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You are here: Home / Money Management / 5 Important Responsibilities of Your Financial PLANNER

November 11, 2015 by Michael Gauthier ·

5 Important Responsibilities of Your Financial PLANNER

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When you’re feeling stressed about money or have a lack of direction, who do you go see for advice?

Is it your aunt Patty who won the lottery? Perhaps it’s your friend Rick who seems to have a thriving business. Still, it might be your favorite television personality who has been advising for a few years.

While you might receive some good advice from these sources, the question of experience comes into play. Instead of seeking financial advice from family, friends, or television personalities, I would recommend you seek out the advice of a financial planner.

What’s a Financial Planner?

What’s a financial planner? Well, a good financial planner is someone who has significant experience helping individuals and families make short-term and long-term financial plans. Pretty straightforward, right?

Unfortunately, there are financial professionals out there who seem to be financial planners, but really aren’t. You see, many financial professionals are what are called financial advisors. Financial advisors typically sell investments and, well, that’s pretty much it. Sure, there might be some planning involved in selling investments, but if you want the works, go with a financial planner.

Responsibilities of Your Financial Planner

You should expect your financial planner to live up to their responsibilities, and there are several of them. Let’s take a look at some of these important responsibilities.

1. Financial planners should stay current on financial news.

In order for a financial planner to help their clients, they must stay up-to-date with with the latest financial news. They should know what’s happening in the markets and thoroughly understand tax law as it relates to your financial needs. Additionally, they need to educate themselves on the latest financial products and services.

For example, at Strategic Income Group, we set aside a week during which a number of investment managers visit our office to make presentations on their firm’s views, research, and investment products. This is just one way we stay up-to-date for our clients.

2. Financial planners should listen attentively to your needs.

When you sit down with a financial planner, they should always listen attentively to your needs. They should never be quick to make a recommendation and should understand the big picture before they start giving you advice.

Your financial planner’s objective should be to consider the whole of your finances, not just the areas that might benefit their paycheck.

3. Financial planners should help you set goals based on your needs.

Once you’ve shared everything with your financial planner, they should outline all the goals you should reach and how to do so. For example, they might recommend getting on a budget, purchasing appropriate insurance policies, and saving for retirement.

Everyone’s needs are different – the advice financial planners provide should be customized to your financial situation.

4. Financial planners should proactively monitor and manage your accounts.

Financial planners should be proactively monitoring and managing your accounts such as your Roth IRA or your insurance policies.

For example, if you recently told them that your income increased, they may recommend that you increase your life insurance coverage.

5. Financial planners should meet with you on a continual basis.

Change happens. Financial planners can help you put a long-term plan in place, but sometimes life’s circumstances change and therefore so should your financial plan.

That’s why it’s vital to sit down with a financial planner at least once per year to update them on changes in your life. Additionally, financial planners should proactively reach out to you to set up these meetings – they should care about meeting your needs every step of the way.

By the way, do you know if your financial planner has lived up to expectations? You can find out by using BrokerCheck by FINRA. Give it a shot!

What do you expect from your financial planner? Leave a comment below!

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Filed Under: Money Management Tagged: financial planner, financial planner responsibilities

Comments

  1. Lisa Branley says

    May 11, 2017 at 4:43 AM

    It ‘s really great to know.Thank you for sharing.Lisa Branley

  2. Medvisor consultant says

    July 23, 2017 at 11:25 PM

    Hi ,
    Financial planning helps you determine your short and long-term financial goals and create a balanced plan to meet those goals.
    Financial Planning also helps in ensuring a reasonable balance between outflow and inflow of funds so that stability is maintained and it also helps in reducing the uncertainties which can be a hindrance to growth of the company.

    Thanks,

  3. Wealth Care India says

    February 1, 2019 at 11:56 PM

    Financial planning is a process which provides you with the ability to achieve your financial Dreams in systematic and decided time frame. Finances are one of the major things that worries people as they start earning in their younger years. It is recommended to use a financial advisor who is the professionals handling client investment in the markets with regular changes. Keep sharing.

  4. Steve Kostovski says

    February 26, 2019 at 6:54 PM

    Awesome! It is good to know the importance and responsibilities of financial planning. Thanks for sharing this.

  5. attiresource says

    April 18, 2019 at 5:10 AM

    Thanks for sharing important information this should be helpful for people who want to expand their business.

  6. American Portfolios says

    May 29, 2019 at 3:50 AM

    Thanks for sharing the great blog. A financial planner can help you reach your goals, today and tomorrow.

  7. financial consultant says

    June 14, 2019 at 2:24 AM

    Interesting article….

  8. Jarom Linton says

    March 10, 2020 at 7:20 PM

    It’s a great point that you should find a planner that is able to stay up-to-date with all the latest news. My partner and I are trying to get ahead with our finances this year and we need professional help. I’ll try to find a planner that we can work with that will be a huge benefit to us and is knowledgeable about 401k plans.

  9. Jarom Linton says

    June 17, 2020 at 11:18 AM

    I like that you talked about finding someone that can stay up to date on the latest laws for financial advising. My brother is struggling with his financial situation right now and he needs to get help. I’ll share this article with him soon so that he can know what to look out for when hiring an advisor. https://realfinancialgroup.com

  10. Kelley Financial says

    August 18, 2020 at 12:08 AM

    I really appreciate you for publishing this blog here; it’s really a helpful and very useful for us. This is really appreciated that you have presented all the information regarding impartial financial. I love all the information shared. Great article!

  11. Small Accounting Firms in Auckland says

    January 15, 2021 at 7:27 AM

    These are some great information that you have shared here on the financial planner responsibilities. I really loved it and thank you very much for sharing this with us. You have a great visualization and you have really presented this content in a really good manner.

  12. calculate retained earnings says

    February 22, 2021 at 4:42 AM

    Thanks for sharing one of the wonderful and informative posts. I hope the information will be really useful for all the business owners.

  13. Stanley Thomas says

    March 10, 2021 at 12:11 AM

    This blog offers five reasons why advice from an expert, accredited financial advisor can help you get where you want to be.”””financial planner
    “””

  14. Golden Treewealth says

    March 15, 2021 at 2:43 AM

    Great Blog!! Thank you for sharing the useful blog with us. Keep sharing…

  15. Dan Pimental says

    June 28, 2021 at 4:02 AM

    A financial planner can help reach targets. I’ll try to find a planner that we can work with that will be a huge benefit to us and is knowledgeable about 401k plans.

  16. Financial Brokers says

    February 6, 2022 at 9:46 PM

    Great post! Thanks a lot.

  17. Prashant Chitnis says

    December 7, 2022 at 5:08 AM

    In this article roles and responsibilities of a Financial Planner are brought out very well. A client relies on the advice of a Financial Planner. A financial Planner should be honest, client-centric and transparent in their dealings. The organizations like Financial Planning Standards Board (FPSB) and Network Financial Planning (NFP) are doing a great job of providing valuable qualifications and expertise required for this purpose. They are maintaining global standards in the curriculum and ethics in practice. Thanks for sharing the valuable contribution on the subject.

  18. Liana says

    October 16, 2023 at 8:27 AM

    thanks for info

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