Category: Financial Planning

Intestate Succession Minnesota: A Simple Guide

Posted on by Colette Nichol

Intestate Succession Minnesota: A Simple Guide

By Mike Rogers, AIF®, Founder and President of 360 Financial

Mike Rogers is a fiduciary financial advisor with over 30 years of experience in the financial services industry as an investment advisor and financial planner. He founded 360 Financial in 1995 and holds series 7 and 63 security registrations with LPL Financial.

 

An Overview of Intestate Succession Laws in Minnesota

Intestate succession laws in Minnesota apply when a person dies without a will. These laws dictate how the deceased’s property gets divided among surviving relatives. The closer the relative, the higher the priority.

 

What Happens When There’s No Will?

When there’s no will, Minnesota intestate laws dictate property distribution. The estate goes to the closest relatives. These include the spouse, descendants, parents, siblings, or more distant relatives.

 

Understanding Your Inheritance Rights Under Minnesota Intestate Succession

Inheritance rights vary based on your relation to the deceased. Spouses usually receive the estate first. If there are descendants, they share the estate with the spouse. If there is no spouse or descendants, parents or siblings are next in line.

 

How Minnesota Probate Courts Handle Intestate Succession

Minnesota’s probate courts oversee the intestate succession process. They ensure the fair distribution of the deceased’s property according to the state’s laws. The court assigns an administrator to manage the estate.

 

Impact of Marital Status

Marital status greatly affects intestate succession in Minnesota. The spouse usually receives the entire estate if there are no descendants or parents alive. If there are descendants, the spouse receives the first $225,000 and half of the balance.

 

The Role of Descendants

Descendants play a significant role in intestate succession. Descendants include children, grandchildren, and great-grandchildren. If a spouse survives the deceased, the descendants share the estate with them.

 

Legal Rights of Half-Relatives and Adopted Children in Minnesota’s Intestate Succession

Half-relatives and adopted children have legal rights under Minnesota law. Half-relatives receive half of what full relatives would get. Adopted children receive the same share as biological children.

 

The 120-Hour Rule

Minnesota applies a 120-hour rule in cases of simultaneous death. If an heir doesn’t survive the deceased by 120 hours, they are deemed predeceased. The estate is then distributed as if the heir died first. 

 

Avoiding Intestate Succession: Importance of Estate Planning in Minnesota

To avoid intestate succession, it’s essential to create a will. A will allows you to dictate the distribution of your property. Estate planning ensures your wishes are followed, providing peace of mind for you and your loved ones. According to Gallup, only 44% of Americans indicate that they have a will. (+)

The need for estate planning cannot be overstated.

But estate planning is a lot more than just creating a will. Your financial advisor in Minnesota should be helping you with your retirement and estate planning. They can include reviewing your estate in their annual review meeting. 

 

✏️  Take 360’s Retirement Planning Quiz to Find Out if You’re Ready for Your Next Step 

 

Financial Advisors in Minnesota

If you need a wealth management team to help you achieve your big-picture goals, we recommend scheduling a call with a financial advisor at 360 Financial.

360 Financial is one of Minnesota’s best independent wealth management firms. We work with clients in Minnesota and across the US. If you’d like to work with a team that always puts your best interests first and is committed to helping you create a lasting legacy, please get in touch. 

Schedule a 15-minute Call

 

About the Author

Mike Rogers

Mike Rogers is the founder and president of Minnesota-based financial advisory firm 360 Financial. As the founder, Mike’s priority is that 360 Financial always serves the clients with empathy, integrity, and honesty. This customized, client-centric approach allows the firm to help clients decipher between the things they can control and what truly matters.

In other words, Mike understands that money is not the end-all-be-all; instead, it’s the “how” that fuels the “why” to the question: “What’s important to you?”

 

Other Minnesota Estate Planning Articles and Guides

Financial Planning in Minnesota

How Many Steps Are in the Financial Planning Process?

Estate Planning in Minnesota

 

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

How a Fiduciary Financial Advisor in Minnesota Can Help

Posted on by Colette Nichol

How a Fiduciary Financial Advisor in Minnesota Can Help

By Mike Rogers, AIF®, Founder and President of 360 Financial

Mike Rogers is a fiduciary financial advisor with over 30 years of experience in the financial services industry as an investment advisor and financial planner. He founded 360 Financial in 1995 and holds series 7 and 63 security registrations with LPL Financial.

 

What is a Fiduciary?

A fiduciary is an individual or organization legally required to act in the best interest of another party. Fiduciaries must prioritize the interests of their clients above their own, which eliminates potential conflicts of interest and ensures you receive the highest standard of service and care.

 

What is a Fiduciary Financial Advisor?

A fiduciary financial advisor is a finance professional who is obligated to act in their client’s best interest. They provide financial advice and recommendations based on the client’s specific needs, goals, and circumstances rather than focusing on products or strategies that might benefit the advisor more than the client. 

For example, a fiduciary financial advisor can’t recommend a mutual fund that gives them a nice commission unless this mutual fund is the absolute best product for their client. When you work with a fiduciary, you don’t have to worry about being “sold” products you don’t need. Your advisor is legally required to act in your best interest at all times. 

