- What is a Personal Financial Planner?
- What is financial planning?
- What is the difference between Financial Advice and Financial Planning?
- What exactly does a professional Financial Planner do?
- How do you know if you need a Financial Planner?
- What should I look for in a financial advisor?
- What advisory services are available to me?
- How will I pay for the service?
- Will you provide me with advice that is suitable to my investment needs and financial circumstances?
- What is the normal process?
- Can I ask for financial recommendations during my Initial Meeting?
- What is the average fee for a financial plan?
- How long does it take to prepare a plan?
- Is the information confidential?
- Do you have some literature available?
What is a Personal Financial Planner?
A Personal Financial Planner is someone who specializes in personal financial planning that focuses on the individual – all the financial and psychological factors that impact a person’s life and their ability to meet their financial goals. Each financial planning professional has his or her own style and approach. Murray Morton, The Financial Coach, has created and adopted The Financial Coach Approach to guide his clients in not only reaching their financial goals, but more importantly, their lifestyle goals.
What is financial planning?
Financial planning is managing and setting goals that involve all areas of one’s financial well-being. Depending on the individual and/or family this could include cash flow, taxation, insurance protection, retirement planning and estate planning to name a few. Your personal financial planner helps to analyze your situation and values, determine and set goals, and provide written recommendations for your financial portfolio. Follow-ups and further recommendations may continue throughout your lifetime.
What is the difference between Financial Advice and Financial Planning?
Financial advice comes in many forms and from many sources. For example: you may receive tax tips from your accountant or estate planning tips from your lawyer. A professional financial planner, on the other hand, thoroughly reviews and analyses all of the aspects of your financial state of affairs and prepares a comprehensive individualized plan to help you achieve financial security in the long term. Murray Morton, The Financial Coach take that plan one step further by considering your lifestyle values and goals and how to achieve them.
What exactly does a professional Financial Planner do?
- Clarify your present situation by collecting and assessing all relevant financial data, such as tax returns, records of securities transactions, insurance policies, wills and pension plans.
- Identify your financial and personal goals and objectives. Each of us is unique in our current situation and our lifestyle values. Some of us are concerned about our children’s education while others may be supporting elderly parents. A financial planner will help clarify your financial and personal values in order to determine the best financial planning strategy for you.
- Identify financial challenges. For example, is your cash flow inadequate or you may have too little insurance coverage. A financial planner will help identify and suggest solutions to these challenges that may be affecting your ability to reach your financial and lifestyle goals.
- Provide suggestions and alternative solutions. The amount and level of the recommendations will vary with the complexity of your individual situation; however, a professional planner will provide you with a clear plan structured specifically to you without any bias toward purchasing specific investment products.
- Implement the right strategy to assure that you reach your goals and objectives. A financial planner is only helpful if the recommendations are put into action to assure that you reach your goals and lifestyle objectives. A professional financial planner will assist in putting all his/her suggestions in place for your portfolio.
- Provide periodic review and revision of your plan. Life offers us continual change both in our financial situations as well as our thoughts and goals for the future. In order to keep our plan in line with our ever-changing lifestyles, your financial planner will periodically re-assess your situation and account for any changes that may have occurred. The frequency with which a review occurs is dependent on the individual; however an annual review is common.
How do you know if you need a Financial Planner?
The decision to hire a financial planner is as unique as the individuals that seek advice. Here are some questions you might ask to help determine if a financial planner is for you:
- Do you have the time to attend to your personal financial advice from several sources?
- Does conflicting financial advice from several sources confuse you at times?
- Do you feel you are paying too much tax? Or not taking full advantage of tax opportunities available to you?
- Are you confused about where to invest your money?
- Do you feel that you can’t save any money?
- Has there been a recent change in your life that could affect your financial future, such as retirement, job loss, an inheritance, an addition to your family, or loss of spouse?
- Do you feel comfortable that you will be able to meet your lifestyle objectives later in life?
- Do you clearly know what your lifestyle objectives are and what is necessary to achieve them?
What should I look for in a financial advisor?
Appropriate and individual advice. Does he or she have a valid license or authority? What area does he or she specialize in? What professional bodies is he or she a member of? How long has he or she been in the industry and what practical experience does he or she have? The advisor should make sure you understand all options and they are appropriate for you as an individual. Recommendations in writing before you make final decisions. Costs and how the costs are structured are clearly explained.
What advisory services are available to me?
Murray Morton, The Financial Coach offers the following:
- Financial Planning Advice
- Tax Planning Advice
- Investment advice
- Regular savings plans
- Retirement and estate planning
- Portfolio Review
How will I pay for the service?
When fees are charged, they are charged directly to you. Commissions or brokerage fees may also be received as a result of investing funds on your behalf or managing your portfolio. Commissions are disclosed to you prior to you authorizing any investment transaction.
Will you provide me with advice that is suitable to my investment needs and financial circumstances?
What is the normal process?
An interested client contacts us to arrange for a first meeting for us to learn about your individual situation and for you to learn about how we would work with you. If you feel that it is a good fit, we proceed with another meeting and start our relationship with you.
Can I ask for financial recommendations during my Initial Meeting?
What is the average fee for a financial plan?
Every plan is different, just as each client is unique. Fees and questions with regard to costing may be addressed during your initial meeting.
How long does it take to prepare a plan?
On average, 3 to 4 weeks. This may seem like a long time, but it allows us to prepare a plan customized to your needs and requirements.
Is the information confidential?
Yes! We do not share or otherwise provide your information to others without your express consent or in response to proper legal or regulatory process. Murray Morton’s reputation is built on a foundation of professionalism and trust.
Do you have some literature available?
Yes! We will be pleased to send you an introductory brochure.
Disclaimer: ‘Implementing a retirement, estate, and any other form of financial plan may consist of investing in securities (which may include mutual funds), insurance products (such as segregated funds) and other financial instruments. Prospective investors should always obtain a copy of the offering documents in respect of each investment product (such as prospectus, information statement or folder, insurance contract, etc.), and read it carefully, including discussion of any risk factors, fees, expenses, terms, conditions and restrictions. Consult your personal tax and legal advisor before investing. ‘