Like everything else, financial planning has changed. While most firms still have a majority of clients with written financial plans, many financial advisors are making a move to modern wealth planning. Let’s take a look at what’s changed and whether or not it can transform how you build wealth and find wealth management near me.
Retirement Looks Different
While a written financial plan still works for the majority of clients, its contents differ dramatically from what they have been in the past. Retirement has changed, so simply creating a plan to have enough money after retirement isn’t detailed enough for today’s needs.
Your financial plan needs to be dynamic to reflect the new face of retirement. What type of lifestyle will you have? Will this be the time that you start a new, dream business? Will you pay off debt or create a legacy for your heirs? Adjusting due to extenuating circumstances (helping fund a grandchild’s education, for example) needs to be an option.
Financial advisors offer powerful advice that can be key to realizing a great retirement. He or she can ensure that you haven’t overlooked anything that could maximize your plan.
New Technology
Modern wealth planning means collaboration. Equipped with the latest technology, you and your financial advisor can plan, adjust, and communicate in real time. As life changes, so can your plan. There’s no longer a need to wait for a statement to arrive or a schedule to fit into.
Beyond collaboration, modern wealth planning tools enable you and your advisor to project, with greater reliability than before, several different scenarios. This allows for growth that is adaptable to an ever-changing market.
Highly Personalized
Financial planning used to have a very predictable framework: emergency fund, life insurance, and saving in your IRA or employer-sponsored retirement account. Veering off course was uncommon. These days our lives are much more highly variable. Modern financial planning means tailoring the plan to what works for your needs—and that may be in stark contrast to your neighbor’s.
These days households are often blended or led by single parents; they can be multigenerational or headed by millennials who don’t intend on having children. Parents of special-needs children must plan for the adult lives of their children—something that wasn’t possible a few generations ago.
Personalization allows for a plan that can work with unique needs and still have the flexibility to change as life demands it. And life always does.
Wealth Management Near Me & Modern Financial Planning Strategies
Creating a holistic financial plan takes time and hard work to stick to in the long run. If you would like help in designing a modern financial plan tailored to your unique dreams and needs, contact Argent Bridge Advisors for a consultation. We can help you along the way.
