INTERESTING FACTS ABOUT FINANCIAL PLANNING

THE TOP TEN REASONS PEOPLE BEGIN FINANCIAL PLANNING:

  1. Building a retirement fund.

  2. Building an "Emergency fund".

  3. Managing/reducing current debt.

  4. Home purchase/renovation.

  5. Vacation/travel.

  6. Building a college fund.

  7. Accumulating capital.

  8. Providing insurance protection.

  9. Sheltering from income taxes.

  10. Generating current income.

SITUATIONS THAT ENCOURAGE THE USE OF FINANCIAL PROFESSIONALS INCLUDE:

  1. Receiving an inheritance/windfall.

  2. Increasing complexity of investments.

  3. Portfolio growth.

  4. Need to make 401(k) distribution decisions.

  5. Loss of assets as a result of own trading/investing.

  6. Market turndowns.

  7. Change in marital status.

  8. Change in job status.

  9. Birth of a child.

IMPORTANCE RATINGS FOR SELECTING A FINANCIAL ADVISOR INCLUDE:

  1. More interested in meeting needs than selling products.

  2. Good performance record.

  3. Expert in his/her area.

  4. High level of professionalism.

  5. Client chooses degree of control over decisions.

  6. Competent with emerging technologies.

  7. Reasonable cost for services.

  8. Professional accreditation.

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