 

How to Find a Fiduciary Financial Advisory in Minnesota

To find a fiduciary financial advisor in Minnesota, search for advisors with certified designations such as Certified Financial Planner (CFP) or Chartered Financial Consultant (ChFC). You can use online resources like the National Association of Personal Financial Advisors (NAPFA) or the Financial Planning Association’s (FPA) database. 

Always verify the fiduciary status by asking directly or checking the advisor’s Form ADV.

At 360 Financial, we are financial advisors, financial planners, wealth managers, and fiduciaries. 

 

Is it Better to Have a Fiduciary Financial Advisor?

Opting for a fiduciary financial advisor can be beneficial as they are required by law to act in your best interest. This obligation reduces the risk of conflicts of interest and ensures that your advisor’s recommendations align with your financial goals. However, it’s also important to consider an advisor’s qualifications, experience, and fees to ensure they are a good fit for your financial situation.

 

Understanding the Fiduciary Standard in Financial Advising

The fiduciary standard in financial advising refers to a strict code of conduct that advisors must adhere to. This standard requires advisors to act in a client’s best interest, avoid conflicts of interest, and disclose any potential conflicts. It’s a higher standard of care compared to the suitability standard, which only requires advisors to recommend suitable products.

 

Ethical Responsibilities of a Fiduciary Financial Advisor

Fiduciary financial advisors are bound by ethical responsibilities, including good faith and trustworthiness. They must provide accurate and complete information and diligently monitor and manage a client’s assets. They are also responsible for maintaining confidentiality and avoiding conflicts of interest.

 

Impact of Fiduciary Duties on Investment Strategies

Fiduciary duties significantly influence investment strategies. Advisors must consider the client’s financial goals, risk tolerance, and time horizon when making investment recommendations. They cannot recommend any investments that are not the absolute best fit for a client. This typically results in strategies tailored to each client’s unique situation rather than a one-size-fits-all approach. 

 

Regulatory Compliance for Financial Advisors

Like other U.S. states, financial advisors in Minnesota are subject to regulatory compliance. They must adhere to the rules set forth by the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA). Compliance includes accurate record-keeping, transparent fee structures, and regular audits.

 

Conflict of Interest Management for Financial Advisors with Fiduciary Duty

Fiduciary financial advisors are required to manage conflicts of interest effectively. They must disclose any potential conflicts to their clients and take necessary steps to mitigate them. This ensures transparency and maintains the trust between the client and the advisor.

 

Fiduciary Responsibility in Retirement Planning

In retirement planning, a fiduciary’s responsibility is to provide advice that best suits the client’s retirement goals. This may involve suggesting suitable investment options, ensuring the client is maximizing their retirement benefits, and planning for a sustainable income during retirement.

 

✏️  Take 360’s Retirement Planning Quiz to Find Out if You’re Ready for Your Next Step 

 

The Consequences of Breaching Fiduciary Duties

Breaching fiduciary duties can have severe consequences. If a financial advisor does not act in the best interest of their client, they could face legal repercussions, potentially involving financial restitution and damage to their professional reputation. 

In some cases, advisors may lose their licenses or be banned from practicing. Clients who believe their advisor has violated their fiduciary duties can report their concerns to regulatory bodies such as the SEC or FINRA.

 

Fiduciary Duties in Estate Planning and Wealth Transfer

A fiduciary financial advisor’s role extends to estate planning and wealth transfer. They are expected to guide clients through the complex process of planning for the distribution of their assets upon their death. This includes understanding the client’s wishes, recommending appropriate estate planning tools (like wills or trusts), and potentially coordinating with attorneys or tax professionals. Moreover, they have to ensure a smooth, efficient transfer of wealth with minimal tax implications, always acting in the client’s best interest.

 

Evaluating the Performance of a Financial Advisor

Evaluating the performance of a financial advisor is not just about assessing the financial returns. It also includes reviewing how effectively they communicate, their responsiveness to your needs, and their ability to proactively address changes in your financial situation or the market. Advisors should provide clear, regular updates on your investments and be willing to discuss their decisions. Additionally, an advisor’s performance should align with your financial goals, risk tolerance, and investment timeline.

Remember, a fiduciary financial advisor’s primary obligation is to put your interests first.

 

Work with a Fiduciary Financial Advisor in Minnesota

If you need a wealth management team to help you achieve your big-picture goals, we recommend scheduling a call with a financial advisor at 360 Financial. 

Founder and CEO of 360 Financial, Mike Rogers, has been a financial advisor for over 30 years. As a fiduciary, he always puts his clients’ best interests first and is dedicated to helping them achieve their big-picture financial and life goals. With his growing team, Mike is committed to providing outstanding financial services to successful professionals and business owners so they can live their lives on their own terms and leave a positive legacy. 

360 Financial is one of Minnesota’s best independent wealth management firms. 360 works with clients in Minnesota and across the US. If you’d like to work with a team that always puts you first and is committed to helping you create a lasting legacy, please get in touch. 

