Doug Feller, CFP, a principal and financial advisor with Investment Partners, joins us on today’s episode of unsuitable on Rea Radio to talk about how to manage and grow your wealth. Developing a plan to promote personal short- and long-term financial success is difficult, which is why it’s so important to meet with a financial planner regularly.
Financial planning is a process, one that your professional advisor can help navigate. From overcoming difficult situations to pivoting toward changing goals and anticipating potential problems, choosing to work with a professional financial planner is essential as you embark on your long-term wealth management journey – especially if you are a business owner. Because it’s rare that you will find a single consultant or advisor who knows everything, Doug also suggests appointing a quarterback to your advisory team, someone who can help get your entire advisory team in the room and who knows what everybody knows and doesn’t know.
“The most valuable work a planner or an advisor will do for you is keeping you from making a mistake when it counts the most.”
If you are looking to hire a financial planner, Doug has a few tips.
- Know what you want. Walk into an advisor’s or planner’s office with an idea of what you need to accomplish. Then you can begin the process to see if they will be a good match.
- Make trust a priority. When interviewing advisors, consider whether you think you can build trust in that relationship.
- Your financial interests come first. Make sure your financial advisor is a fiduciary, or a person who is required to put your financial interests ahead of their own.
- Hold interviews. Talk to several advisors to find the ideal person for the job.
Doug’s philosophy is that you should meet with your financial planner as often as necessary – any time life changes, your goals change, or your financial status changes are great times to ask, “What’s next?”
Like what you heard? Visit www.reacpa.com/podcast to learn more about this topic and more.
articles & insight
Saving Early Can Pay Off During Retirement – Someday you would like to retire. The problem is that almost 50 percent of us are at risk of not saving enough to maintain our current life style in retirement. According to the Center for Retirement Research at Boston College, you should have 20 times your annual income saved for retirement to help supplement Social Security.
Planning For Uncertainty In Retirement – Retirement income planning becomes much easier if you know the day you’re going to die. Take your assets, subtract your legacy wishes, divide by the 15.37 years you have left, factor in a modest growth rate, and voilà – you have your annual income. But we all know life doesn’t work like that. We deal with uncertainty at home, at work, and the retirement income our investments support.
Protecting Your Wealth – Hopefully you have put together an estate plan that details how your wealth should be distributed upon death. If not, you should. For those of you who have, make sure the important financial decisions you make in the years to come don’t alter your intended wishes. Read on to discover several areas of your estate that should be carefully monitored.
Forget What You Think You Know: 5 Facts About Health Savings Accounts – Providing your employees with the option of participating in a Health Savings Account (HSA) can be a great way to help them manage their wealth strategies. But they may need to be educated when it comes to realizing the real value of this option. Read on to learn more.
official transcript
Click here to read the official transcript for episode 57: finding your fortune with the perfect financial fiduciary.