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A professional who assists with an individual’s organization of finances and their accumulation of assets is a financial planner. These professionals also advice on financial decisions that will help clients reach their financial goals, which is why they are often called financial advisors. Regardless of the term used, a financial advisor and a financial planner usually perform the same job. Continue reading for an in-depth look at what a financial planner does and why you might need one.

What a Financial Planner Does

After hiring a financial planner, you will have many conversations surrounding your finances, including your financial goals, investments you’ve made, and your ability to handle risk. The planner will then consider and analyze all of your unique variables before creating an individualized financial plan that helps you reach your goals. Financial planners are especially helpful when it comes to retirement planning, help with investments, and managing insurance coverage.

Why You Might Need One

First and foremost, many people feel lost when it comes to their finances. It isn’t exactly a subject that everyone learns in school and feels comfortable navigating. For these people, a financial planner can work with them to teach financial literacy and help figure out a financial game plan.

Many people also seek the counsel of financial planners when they experience big life changes. A marriage or divorce, a new baby, house, or business, or the death of a relative can bring lead to confusing and complicated finances. If these changes are too time-consuming, frustrating, or complicated, financial planners are often hired to manage it on behalf of their client.

The last reason people seek out financial planners is for general counsel. Financial planners are not emotionally invested in your money like you are, so they can offer impartial and unemotional guidance. Their input may save you from bad (possibly costly) decisions and help you identify areas in which you’re overspending.    

If you’re ever confused about your finances, or find that they’re too complicated to really get a handle on, working with a financial planner can be a beneficial investment for years to come. Not only can planners help you understand your money, but they can also help you figure out ways to generate more. Many people who work with financial planners find themselves in life-long partnerships with them, as their advice and knowledge is trusted and has proven investment worthy.

Chris Jacob is a Registered Representative with Saxony Securities, Inc.. Securities offered through Saxony Securities Inc. (SSI). Member FINRA, SIPC. Non-security products and services or tax services are not offered through SSI. Cadeau is not affiliated with SSI.