It is good practice to see a doctor for annual check-ups, since routine care can help you manage your health and alert you to potential medical issues you may wish to address. Occasionally, you may also need a referral to a specialist to care for specific medical needs.
The same thought process holds true for financial planning: You can think about a financial planner as the doctor for your money.
Generalists vs. Specialists
A financial planner can serve multiple purposes when it comes to you finances. Your planner can be the primary care physician for your finances, offering periodic check-ups regarding a variety of money matters throughout your life, including budgeting and planning or debt management. One of the primary functions of a generalist financial planner is to come up with a financial plan that enables you to fulfil your objectives over time.
Just like your primary care physician, a generalist financial planner can discuss a wide variety of topics and may also sometimes refer you to a specialist in areas such as investments, estate planning, taxes, retirement, and insurance. They may further focus on special situations.
A Day in the Life of a Financial Planner
The day-to-day activities of a financial planner can vary from person to person, but here are some of the more common activities:
Meetings with Clients: It is critical for financial planners to periodically meet and talk with their clients, either in person or by phone (and in a post-pandemic world, more and more meetings are happening through online video chat as well). The purposes of these engagements can be anything from getting to know one another and their clients’ objectives, to regularly discussing or changing the clients’ financial plan, among other things.
Educating Themselves: Financial planners must continuously educate themselves about changes in laws and regulations that affect money matters, market news and events, and available investment opportunities to remain competitive in the financial planning field and valuable to their clients. Some financial planners (including those at Modera Wealth Management) may use the Certified Financial Planner® designation if they pass and maintain certain education and experience requirements.
Networking and Marketing: Many financial planners will attend networking events with peers and also spend time marketing themselves to new clients — both of which can be productive ways to provide better services to you as they surround themselves with more expertise and experiences.
Do You Need a Financial Planner?
Every situation is different. You may wish to engage the services of a financial planner as your income and wealth grows, or as the complexity of your financial situation increases. A life change — such as an inheritance, marriage, or a new child — can also be catalysts to discuss your situation with a financial planner.
Whether you have never worked with a financial planner or already have one, Modera Wealth Management always stands ready to talk with you about your financial planning needs.
About Us: Modera is proudly a fee-only and independently owned financial planning firm that acts as a fiduciary for our clients. We have built our organization to put our clients’ interests first.
Call Modera and our Atlanta financial advisors to learn more and set up an initial meeting with our team.
Modera Wealth Management, LLC (“Modera”) is an SEC-registered investment advisor with places of business in Massachusetts, New Jersey, Pennsylvania, North Carolina, Georgia and Florida. Modera may only transact business in those states in which it is registered or qualifies for an exemption or exclusion from registration requirements. SEC registration does not imply any level of skill or training. For information pertaining to our registration status, fees and services, please contact us or refer to the Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov) to obtain a copy of our disclosure statement set forth in Form ADV Part 2A. Please read the disclosure statement carefully before you invest or send money.
This article is limited to the dissemination of general information about Modera’s investment advisory and financial planning services that is not suitable for everyone. Nothing herein should be interpreted or construed as investment advice nor as legal, tax or accounting advice nor as personalized financial planning, tax planning or wealth management advice. For legal, tax and accounting-related matters, we recommend you seek the advice of a qualified attorney or accountant. This article is not a substitute for personalized investment or financial planning from Modera. There is no guarantee that the views and opinions expressed herein will come to pass, and the information herein should not be considered a solicitation to engage in a particular investment or financial planning strategy. The statements, information and opinions expressed in this article are subject to change without notice.