Schedule a 15-minute Call

 

 

Other Articles and Guides on Financial Planning

Financial Planning in Minnesota

How Many Steps Are in the Financial Planning Process?

Estate Planning in Minnesota

 

 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Retirement Planning Minnesota: A Simple Guide

Posted on by Colette Nichol

A Simple Guide to Retirement Planning in Minnesota

By Mike Rogers, AIF®, Founder and President of 360 Financial

Mike Rogers is a fiduciary financial advisor with over 30 years of experience in the financial services industry as an investment advisor and financial planner. He founded 360 Financial in 1995 and holds series 7 and 63 security registrations with LPL Financial.

 

Whether you’re ten, twenty, or even thirty years from retirement, it’s important to start planning. Review the basics of retirement planning in Minnesota and get started. It’s never too early to start planning for retirement. Part of your planning will be considering expenses, taxes, and investments and how you want to live during retirement. 

 

Retirement Planning Topics in this Article

  1. Understanding Minnesota’s Tax Policies for Retirement Income
  2. Social Security Benefits: Maximizing Your Retirement Income
  3. The Role of a Minnesota Financial Advisor in Retirement Planning
  4. Employer Retirement Plans: 401(k)s, 403(b)s, and IRAs
  5. Minnesota’s Public Employee Retirement Association (PERA)
  6. How to Plan for Healthcare Costs in Retirement in Minnesota
  7. 10 Tips for Downsizing Your Home for Retirement
  8. The Impact of Minnesota’s Cost of Living on Retirement Budgets
  9. Utilizing Health Savings Accounts (HSAs) for Retirement in Minnesota
  10. Create a Retirement Budget
  11. Estate Planning in Minnesota
  12. Long-Term Care Planning for Retirees in Minnesota
  13. Inflation and Your Retirement Savings
  14. Financial Advisors in Minnesota

 

The top five things you should consider when planning your retirement in Minnesota are the state tax laws, cost of living, healthcare costs, how the climate may affect your expenditures during retirement, and estate planning. 

  1. Tax Implications: Minnesota taxes Social Security and most other retirement income.
  2. Cost of Living: Minnesota’s cost of living can impact your retirement budget, especially housing and healthcare costs.
  3. Healthcare Planning: Consider supplemental insurance and HSAs for healthcare costs.
  4. Climate: Minnesota’s cold winters may influence living and travel expenses.
  5. Estate Planning: Minnesota-specific estate planning can ensure a smooth transition of assets.

 

✏️  Take 360’s Retirement Planning Quiz to Find Out if You’re Ready for Your Next Step 

 

Understanding Minnesota’s Tax Policies for Retirement Income

Minnesota’s tax policies can significantly impact your retirement income. The state taxes Social Security benefits to the same extent as the federal government. It also taxes most other forms of retirement income, such as pensions and retirement account withdrawals.

As of 2023, the following is true of tax rates in Minnesota during retirement:

  • In Minnesota, your Social Security income is partially taxed.
  • All withdrawals from retirement accounts are fully taxed in Minnesota.
  • Public and private pension income is fully taxed.

 

Social Security Benefits: Maximizing Your Retirement Income

To maximize your Social Security benefits in Minnesota, you may want to consider delaying your benefits until you reach your full retirement age or older. The longer you wait, the higher your monthly benefit will be. Speak with your financial advisor about this to identify when is the right time for you to start taking Social Security.

 

The Role of a Minnesota Financial Advisor in Retirement Planning

A Minnesota financial advisor can provide expert advice tailored to your personal financial situation. They can help you understand tax implications, investment strategies, and create a comprehensive retirement plan. 

If you don’t want to be worried about retirement for the next ten, twenty, or even thirty years, it would be wise to speak with a financial advisor and create a financial plan. Your financial advisor will be your guide, helping you towards your financial goals.  

 

Employer Retirement Plans: 401(k)s, 403(b)s, and IRAs

Employer-sponsored 401(k), 403(b) plans, and Individual Retirement Accounts (IRAs) are tools for saving for retirement. All of these offer tax advantages that can help your savings grow more rapidly. Minnesota employers may offer a match on 401(k) or 403(b) contributions, effectively giving you free money for your retirement savings.

There are also Roth 401(k)s, 403(b)s, and IRAs that have distinct tax advantages over the traditional plans. Talk with your financial advisor about what contribution is right for you.

 

✅ Related Article: Retirement Planning for the Self-Employed 

 

Minnesota’s Public Employee Retirement Association (PERA)

PERA provides retirement benefits for public employees in Minnesota. If you’re a public employee, understanding the benefits and contribution requirements of PERA is crucial for your retirement planning.

In some cases, it may make sense to choose a lump-sum option rather than taking lifetime income. In addition, there are a number of income options available (joint life for the life of your spouse, individual life for you, individual life with period certain). Your advisor can help you decide what option is best for you.

 

How to Plan for Healthcare Costs in Retirement in Minnesota

Even with Medicare, healthcare can be a significant retirement expense. Consider options like Medigap or Medicare Advantage plans for additional coverage. Also, a Health Savings Account (HSA) can be used to save for healthcare costs tax-free.

