So What Does A Planner Actually Do? w/ Justin Hodges

Introduction:

In today's complex financial landscape, achieving and maintaining financial well-being can be a challenging task. It requires careful planning, informed decision-making, and an understanding of various investment options. This is where a financial planner comes into the picture. A financial planner is a professional who helps individuals and families navigate the intricacies of financial management by providing personalized advice and guidance tailored to their unique circumstances. We are like a beautiful iceberg in the ocean, with most of what we do for you hidden below the water.

1. Assessing Your Financial Situation:

A financial planner begins by thoroughly assessing your current financial situation. They examine your income, expenses, assets, and liabilities to gain a comprehensive understanding of your financial standing. By analyzing your financial data we identify strengths, weaknesses, and areas that could use optimization. The more you share with us, the better! I love to encourage my clients to share not only anything money related, but anything LIFE related. In fact, a deep financial planning relationship is mostly based on the latter.

2. Goal Setting:

Once your situation is assessed, a financial planner helps you set realistic short-term and long-term goals. These goals may include buying a house, saving for retirement, funding education, or starting a business. By understanding your aspirations, a financial planner formulates your plan that aligns with your own objectives, risk tolerance, and time horizon. Then I actually help my clients with introductions to other professionals as well throughout the process, such as a loan officer for your first time home purchase or refinance, a CPA for tax preparation, realtors, estate planning attorneys & so on.

3. Developing a Tailored Financial Strategy:

Based on your goals and risk profile, a financial planner creates a customized strategy to help you achieve your desired outcomes. I provide insights into investment opportunities, tax planning strategies, risk management techniques, and estate planning considerations. This strategy aims to optimize your financial resources, maximize returns, and minimize unnecessary risks.

4. Investment Advice and Portfolio Management:

One of the crucial responsibilities of a financial planner is to provide investment advice and manage your investment portfolios. I evaluate various investment options with a focus on considering your own risk tolerance and investment objectives. By diversifying your portfolio, I aim to balance risk and reward, ensuring your investments align with your long-term goals and age.

5. Retirement Planning:

Planning for retirement is one goal of financial planning, which is followed up by maintaining your quality of life after you hit that goal! A financial planner assists you in estimating your retirement money needs, projecting potential income sources/balances, claiming Social Security Income, Medicare, and projecting a safe withdrawal rate from your accounts. I help you navigate retirement accounts such as 401(k)s, IRAs, ROTHs, Brokerage Accounts and Pensions in order to help you make informed decisions regarding your future retirement income.

6. Risk Management and Insurance:

As a financial planner, I can help address risk management and insurance planning needs. We assess potential risks you may face (think inflation, tax law, aging…) and guide you regarding insurance coverage needs such as life, property, auto, health, disability, or long-term care. Some insurance can help mitigate risks and help protect your finances from catastrophe.

Conclusion:

In a world filled with financial complexities and jargon, a financial planner serves as a guide and partner on your journey toward financial well-being. I help you navigate the ever-changing landscape of your life. Remember, financial planning is an ongoing process and having a professional by your side can empower you to make informed decisions for you, your family, your business, and your legacy. Think of us simply as your co-pilot on your money journey.

This material is provided as a courtesy and is for educational purposes only. Please consult your investment professional, legal or tax advisor for specific information pertaining to your situation. Asset allocation and diversification do not assure or guarantee better performance and cannot eliminate the risk of investment loss. As with any investment strategy, there is the possibility of profitability as well as loss. Investing involves risk, including the loss of principal.