While often not at the forefront of most people’s minds, solid financial planning is critical to ensuring a good quality of life as we age. As markets and financial situations change over time, strategies change with them. Keeping up with the latest financial planning strategies is practically a job unto itself, making it a difficult task for individuals to handle on their own. Working with a financial planner is therefore the most logical and effective way to ensure one’s financial future.
That being said, selecting the correct financial planner can be a difficult task. There are a wide variety of financial planners offering their services, however their qualifications vary wildly as there is no legal requirement that they complete a certain level of education or certification in order to perform their services. Most will have a background in finance, or have a college or university degree in a finance related field.
The best financial planners however will hold a Certified Financial Planner (CFP) certificate. This guarantees that a financial planner has the qualifications and experience required to provide solid financial advice to their clients. Issued by the Certified Financial Planner Board of Standards, this certification requires not only that the CFP has a minimum of a bachelor’s degree in a financially relevant field, but also has a minimum of three years of full-time financial planning experience. Oftentimes, these CFPs are also Certified Public Accountants (CPA), which gives them a unique insight into how to best structure the details of an individual’s finances.
When you work with an experienced and qualified financial planner, they have the ability to partner with you to ensure the best possible strategy to ensure your long term financial stability and growth. Many individuals do not realize the benefits of starting this process early in life, neglecting to properly plan out not only their retirement goals but also to make the right financial moves in their youth in order to boost their wealth.
As mentioned previously, individuals trying to understand and strategize based on ever changing market conditions is not a wise idea. This is the most common mistake among individuals who are handling their own financial planning, with most being unable to fully understand the long term strategy required for successful investment. A financial planner will be able to utilize their extensive knowledge of historical market trends to accurately predict the most sound investment strategies for long term growth.
While working with a financial planner is always a solid choice, the benefits of this are magnified when the planner is also a CPA. This allows them to be able to utilize their expertise in minimizing tax liabilities to maximize investment returns and come up with an optimal money management strategy. Not every financial planner will have the ability to do this, as it requires intimate knowledge of both state and federal tax laws and accounting practices.
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The financial planning CPAs at Horizon Advisors are some of the highest rated financial planners in the Detroit Metropolitan area, with decades of combined experience successfully helping clients plan for their financial future. If you are looking for top rate financial planning services, look no further than the experts at Horizon Advisors. Contact our office today to see how we can best help.