If you are retiring prior to age 65, you will want to have good estimates for the costs of healthcare. You would likely be relying on COBRA insurance from your past employer or on health insurance that can be found through the MN health insurance exchange (MN Sure)

 

10 Tips for Downsizing Your Home for Retirement

Downsizing can reduce living expenses in retirement and free up capital that you can invest. When looking for a new home, consider location, accessibility, and proximity to healthcare services. Also, consider the emotional aspects of leaving home where you’ve lived for many years.

1 Evaluate your Needs: Assess your lifestyle and determine what you actually need in your new home. Think about the number of bedrooms, outdoor space, proximity to family and friends, and access to healthcare.

2 Sort your Stuff: Go through each room in your house and sort your belongings into keep, sell, donate, or discard piles. Be ruthless. Only keep what you absolutely need or love. Before you give things away, check with family members to see if they want any items. You might be surprised by what people want!

3 Plan your Space: Once you’ve chosen your new home, measure the space and plan where your furniture will go. This will help you decide what to take with you.

4 Sell Unwanted Items: Sell items you no longer need through a garage sale, online marketplaces, or consignment stores.

5 Digitize (Some Of) Your Memories: If you have many photos, documents, or memorabilia, consider digitizing them to save physical space.

6 Consider Storage: In your new home, consider investing in multi-purpose furniture with built-in storage or vertical storage solutions to maximize space.

7 Downsize Gradually: Don’t try to downsize all at once. Start months before your move, tackling one room at a time.

8 Get Help: Enlist the help of family members, friends, or professional organizers. They can provide emotional support and practical help.

9 Think about Accessibility: If you’re moving for retirement, look for a home that can accommodate your needs as you age, such as single-story living or wheelchair accessibility.

10 Embrace the Change: Downsizing can be emotional. Focus on the benefits, such as less maintenance, lower costs, and more freedom to enjoy your retirement.

 

The Impact of Minnesota’s Cost of Living on Retirement Budgets

Minnesota’s cost of living is slightly higher than the national average. Consider this when planning your retirement budget, especially when it comes to housing, healthcare, and taxes. When you work with a financial advisor, they’ll help you plan for retirement taking into account what you’ll be spending when you retire.

You might also consider the trade-offs of moving out of Minnesota when you retire. By moving to an area that has a lower cost of living or that has a lower state tax bracket, you might be able to afford to retire earlier or be able to spend more on travel and other goals in retirement.

If you’re creating your own financial plan, read more about the six steps in financial planning. Begin creating a financial plan that will help you achieve your financial goals and a relaxing and comfortable retirement. 

 

Utilizing Health Savings Accounts (HSAs) for Retirement in Minnesota

HSAs can be a great tool for saving for healthcare costs in retirement. Contributions are tax-deductible, and withdrawals for qualified medical expenses are tax-free. After age 65, you can withdraw funds without penalty, but you will pay income tax on non-medical withdrawals.

If you do decide to utilize HSAs for retirement, you should invest them just like you are investing your other retirement accounts. Talk to your financial advisor about what would be appropriate investments for your HSA plan. 

 

Create a Retirement Budget

Start with your situation today. Review your total income, and subtract the amount you are saving and the amount you are paying for taxes. Now you’ve identified the amount of your current spending.

Will this change in retirement? Do you have a mortgage you will pay off? Will it remain the same in retirement? Are there any travel goals or other budget expenses you would like to add?

This will give you a good idea of how much income is needed in retirement, and you can work with a financial advisor to create a plan for getting that income.

 

Estate Planning in Minnesota

Estate planning involves more than just creating a will. It may also involve setting up trusts, naming beneficiaries for your retirement accounts, and creating a power of attorney and healthcare directive. 

A good financial advisor can help you with your estate planning and discuss the benefits of different legal documents. When it comes to actually drafting the legal documents you want in place, a Minnesota estate planning attorney can guide you through this process.

 

Long-Term Care Planning for Retirees in Minnesota

Long-term care can be a significant expense in retirement. Consider long-term care insurance, and look into Minnesota’s Medical Assistance program, which can help pay for long-term care if you qualify.

Minnesota has a tax deduction for long-term care premiums in qualified long-term care policies. To talk about long-term care insurance with an advisor, schedule a call with a financial advisor at 360 Financial.

 

Inflation and Your Retirement Savings

Inflation can erode your purchasing power in retirement. Consider investment strategies that can help your savings keep pace with or outpace inflation, such as investing in stocks or inflation-protected securities.

 

Financial Advisors in Minnesota

If you need a wealth management team to help you achieve your big-picture goals, we recommend scheduling a call with a financial advisor at 360 Financial.

360 Financial is one of Minnesota’s best independent wealth management firms. We work with clients in Minnesota and across the US. If you’d like to work with a team that always puts your best interests first and is committed to helping you create a lasting legacy, please get in touch.  

