What is financial planning?
Financial planning is a process, or series of evaluations and decisions, to help you achieve your goals in life — even if your goals are to own a sports team, travel to exotic countries, eat at a different restaurant every day for the rest of your life… or just live and retire comfortably. Financial planning provides you with a clear picture of your current financial situation and then presents you with the opportunity to establish the adaptable financial structure that can carry you through the rest of your life. Don’t think of it as financial planning — think of it as life planning.
Want to get to know BARR Financial’s approach to life planning? Check out our Services!
I want to work with an advisor. What should I look for when deciding who to work with?
When you decide to work with a financial advisor, the next step is to find the right partner for you. We always say there are three things you should look for in a Financial Advisor: first and foremost, they must be capable and competent. Ensure they have the team, education and certifications to do the job right. Second, they should be focused on helping you in the areas that you want or need help with. Stay aware of the advisor’s priorities, especially if they sell products rather than services. Last but not least, you must be comfortable and confident in them. Your advisor can only help you if you are completely open with them — even about the parts of life that aren’t so fun. There has to be a strong relationship and, when based on these three principles, can be one of the best relationships out there.
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What should I expect from fee-based financial planning?
It’s actually one of the main reasons people come to BARR Financial: with fee-based financial planning, you can expect a completely neutral and unbiased perspective. Since we are unaffiliated with any specific product, there’s no commitment to buy a certain, ill-fitting product from us. At the end of our process, you’ll know exactly the issues you need to be aware of and what you need to get done — and you will have the freedom to decide on how to proceed.
What are the steps required for fee-based Financial Planning? Check out our process!
When is the perfect time to hire an advisor?
We’ll give you a hint: the perfect time to hire a financial advisor is not after work slows down, or after you have a kid, or when you’ve found a job. The time is now! It was Eckhart Tolle that once wrote “Realize deeply that the present moment is all you ever have” and, when it comes to finance, that quote still rings true. There’s always going to be something going on in your life to distract you from getting your financial act together. Don’t wait to for the mythical ’perfect time…’ It is better to start where you are at now than to simply wait and see.
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Estate planning, either for my family or my parents, is my main concern. What do I need to get started quickly?
BARR Financial does not give any legal or tax advice. Nonetheless, estate planning education is a huge benefit of going through our planning process. We provide our clients with clear picture of the items they may want to consider when working with an attorney. We then work as a guide to ensure our client’s success is transferred to the next generation in the most effective way possible. We encourage all of our clients to at least draft the four basic documents of estate planning which include: a will and last testament, a living will, a healthcare directive, and financial power of attorney. With these four documents, estate planning can be made easy.
Remember, you’re not alone! BARR Financial is more than happy to help you through this sensitive planning process.