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Frequently Asked Financial Questions
Question: Does everyone need a financial plan?
Answer: Absolutely! Not everyone needs a “written” financial plan however. Sometimes a plan can be mapped out in an outline format to cover all the basics. Everyone should plan for the future. Setting goals for the future and reassessing them each year will increase your chances for success. To build an “ark” to weather the inevitable storms of life, you must begin by assessing what available tools you have with which to build it (your assets, cash flow, etc.), designing your “ark” (your plan), building your “ark” (implementing your plan) and then monitoring the course you’ll sail (annual reviews).
Question: How do financial planner fees work?
Answer: Financial Planners work with clients in many different ways. Fee-only planners charge a fee and make no commissions. They do, often time, also charge a fee to manage your assets. For most clients, these fees can be more than one wants to pay. Most financial planners also are licensed to sell investments and insurance. In this case, they are paid by the companies whose products they provide — commissions. When working with a planner on a commission basis, there is a potential conflict of interest if the planner chooses products based upon the commission paid rather than the need of the client. However, if a fee-only planner only recommends his portfolio management service and doesn’t include other types of investments and managers, that can be a conflict as well. That’s why it’s important to choose a planner who is ethical and places your needs first. You can count on being placed first at The Planning Team. We are available to work with clients on a fee-only basis, fee plus commission basis or commission-only basis.
Question: When should someone begin to plan for retirement?
Answer: NOW. If a person begins to work at age 22 and begins saving 10% of his or her income (that includes any contributions by employers to 401k plans), that person may never have to worry about retirement. If he waits until he’s age 50, he’d need to save substantially more of his income if he’s saved nothing up to that time. Putting off saving for retirement can be devastating to your future.
Question: What will financial planning do for me?
Answer: Financial planning came into being to solve a need -- COORDINATION. Clients previously went to an insurance agent for insurance, to a broker for investments, to a lawyer for wills, to the CPA for tax advice, etc.. Yet none of these advisors looked at the client’s entire picture. The Planning Team believes that coordinating all of these services under a single umbrella will save our clients time and money.

We advise clients on the correct amounts and types of insurance, as well as investments that fit the tax profile of the client and proper estate plans, etc. A financial planner will help eliminate the often conflicting advice that a client receives from having several advisors. Can you imagine a sports team ever winning a game if there were no game plan or coach? The financial planner is your coach but you own the team – you make the final decisions.
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