this blog should be considered investment, tax, medical, or legal advice. FPS only renders personalized advice to each client. Information herein includes opinions and source information that is believed to be reliable. However, such information may not be independently verified by FPS