Schedule a 15-minute Call

 

 

About the Author

Mike Rogers

Mike Rogers is the founder and president of Minnesota-based financial advisory firm 360 Financial. As the founder, Mike’s priority is that 360 Financial always serves the clients with empathy, integrity, and honesty. This customized, client-centric approach allows the firm to help clients decipher between the things they can control and what truly matters.

In other words, Mike understands that money is not the end-all-be-all; instead, it’s the “how” that fuels the “why” to the question: “What’s important to you?”

 

Other Financial Planning Articles and Guides

Financial Planning in Minnesota

How Many Steps are in the Financial Planning Process?

Estate Planning in Minnesota

 

 

Schedule a Call

At 360 Financial, our clients come first. You deserve personalized attention. You’ll be happier and more confident in your financial future when you have an advisor who always puts your needs and best interest first. Schedule a 15-minute introductory call with a 360 financial advisor to see how we can help with your retirement, succession, tax, and estate planning.

Schedule a 15-minute Call

 

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

How Many Steps Are In the Financial Planning Process?

Posted on by August Ash

How Many Steps Are In the Financial Planning Process?

Written by Mike Rogers, Founder and President at 360 Financial

How many steps are in the financial planning process?

This is a great question to ask if you’re considering working with a financial planner. We’ll help you understand the process.

 

TABLE OF CONTENTS

  1. What is the Financial Planning Process?
  2. What are the Steps in the Financial Planning Process?
  3. What are the Steps in Personal Financial Planning?
  4. Key Takeaways
  5. Services 360 Financial Offers All Clients

 

What Is the Financial Planning Process?

The financial planning process documents your financial goals and the long-term strategy you will follow to achieve these goals. The plan is comprehensive but highly specific to your needs, obstacles, and goals. The financial planning process also includes implementing your plan, monitoring your financial progress, and making updates as needed.

A financial planner can help you every step of the way. They help you make a plan to reach your financial goals, including:

  • Budgeting
  • Saving
  • Retirement planning
  • Investing
  • Insurance

Now that you understand what the financial planning process is, we’ll break down the process into steps.

 

how many steps in the financial planning process?

 

What Are the Steps in the Financial Planning Process?

The financial planning process consists of six steps:

1 – Understanding your financial circumstances.

Your financial plan will be specific to you, so your financial planner will make sure they completely understand your financial circumstance. They’ll also try to understand your personal circumstances. This step ensures your financial plan is comprehensive and specific to your needs.

2 – Identifying goals.

Your financial planner will want to understand your top financial goals. Whether buying a house, saving for retirement, or creating a college fund, you will explain your financial goals.

3 – Analyzing your current course of action.

You’ll also explain what you’re currently doing with regard to your financial goals. Knowing where you’re starting from helps your financial planner create a more realistic plan to help you reach your goals.

4 – Developing financial planning recommendations.

Now that your financial planner knows all about your goals and situation, they will begin to create and record financial planning recommendations. They’ll present their recommendations to you, giving you options. At this point, it’s important you pick a plan that you’re comfortable and happy with.

5 – Implementing the financial plan.

Once you pick the plan you’re comfortable with, you’ll have to begin implementing it.

6 – Monitoring progress and updating.

As you implement your financial plan, you’ll monitor your progress. Then you can report back to your financial planner, and if something isn’t working, your financial planner will change it. On the flip side, if some aspects of your plan are working better than expected, your financial planner may adjust your plan to include more of the successful strategy.

Many people find financial planning easier when they work with a financial planner. Your financial planner will take the stress of making decisions off your shoulders, and they will only recommend their tried and true strategies.

Financial planners are professionals, and they can make the entire process easier for you.

 

Related Article: Financial Planning vs. Financial Advisor

 

What Are the Steps in Personal Financial Planning?

If you plan to work on your personal financial plan without hiring a financial planner, you’ll have to dedicate far more time to research, building strategies, and making decisions.

Here’s what the financial planning process looks like:

  1. Set your financial goals.
  2. Come to an understanding of what your current financial situation is.
  3. Analyze your current course of action.
  4. Research financial strategies to help you reach your specific financial goals.
  5. Build financial strategies, including alternatives so you have options.
  6. Choose your financial plan.
  7. Implement your financial plan.
  8. Monitor progress.
  9. Do research to update your current plan to meet your goals.

As you can see, when you do this process all on your own, it is much more involved than when you work with a financial planner. Many people prefer to work with a financial planner because they have to dedicate much less time to the process, and they typically get better results.

 

Key Takeaways

  • The financial planning process includes setting your goals, implementing your plan, monitoring your progress, and updating your plan.
  • A financial planner can make the entire process far easier for you. Doing the entire process alone can be far more work than you have time for.
  • It pays off to hire an expert who knows how to help you pursue your goals.

 

Financial Planning and Wealth Management Services at 360 

At 360 Financial, we care about your happiness and future. We’ll help you pursue your most important financial goals so you remain comfortable and confident in your future. We are financial advisors, wealth managers, and financial planners with years of experience helping our clients achieve their goals with a big-picture plan. We also help you with wealth management, estate planning, and retirement planning.



