Financial planning is a collaborative relationship where both the client and the advisor work together. As financial planners, Phil and Marcus help individuals and families identify their objectives, define their dreams, develop a plan to help them get there, and then track their progress along the way. Not only are they a “financial coaches,” but they work with other specialists as needed to make sure that all financial areas are coordinated and monitored.
Working with an advisor may help you:
- Avoid costly mistakes when selecting investments, considering loans, or making any significant financial decisions.
- Help you work towards goals such as college educations for children and grandchildren, support for charitable organizations, etc.
- Create a specific plan of action to fund your retirement and ensure you don’t outlive your money.
- Assess your needs such as insurance, reducing your taxes, and making sure you have the proper estate planning tools in place.
Responsibilities of the Client
- Provide honest and complete data.
- Consider goals and prioritize them.
- Commit to a financial plan of action.
- Carefully read all contracts and statements.
- Understand that all investments involve risk.
- Report changes in your personal situation to your advisor.
- Review with your advisor on an annual (or as needed) basis.
Responsibilities of the Advisor
- Assess all data to know a client’s situation.
- Determine the risk tolerance of a client.
- Protect and secure all client information.
- Disclose all fees for services.
- Help client have realistic expectations.
- Make recommendations based on client’s needs and objectives.
- Execute transactions in a timely fashion.
- Clearly communicate with the client.