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Do You Really Need a Financial Planner?

May 12, 2022

Nobody understands your financial needs as well as you do. So, shouldn't you be able to handle your own financial planning? While understanding your goals, objectives, and other personal factors that shape your financial future is important, it's just the beginning of building a financial plan. It' important for you to understand how to properly balance the risk in your portfolio, effectively manage your wealth, and other vital knowledge and skills that many people have yet to obtain. The truth is, even the most financially savvy individual can benefit from a relationship with a professional financial planner. Here's why.

Be Prepared for Unexpected Changes

When handling their own financial planning, most people are focused on saving a certain amount of money. You might carefully calculate how much you need to retire, set that amount as your goal, then keep saving until you reach it. While that's a good start, it doesn't constitute a true financial plan. In reality, there are many more things you need to take into consideration, such as:

  • Increasing life expectancies
  • Requiring long-term care
  • Rising cost of living
  • Unexpected medical bills
  • Market declines that impact your portfolio
  • And more

All of these factors can alter that carefully chosen savings goal, which could mean that you're not actually saving enough for your future. A financial planner looks at the bigger picture of your financial journey, market trends, and more, so that you can feel confident your future is on track, no matter how things might change.

Consider Income Distribution

Of course, a financial plan isn't just about putting money in a bank; it's about helping you utilize that money to achieve a more balanced life. Though saving for your future is important, it's also important to plan for how you'll use that money once it's time to start relying on your savings. A financial advisor will help guide you through that transition from earning income to utilizing your assets to maintain your lifestyle. This helps ensure you're using your retirement income in the most tax-efficient way possible, and that you have consistent income every month so you don't have to worry about being able to cover your expenses.

Create a More Personalized Strategy

The trouble with handling your own financial planning is that, even though you know your own needs and circumstances extremely well, you'll likely base your financial plan on cookie-cutter advice that isn't customized to those needs. At Merlin, we help you build a strategy that's customized to fit you, then continue to monitor and maintain that strategy, adapting it as needed over the years to keep you on track. Prepackaged investment advice simply can't offer this.

Focus on What Matters Most

The truth is, managing every aspect of your financial life takes a lot of time and effort—time that you could be spending on more important matters. While we will always keep you informed of your financial progress, and you can check up on your finances at any time with The Living Balance Sheet®, our goal is to take the burden of wealth management off your shoulders and allow you to live a more balanced life. With Merlin, you can feel confident that your financial plan is on track, so you can focus on the things that matter most to you.

If you're ready to start working with a financial planner to build a more comprehensive, customized financial plan, contact Merlin Insurance & Financial Services today.

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