 

About the Author

Mike Rogers

Mike Rogers is the founder and president of Minnesota-based financial advisory firm 360 Financial. As the founder, Mike’s priority is that 360 Financial always serves the clients with empathy, integrity, and honesty. This unique, client-centric approach allows the firm to help clients decipher between the things they can control and what truly matters.

In other words, Mike understands that money is not the end-all-be-all; instead, it’s the “how” that fuels the “why” to the question: “What’s important to you?”

Learn more about Mike.

 

Schedule a Call

At 360 Financial, our clients come first. You deserve personalized attention from an advisor at our firm. You’ll be happier and more confident to know that your needs always come first. Book a 15-minute introductory call with us today.



 

Read More Posts about Financial Planning

How to Do Retirement Planning If You’re Self-Employed 
How to Choose a Good Financial Advisor
Financial Planning Young Adults: Saving, Investing, and Managing Money

 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

 

How to Choose a Good Financial Advisor

Posted on by August Ash

How to Choose a Good Financial Advisor

Finding a Financial Advisor that’s the Perfect Fit

Written by Mike Rogers, Founder and President at 360 Financial

Inflation is increasing, costs are rising, and financial insecurity is a huge concern for many people across the globe. Now is the perfect time to get serious about managing your finances and reaching your financial goals—and a financial advisor can help you along the way. Today, we’ll be explaining how to choose a good financial advisor.

 

TABLE OF CONTENTS

  1. Financial Advisor Services
  2. What does a financial planner do to help their clients?
  3. Wealth management vs. financial planning
  4. Costs of working with a financial advisor
  5. Benefits of a Good Financial Advisor
  6. Looking at a financial advisor’s credentials
  7. What should I look for when interviewing a financial advisor?
  8. What is most important about choosing a financial advisor?
  9. How do you know if a financial advisor is trustworthy?
  10. Important Questions to Ask Every Financial Advisor You Meet
  11. Working with a Major Bank or Wealth Management Firm vs. a Smaller Independent Firm
  12. Why You No Longer Need to Find Your Advisor Locally
  13. Work with Your Financial Advisor Online

 

Financial Advisor Services

If you have a financial goal but are unsure what steps to take, a financial advisor can help you create an actionable, achievable plan. When you follow their plan, you can meet your major financial goals, such as:

  • Buying a house
  • Investing
  • Retirement planning
  • Saving for your child’s college education

Whatever financial goals you have, your financial advisor will help you create a plan to reach those goals—but they will also assist you along the way.

 

What does a financial planner do to help their clients?

When you work with a financial advisor, you won’t be following their financial plan on your own. Your financial advisor will provide more hands-on services to help you execute your plan.

These services include:
  • Managing your investments
  • Acting as your stock broker
  • Advising and arranging insurance coverage
  • Strategizing estate planning
  • Making financial decisions

A financial advisor is perfect for you if you want help implementing your financial plan.

 

Wealth Management vs. Financial Planning

It’s common to wonder if financial planning overlaps with wealth management. Here’s how to differentiate the two services: While financial planners consider every aspect of your finances—from insurance to everyday expenses—wealth managers typically only focus on assets, investments, will and trust services, and estate planning.

 

Costs of Working with a Financial Advisor

Every financial advisor is different—and so is how they charge for their services.

Financial advisors charge for their services in a few ways:

  • Flat hourly rate (typically between $100 and $400 per hour)
  • Flat annual fee (ranging between $2,000 and $7,500 per year)
  • Commission on investments or products, which will be a certain percentage
  • A certain percentage of your portfolio (often 0.25% to 1% per year)

It all depends on the financial advisor you choose, so be sure to ask this question while you are vetting your options.

 

Benefits of a Good Financial Advisor

A good financial advisor helps you build wealth by:
  • Keeping you on track and reminding you of your financial goals
  • Creating a financial plan and helping you follow it
  • Making financial decisions that are in your best interest (so you don’t have to)
  • Providing guidance and assistance along your financial journey

And most importantly, a good financial advisor is trustworthy, giving you peace of mind on a daily basis. You’ll no longer be working towards a prosperous future on your own but with the help of an expert.

 

Looking at a Financial Advisor’s Credentials

If you’re looking for a financial advisor, make sure they hold a FINRA Series 65 license. This license is the most important credential that distinguishes a financial advisor from a financial planner.

They may also hold other credentials, including:
  • Certified Financial Planner (CFP)
  • Chartered Financial Analyst (CFA)
  • Chartered Financial Consultant (ChFC)
  • Certified Investment Management Analyst (CIMA)

All of these extra credentials give financial providers more expertise and knowledge to help you create and execute your financial goals.

 

Common Questions About Working with a Financial Advisor

 

What should I look for when interviewing a financial advisor?

When you’re interviewing financial advisors, look for an advisor that is a fiduciary. Legally, fiduciaries are required to put the financial interests of their clients above their own—but not all financial advisors are fiduciaries. Nonfiduciaries are not required to give you the same level of financial loyalty that fiduciaries are.

Always choose a fiduciary over a nonfiduciary.

 

What is most important about choosing a financial advisor?

