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What a Financial Professional Doesn’t Do When it Comes to Your Money

Posted by Shanna Tingom, AAMS® on Oct 14, 2015 3:11:37 PM

As a financial professional, there’s a misconception that I handle all aspects of my client’s money. From talking to your spouse, parents, or children about money to tax advice to budgeting and estate planning, those are all topics on which people call and ask me for advice. And they are topics on which I am not an expert.

While I am here to serve my clients, one of the best ways I can help is to advice that you talk to a professional who has expertise in these areas especially with it comes to your money:

  1. Couples or Family Counseling. There are an increasing number of people joining the Sandwich Generation. That’s the generation that has their parents and their kids or even grandkids living with them. As a sandwich-er they are often using retirement money to fund the lives of their families, some of whom could be out on their own. They come to me wanting to know how to tell the kids to get their own place or how to care for their elderly parent. While I am sympathetic to their needs, their investments are my area of expertise. There are a variety of community resources that can counsel them through other parts of their lives.
  2. Personal Budgeting. Often people come to me wondering how to get money to invest for retirement and college expenses. The answer is personal budgeting. There are personal budgeting specialists available who can help you find money to invest for the future.
  3. Tax Advice. There are investments that can positively and negatively impact your income and tax status. Working with your tax professional, I can identify investments that fit your personal tax status.
  4. Estate Planning. While I can design a retirement plan for you, it is based on what you tell me about your needs for the future and your legacy. Your legacy is how you want to give money away now and after your death to heirs, colleges, or charities. That is all part of your estate plan. Working with you and your estate planning attorney we develop a plan for giving that meets your financial goals.

It takes more than a financial professional to help you reach your future goals. When it comes to money, you need a team that may include counselor, budgeting coach, tax planner, and estate planner.

If you’re ready to take the next step and learn how Heritage Financial Strategies can help you reach your financial goals, call us today at 480-397-1184.

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