Five Reasons Why You Need a Financial Plan

March 27, 2012 — 1,282 views  
Become a Bronze Member for monthly eNewsletter, articles, and white papers.

Professionals in estate planning may run into clients who are not quite ready to take on your full range of financial planning services. You may want to consider bringing up the following five points to dissuade them of any initial reluctance.

1. Determining a savings plan. While many people have a general idea of things they want to save for - a new home, their children's education, their own retirement - the average person may not be able to lay out these goals in a concrete fashion. You, meanwhile, have the necessary skills to do that.

2. The necessity of estate planning. Similarly, the average individual may not be equipped to outline what will happen to their assets after their death. You can help them choose whether a trust or will would be appropriate and pick the best life insurance policy.

3. Figuring out the value of assets. While many people can pile their latest financial statements in front of them and figure out how much they've got in the bank, that's not the same as knowing what to do with that information. That's where you come in.

4. Objectivity. It's not easy for someone to look at their finances, if, for example, they end up forming a negative picture, without feeling negative. As you can examine a client's situation with perfect objectivity, you can clearly and concisely plan a course of action to help them extricate themselves from any monetary dilemmas.

5. The changing financial world. Your training and experience in the financial sector will ensure that you keep abreast of stock market trends, tax laws, regulations and a wealth of other information, which the average person might not remain aware of.