9 Steps to Becoming Financially Fit in 2014-Part 5 of 6

Work with a professional that is giving you advice based on what’s best for you.


 Step 6:  Meet with a financial planning professional         

Now that you have completed the fundamental steps of becoming financially fit it is time to consider working with a professional.

There are three key areas to consider:

  • The benefits of working with a financial planner
  • Choosing a financial planner
  • What to bring to the meeting

The benefits of working with a financial planner-A financial planning professional can help you translate your information into some realistic goals so that they can develop strategies that make sense for you. The key benefits of working with a financial planner are:

  • Help you identify and set realistic goals and objectives.
  • Evaluate your current financial situation by examining your assets, liabilities, income, insurance, taxes, investments and estate plan.
  • Develop a comprehensive plan to meet your financial goals.
  • Implement your plan.
  • Monitor the plan to help you stay on track to meet your long term financial goals.

In addition, there are three key benefits of having professional advice in establishing an investment plan once your financial plan is in place. The professional can:

  • Build a portfolio tailored to your needs and goals
  • Help you understand the risks
  • Adjust your portfolio and investments when necessary
  • Help you keep a long term perspective

Choosing financial Planner– It is important to work with an advisor you trust and truly understands you, your goals and your situation. You not only want to work with someone who is competent and ethical but also puts your needs first. It is also important to understand what type of financial advice the professional will be providing to you. Are they willing to take a comprehensive approach to your financial situation? Working with a CERTIFIED FINANCIAL PLANNER™ professional is beneficial. A CFP® professional is dedicated to using the financial planning process to serve your financial needs.   Not everyone needs a comprehensive financial plan but everyone can benefit from the process.

In your initial meeting with a financial planner, there are  key questions you should to ask to determine if they are a good fit you. You need to understand the planner’s:

  • Designations & Licenses
  • Education
  • Experience
  • Fees & Compensation
  • General
  • Services & Work Philosophy

What to bring to the meeting-It’s important to be prepared when you meet with a financial planner. Once you and the financial planner have agreed to work together, they will give you a customized list of financial documents needed to perform their analysis. 

Step 7:  Create your strategy

 Based on your goals and priorities, your CFP® professional will take all your finances into account and determine how to meet your goals. Their analysis may cover your assets, liabilities and cash flow, current insurance coverage, investments or tax strategies.  Once the analysis is complete your advisor will develop a plan and strategy to help you achieve your financial goals.

A common misconception……

A common misconception some individuals have is that you need to be wealthy to work with a financial planner. That is not true. Everyone deserves to have a financial plan in place to help them live a comfortable life. It is a matter of finding the right professional for you.

Call to Action:

 Two weeks-Schedule a meeting with a CERTIFIED FINANCIAL PLANNER™ professional to discuss your financial situation. 

What’s next?

Next week, I will discuss steps 8 and 9 Protect your assets and Schedule a year-end review.


Upcoming Events:

On Wednesday, February 26, 2014, Pamela will be present an educational talk entitled: “Women and Money: What Women Need to Know About Money Matters.”

Learn the common mistakes women make and how you can overcome them and take control of your financial life to achieve your long-term financial goals.

The presentation will begin at 5:30 p.m. on Wednesday, Feb. 26, 2014 at Gilda’s Club  Desert Cities, 73555 Alessandro Drive, Palm Desert. The talk is free and open to the public, and light refreshments will be served. Seating is limited and reservations may be made by phoning (760) 770-5678 or e-mailing infogcdc@dc.rr.com.


About Pamela Plick

Pamela Plick is a CERTIFIED FINANCIAL PLANNER™ practitioner and Registered Investment Advisor located in Palm Desert, California specializing in planning for women. Her goal is to empower, educate and engage women around their money. You can find out more about Pamela and connect with her on twitter, Facebook or linked in by going to www.pamelaplick.com.
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