Let’s Talk About: Financial Planners

I'm not a Certified Financial Planner (CFP) but Lori is, so my comments are observations rather than intimate knowledge.

I'm not a Certified Financial Planner (CFP) but Lori is, so my comments are observations rather than intimate knowledge.

Most Financial Planners have powerful software like Money Guide Pro or E-Money which take your current income, savings including 401Ks, Real Estate, Business Value, and come up with a monthly distribution you will receive upon retirement. The purpose of the plan, while making a prediction of the future, is an excellent starting place for financial discipline.

Please remember that the change in situation, marriage, children, college, home purchase etc will all affect the outcome, so the 2nd step is to make sure your financial plan is updated every couple of years to confirm you are on track for your retirement goals.

What separates us from many planners, is we have the investment experience to ensure that the plan accurately reflects the future value of your investments. Our objective is to reduce any debt outstanding (for example the major challenge we encounter is managing student loan debt), while investing in simple things. We've got a 12 year track record at Banyan with many years of experience prior to forming the firm and historically we've outperformed our clients' expectations.

When you have a financial plan done, like anything else, make sure it passes your common sense smell test. Lots of planners will recommend high priced annuities as part of a plan, so as with everything else financially related, review the cost and fees. We are not opposed to annuities, just know that some are more client friendly than others.

A typical plan costs between $500 and $1000 but should be waived if you choose the planner to be your Investment Advisor as well. We've seen the majority of our competition is very competent at creating a plan, but without decades of investing experience their returns will suffer.

Call us if you would like to talk about your finances, and let us draw up a financial plan for you.

Any questions please call me at 561-847-3596

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