Aside from looking at credentials and choosing a fiduciary, specialties are another important aspect of financial advisors. When you know your financial goals, you can pick a financial advisor who specializes in your financial realm. For example, if your main goal is to improve your investments, you can find a financial advisor who has focused on investments throughout their career.

Look for financial advisors who have specialties that align with your goals.

 

How do you know if a financial advisor is trustworthy?

Here are some signs that help you know if a financial advisor is trustworthy:
  • The financial advisor knows your goals, remembers them, and prioritizes them
  • The advisor speaks openly about financial risk, and educates you about it
  • You clearly understand the fees that you would pay if you choose this financial advisor
  • Your advisor wants to meet regularly to discuss your portfolio

 

Important Questions to Ask Every Financial Advisor You Meet

To help you find the right financial advisor for you, here are some questions to ask:
  • Are you a fiduciary?
  • What are your certifications and qualifications?
  • Do you have any specialties?
  • What is your investment philosophy?
  • What are the fees and costs of working with you?
  • How regularly do you meet with your clients?
  • What makes your client experience unique?

On top of these questions, don’t hesitate to ask personal questions that will help you get to know the personality of your advisor. A personality alignment is just as important as a professional alignment, so you can ask about their values and their hobbies.

 

Working with a Major Bank or Wealth Management Firm vs. a Smaller Independent Firm

You can have luck working with a major bank or wealth management firm, but we recommend working with a smaller independent firm. At a smaller firm, you won’t be just another number, but a priority, and your advisor will take more time to get to know you, your goals, and your dreams.

At 360 Financial, part of our philosophy is to treat our clients like family. Your financial advisor will take the extra time to get to know you on a deeper level so that your financial plan meets your needs.

 

Why You No Longer Need to Find Your Advisor Locally

In the past, your only option was to find an advisor locally. Now, thanks to advancements in technology, you can work with any advisor across the country remotely. Sticking to local advisors can be very limiting, so we recommend considering remote options.

 

Work with Your Financial Advisor Online

The best fit for you may be just a Zoom call away at 360 Financial. We’re more than happy to work with you remotely. We connect with families all across the United States, and we’d be happy to add you to our financial family.

 

Key Takeaways

  • A financial advisor creates your plan and implements it, advising you along the way.
  • Look for a financial advisor that has a FINRA Series 65 license.
  • Look for a financial advisor that is a fiduciary.
  • Ask the right questions to find a financial advisor you trust.

 

Financial Planning and Wealth Management Services 360 Financial Offers All Clients

We’re here to help you with your big picture planning. Financial planning is not one-size-fits-all, and you need an advisor that is in tune with your goals and needs—which is what we specialize in at 360 Financial.

We focus on tax strategies, income planning, legacy planning, risk management, investment planning, and estate planning. 360’s financial advisors consider your entire financial picture when creating a plan for you.

 

Schedule a Call

At 360 Financial, we believe that every client deserves personalized attention from our team of experts. You can be confident in knowing that your financial needs are our first priority.


 

Read More Posts about Financial Planning

How to Do Retirement Planning If You’re Self-Employed 
How to Choose a Good Financial Advisor
Financial Planning Young Adults: Saving, Investing, and Managing Money

 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

 

 

Financial Planning Young Adults: Saving, Investing, and Managing Money

Posted on by August Ash

Top 5 Financial Planning Tips for Young Adults

Saving, Investing, and Managing Money as a Young Adult

Written by Mike Rogers, Founder and President at 360 Financial

While there’s no magic formula to making money and growing your wealth, there are certain things you can do to stack the odds in your favor.

Starting at a young age is key because you’re more likely to develop good habits – which can make all the difference in achieving future financial success. For people in their late teens and twenties, this is the time to learn about finance and start saving for your financial future. The younger you are, the more time your savings and investments have to grow.

This article will give you tips on how to start saving, investing, and managing your money.

 

TABLE OF CONTENTS

  1. Why is Financial Planning Important at a Young Age?
  2. Top 5 Financial Planning Tips for Young Adults
  3. Earning more at a younger age
  4. Budgeting and managing your money
  5. Investing as a young adult
  6. Saving for a financially-free lifestyle
  7. Building your wealth and protecting it
  8. How do you Financial Plan in your 20s?
  9. Managing an Inheritance
  10. Financial Advisor for Young Adults

 

Why is Financial Planning Important at a Young Age?

The most valuable thing in life is time, and when you’re young, you have it.

The younger you are, the more time you have to make money. You also have more time to let your money grow through either investments or savings. Also, you have more time to take risks—which increases your rewards—and more time to make financial mistakes and learn from them.

Another reason it’s important to plan financially at a young age: Now is the time that you are building your habits. If you build habits that allow you to succeed financially now, you will carry those with you throughout the rest of your life.

 

financial planning young adults

 

Top 5 Financial Planning Tips for Young Adults

Here are our tips to help you plan financially:

1. Earning more at a younger age

Earning more money is the first step to financial freedom. You can’t save, manage, or invest money if you don’t have it. That’s why it’s so important to start earning more right away. While your mind might jump to side hustles, we urge you to try to work smarter, not harder. After all, no one wants to be constantly overworking themselves.

