4 DIFFERENT PEOPLE YOU NEED TO HAVE AT YOUR FINANCIAL PLANNING TABLE (AND WHY!)

When it comes to developing a financial plan, it’s important that you have the right expertise on your side. While it may seem easier for some to handle things on their own, having the right people sitting at your “financial planning table” can ensure that all angles of your economic picture are covered. The financial planning process can, and likely should, involve a number of professionals. While everyone’s table may look different based on your unique situation, here are 4 different people that we suggest you have sitting with you:

Your Advisor

Your advisor will help you create a financial plan that will allow you to evaluate all areas of your financial life. They can help you invest strategically based on your individual goals and priorities.

Keep in mind that financial planning professionals make recommendations, not decisions. You retain control over your finances. Recommendations will be based on your needs, values, goals, and timeframes. You decide which recommendations to follow, then work with us to implement them.

By collecting detailed information about your financial health, your advisor can provide you with ongoing advice and help develop financial strategies on investing, retirement planning, succession planning, risk management, and taxes. In addition, it’s important to have someone at your table who is well-versed in the benefits provided to you by your company, including health benefits and disability benefits, to name a few.

If you have not had a meeting with your advisor in the past 12 months, we highly encourage you to set one up.

Accountant (CPA/Tax Attorney)

Taxes play a key role in your financial outlook. Having either an accountant or tax attorney at your financial table can help you to navigate tax laws, guide you through federal and state tax issues, plan for future events such as higher salaries, help you with the sale of a home or property, prepare accurate and precise returns, and create an overall strategic tax plan.

We always encourage an open line of communication between your financial advisor and your tax professional. While it may seem like these two individuals can work separately to support your needs, there are several scenarios in which a collaborative approach can be more advantageous to you. If you choose to take advantage of our Tax Solutions team for return preparation and planning, your advisor and CPA can connect easily on your behalf.

Estate Planning Specialist

There is a very common misconception that only the very wealthy or those in their later years actually need an estate plan, but this is not the case.

Estate planning specialists can help you plan for your estate and give advice on transferring and managing your assets during and after your lifetime. They can also ensure you have the documentation in place, such as a Health Power of Attorney, to protect you at any age.

RAA is happy to help if you have questions about a guardianship agreement or about your overall estate plan. Our team has the expertise to work with you and your attorneys to ensure you have a plan in place to protect your family, and your legacy, should something happen to you.

Insurance Professional

Having an insurance specialist at your financial planning table can help you navigate the insurance world and find the best value. Insurance professionals will assess your situation and needs, and then recommend appropriate products and strategies that will help you reach your goals.

Insurance is a rapidly changing industry that frequently has new products and services available. Your insurance professional can help you assess your individual risk and provide information about life insurance, long-term care insurance, etc.

It’s important for your advisor to work closely with you and your insurance professional so they can coordinate together to make sure you get the coverage you need in a price range that works for you.

Remember, financial success is not always something you can achieve on your own. It takes a well-planned, qualified team to help you get there. Fortunately, RAA has expertise in all of these areas within our team. If you have any questions about how these team members fit into your financial plan, please contact your advisor and he or she can make recommendations for which would benefit you.

ARE YOU READY TO LEARN MORE?

Request a call today to speak with an advisor and learn how RAA can help you achieve financial security now and in the future.