Remember when you visited a place for the first time and you didn’t know where to go? Think about it, why were you lost? You always knew what to do with your day but this very one time, you got lost. What was missing? A roadmap or someone to guide you. The same goes with wealth management.
Now you’ve finally acquired as much wealth as you want or maybe, you’re still getting there. What do you do now? Generally, no one would want to run out of wealth. Instead, one would find ways to make it grow, right? When you’re lost, we usually look at maps to get back on track. Similarly, you may want to plan where you want your money to go. A plan is like a map. You can always check and see how much progress you’ve made and how far you are from your goals. Knowing where you are is essential for good decision making.
“I’m ready! I’m going to plan my finances and make this money grow!” That’s the spirit! But it won’t be as easy as it seems. “I’ve got all the time I want.” Really, do you? Maybe, but maybe not. Time isn’t always on our side. Life gets busy and may get in the way of your wealth management. Worry no more, you’re friendly neighborhood is here to give you a helping hand – Your Financial Hero, your Financial Planner. Though it may be costly to hire one, having a financial planner help you with your financial plans and doing what’s best for you and your wealth can greatly reduce stress related to your finances.
What is a Financial Planner?
A financial planner is a qualified investment professional who helps clients deal with a variety of financial issues, develops a strategy or plan to meet the client’s long-term financial goals and objectives. Since there is no clear regulation as to who may act as a financial planner, anyone can claim the title with minimum qualifications. Therefore, it is extremely important to do your due diligence when picking the right person for the job.
Below is list of some important things (but not limited to) to consider when picking a financial advisor:
- Education and Experience
- Certifications, specifically the Certified Financial Planner (CFP) designation
- Area of Expertise
- Fees and Services offered
- Conflicts of Interest
- Ethics and Standard of Care
What does a financial planner do? At a time when many are reaching their utmost financial potential and the retirement age, financial planning expertise is in great demand. Having a financial planner provides assurance to people they are likely to reach their financial goals and plans for the future. Let’s be honest, investing and trusting your hard-earned money can be a scary thing. With this, you would want to know why you should trust your wealth to a financial planner.
Building Your Future
Financial planning provides a clear meaning and direction of your financial situation. Having a qualified financial planner is like having your own physician – he recommends and gives you “prescriptions” not on your health, but on your financial concerns. They develop a strategy according to your best interests and what you desire for your financial future. Planning is crucial for meeting your needs during each stage of your life. Your financial planner should be there to guide you along the way to that future each step of the way.
Develop a Strategy According to Your Needs
With careful planning, it is easier to adjust and pivot your financial direction when a crisis happens unexpectedly. Whether you need a plan for funding your children’s education, starting a family foundation, or creating a succession plan in your business, financial expertise helps you make sure you succeed in getting where you want and need to be.
For instance, when looking at doing a home renovation you may wonder whether a home equity loan, cash, or liquidating investment assets would be best. Depending on the situation, one or some combination of these sources of funds might be the perfect fit. With your team at Destiny Capital onboard, we will be able to help you make the best decision in this and many other circumstances.
Risk is part of life. As much as we don’t like it, it’s not going anywhere. We lose some, we gain some. Getting assistance with risk management can often be problematic. Financial Planners help you manage and minimize financial risks as they are unanticipated. At Destiny Capital, we are able to customize each of our wealth strategies to your needs as a client and build them around your risk profile. Not only do we evaluate your ability to assume risk but we are also able to leverage our proprietary systems and third party analytics providers to gain a deeper understanding of various asset class risk in order to build smarter portfolios.
Our three-pronged approach to risk management truly sets us apart:
- We fully evaluate your specific needs and constraints as it pertains to risk.
- We construct an investment portfolio or several portfolios that are designed to meet your specific investment goals, time horizons, liquidity needs, and risk profile.
- We actively manage and monitoring your portfolios every day. Our clients may rely on us to maintain vigilance and act on risks and opportunities as they present themselves.
Maintaining a Good Level of Communication
Naturally, we communicate through a lot of mediums, but the key is to make you fully understand, as an investor, what is happening and what will happen to your wealth. As individuals, we consult and ask questions until we fully understand concepts. You and your financial planner are a team. Teamwork may cause tension and anxiety because of poor communication but with effective communication, stress can be eliminated while keeping an open mind, providing you clarity and relevant information. As trusted advisors, it is our job to understand where you envision your life at critical points in time. We take the time to fully understand your specific needs and constraints allowing us to evaluate, manage, and communicate to you, our clients, in a way that maximizes the value you receive from our work at Destiny Capital.
In the last two lines of the poem Invictus written by English poet William Ernest Henley, it ends with “I am the master of my fate, I am the captain of my soul”. It is true that you are your own master and your destiny lies in your hands. With Destiny Capital, allow us to help you plan, build, and achieve your desired financial freedom, leading you to where you are destined to be!
Have any questions? We're here to help!