Many Americans have varying, often inaccurate, views on what a financial planner can do for his or her clients. In this series of blog posts, we’ll explore the most common myths about financial planning. Before we dispel these myths, we’ll start the series by explaining what a financial planner does.
A true financial planner will hold themselves to a fiduciary standard—meaning they must always work with your best interest in front of their own. They’ll assess things like liabilities, assets, income, expenses, and risks to meet your needs and set a financial guide. They help crystalize your goals and set in motion a plan to help you achieve them, whether those goals are to buy a vacation home or create a retirement fund. Your planner should also show a commitment to higher education and hold reputable certifications such as the CFP®.
Above all, there is a unique relationship between a client and planner. The relationship should go way beyond a financial transaction of a product and be viewed as a long term relationship that will provide council for many years to come. Most financial planners will recommend regular meetings to go over performance, recommendations, and any big developments. Your financial planner should always be monitoring the market and looking out for your investments to help you achieve your short- and long-term goals.
In our next post, we’ll explore the myth that financial planners are primarily investment advisors.
GCW Capital, LLC is registered as an investment advisor with the SEC and only transacts business in states where it is properly registered or exempt from registration. Primary office located at 38 Lake Street, Hamburg, NY 14075. Before making any investment decisions, please contact our office at (716) 256-1682 or email@example.com to obtain a copy of our firm ADV Part 2A for more information and fee schedules.