We all use money day-in and day-out for a great many facets of life, but that doesn’t necessarily translate to financial planning expertise. It’s a bit like learning a language. Just because you grow up reading, writing, and speaking English as your native language, that doesn’t automatically mean you’re an expert on the vocabulary, grammar, and conventions. Even with years of natural language learning, it takes additional focused study to become an expert in the field. The same concept goes for financial planning — just because you earn and spend money regularly, that doesn't belie financial expertise. Specific training can provide more in-depth and focused information, which can help you create a better financial plan. In the same way that you would work with a trained writer to create an important document, working with a financial consultant can help you develop a better plan for your finances both now and for the future.
Professional Financial Planning
It’s easy to reduce financial planning down to working with an advisor to create an investment portfolio. But, financial planning is far more than that. At the core, each financial plan is something akin to a road map that accounts for where you are at present, where you want to be, and how you’ll get there. In that regard, working with a trained financial advisor is all about creating the right financial plan based on your wants, needs, and goals. Financial planning, when done correctly, is incredibly individualized — and why working with a professional for that guidance matters.
Financial planning isn’t just about providing help with investments or planning for retirement. Are you looking for ways to pay off your debt? Financial planning can help. Do you want to save up a down payment to buy a house? You guessed it, a financial advisor can help you create a plan to do so. The focus is often on saving for retirement, but financial planning as a whole can help you do so much more!
Of course, just because all financial planning should be individualized doesn’t mean it is. Choosing a financial consultant can have a major impact on your financial future, so it’s important to choose wisely. First and foremost, work with someone who takes the time to get to know you and what your goals are. Second, you’re allowed to ask how they charge and how they get paid. Some financial planners earn commission, and that can easily influence the options they suggest. In opposition, a Fiduciary financial advisor, like Anchor Wealth Management owner Adam Ludwig, is one that is legally bound to act in the client’s best interest. Ensuring your financial planner is also a Fiduciary is a good way to trust that the guidance you get is about your needs, rather than the bottom line.
Whether you’re looking for ways to pay off debt or save up for your child’s future college expenses, a financial consultant can give you the tools you need to achieve your goals. Contact the Fiduciary financial planning team at Anchor Wealth Management here in Lanark for experienced and personalized financial guidance. Give us a call to schedule a meeting today!