Once I read Ed Mahaffy’s book titled “How To Select A Financial Advisor: The Least You Should Know”, interviewed him, reviewed his video library, I knew we had the right person for this special financial planning series. On Fridays, TaxConnections presents questions often asked of a Financial Planner.
Kat Jennings, TaxConnections, CEO
Ask Ed: Financial Planning Questions And Answers
Question: What personal financial issues will your services address for me?
Answer: Many financial professionals loosely use the term “comprehensive” to describe their range of financial planning services. At its best, comprehensive financial planning covers a wide range of both short-term and long-term financial issues and addresses your personal goals, objectives, and significant life cycle events, but many advisors who say they are comprehensive do not really offer more than investment advice. Find out, in detail, what services your advisor is offering, because the broader the range, the more likely you will be getting truly comprehensive financial planning.
Question: Do you provide a comprehensive written analysis of my financial situation and recommendations?
Answer: The financial advisor that you engage should be able to provide you with a written analysis of your current financial situation, as well as appropriate corresponding recommendations to help you accomplish your objectives. This written analysis can be both the culmination of your first comprehensive financial plan, as well as the starting point for a long-term client/advisor relationship that adjusts the plan at regular intervals.
Question: Do you offer assistance to implement the plan?
Answer: The development of a comprehensive financial plan is the initial step to properly assess your finances and define your long-term goals. A plan, however, has little value until it is implemented. As opposed to “going it alone”, consider having your financial advisor implement the plan. Fee-Only advisors can often reduce your investment costs by investing in assets with reduced annual expenses and no related sales commissions.
(How To Select A Financial Advisor – Ed Mahaffy)
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