Setting Financial Goals for the Upcoming Year
A recent survey shows that of households with $75,000 or more in annual income, only 43% have long-term financial plans in place. If you are one of the 43%, can you sit back and relax while the fi
Now that you’ve been working for a few years, have you asked yourself questions like:
If you’ve been asking yourself any of these questions, then it might be time to begin your financial planning process. Here are some important things to consider first.
At Stonecrop Wealth Advisors, we know that the best financial planning process doesn’t just help you reach your money goals. It primarily enables you to reach your life goals. It’s what we call a “life-centered” process that gets to the root of who you are, where you want to go, and how to get there.
You owe it to yourself, those you love, and your goals to work with an advisor who understands your vision and has access to the tools and philosophy needed to make it happen.
Simply put, it is a roadmap to meet your goals. And while sometimes you can get to a new destination without a map, the trip will be much smoother and stress-free with the right directions. You work hard for your money, and a plan will help make sure your money works hard for you.
Understanding your goals is the first step. While a financial planner can help you refine or expand on these with questions or worksheets, you should have a good idea of what you want.
For instance:
There are no right or wrong goals. Listing your goals helps make them concrete—and it’s the first step toward making them happen.
Besides your goals, a financial planner will want to know:
Make sure your advisor’s education credentials include Series 7, Series 66, or Series 65 exams. Many go on to become a CFP (Certified Financial Planner). At Stonecrop, the majority of our investment committee members are CFA Charter holders.
Some advisors charge a flat fee, some charge a percentage of your assets under management, and some are paid a commission on the investments they sell. Make sure you understand what you’ll pay because some charges will cost you more.
One of the most valuable roles an advisor fills is to act as a calming influence, especially during times of market turmoil. Supplying steady, fact-based information can keep clients from having knee-jerk reactions, detrimental to their finances. This has been identified as having one of the biggest impacts on account performance.
A recent study showed that people who work with a financial advisor feel happiness, confidence, and security in their personal and financial lives. Our Stonecrop mission and commitment work at matching those results. We work to make sure that our clients lose their stress and anxiety and can embrace the future of their dreams.
We are a full-service financial and investment advisory firm that works with both families and non-profit institutions. We help you get to the root of the purpose behind your money and to connect the money to your purpose. Then we take your resources and put them on a path towards a more prosperous future, discovering your best life.
Financial planning is not a one-size-fits-all. We work with what you have and what you want to do to develop your unique financial plan.
One thing that separates us from other companies is that our mission to help you is what motivates us, not the money. We seek new clients because we believe you will benefit from what we do and how we do it.
Nothing makes us happier than when our clients can do good and be generous toward their families and communities.
Like to find out more about Stonecrop and our financial planning services? Sign up for our weekly e-newsletter, MacGray Matter, from our president, Douglas MacGray, or connect with us here. We look forward to sharing more about our ‘wholistic’ methods with you.
AUTHOR
Doug MacGray
DATE
October 25, 2021
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