While side hustles can be great, first, it’s important to find a full-time income that adequately pays you for your skills. It’s important to know your worth by performing market research, so you can ask for enough and not under-sell yourself. Even after you get a job, it may pay off to keep yourself on the market. Wage growth for job switchers is 47% higher than for those who stay in their current job. This is because you have negotiating power when you’re switching jobs.

If you’re struggling to find a full-time job that pays enough, consider becoming self-employed. While it’s not the right path for everyone, it can potentially help you earn more.

2. Budgeting and managing your money

Once you start earning money, you need to budget and manage it — otherwise, you’ll spend it all too fast. You’ve probably heard the saying, “You can’t manage what you don’t measure.” When it comes to your money, that’s especially true.

When you know where all your money is going, it becomes easier to make decisions about how you want to spend and save. The first step is to simply record and analyze how you’re currently spending money, and where you can make changes.

After you analyze where your money is going, now it’s time to create a budget. A budget is a detailed plan for how much money will be coming in and going out over a given period of time.

Remember: A budget is a plan, and it won’t always be executed perfectly. Give yourself grace when you make mistakes, but continue to track your spending so you can avoid those mistakes next month.

3. Investing as a young adult

When you start budgeting and managing your money, you will begin allotting some towards savings. But letting ALL of your savings sit in a bank account isn’t the best way to grow your money. While savings are undoubtedly essential, we also recommend investing a certain percentage of your income monthly.

Investing is more of a risk, but it has a much higher reward than saving. And because you’re young, those risks are easier to take because you usually won’t be needing your money for decades—giving it time to grow again, even if you lose some along the way. You’ll keep your money in your investment account for the long-term and ride out any short-term downdrafts.

Investing your money will likely yield high returns, and it’s best to get started as a young adult.

4. Saving for a financially-free lifestyle

As we mentioned previously, saving is extremely important. Your main goal should be cutting your spending in unnecessary areas and allotting a certain amount of money each month into your savings.

Now is the time to save for financial freedom. This means you’ll have the money you need to live the life you want to live. Ideally, this means you create enough income, so you don’t have to work after you retire.

When you’re old, you won’t want to be spending your days working. You want to work and save now so that you can enjoy your older years in peace. But the best thing about savings, unlike investments, is that if you have an emergency, you can use these funds to help you.

We recommend starting an emergency fund first, which is a savings account that is meant to be used during a crisis. After that, start building a savings fund that you ideally won’t touch until retirement.

5. Building your wealth and protecting it

Building your wealth is a process that involves making, managing, investing, and saving money. You also have to protect your wealth as you grow up from avoidable losses and risks. Protecting your wealth means getting great insurance and working with a financial advisor.

A financial advisor does the following:

  1. Creates your financial plan
  2. Manages your investments
  3. Acts as your stock broker
  4. Advises and arranges insurance coverage
  5. Strategizes estate planning
  6. Makes financial decisions
  7. Executes your financial plan

All of which can take stress and tasks off your shoulders. Plus, a financial advisor is an expert who can get you better results than if you manage your money on your own.

 

How To Do a Financial Plan in Your 20s

When you create a financial plan, whether with a financial advisor or on your own, there is a process to follow. Here are the steps:

  1. Set your financial goals
  2. Understand what your current financial situation is
  3. Analyze your current course of action
  4. Research financial strategies to help you reach your goals
  5. Build financial strategies, including alternatives, so you have options
  6. Choose your financial plan
  7. Implement your financial plan
  8. Monitor progress
  9. Do research to update your current plan to meet your goals

However, when you work with a financial advisor, they will take on the majority of the grunt work, help you make decisions, and monitor your progress.

 

Managing an Inheritance

With more money comes more responsibility. While you have a great opportunity to build upon your wealth by managing your inheritance properly, there’s also a great risk of overspending and causing your inheritance to vanish quickly.

If you have received an inheritance, we highly recommend working with a financial advisor. They can help you properly invest your money so that it grows.

 

Financial Advisor for Young Adults

The prospect of working with a financial advisor may seem intimidating, but it really isn’t. The important thing to remember is that a good financial advisor wants to help YOU succeed and meet your financial goals. Many advisors work with young adults, and most have pricing that scales with you.

Overall, when you’re looking for a financial advisor, it’s essential to find someone you trust. You want to feel comfortable with them and talk openly and honestly with them. Avoid any advisors who make you feel intimidated.

 

Key Takeaways

  • The younger you are, the more time you have to earn and build your wealth.
  • When you’re young, your habits are important and carry with you for the rest of your life. Now is the time to create financially healthy habits.
  • Budget, manage, invest, and save your money.
  • If you need expert advice and guidance, work with a financial advisor.

 

Services 360 Financial Offers All Clients

At 360 Financial, we want you to be confident that you have a financially comfortable future. We’ll help you create a plan, execute it, and monitor your progress so that you can be financially free in the future.

 

 

About the Author

Mike Rogers

Mike Rogers is the founder and president of Minnesota-based wealth management firm 360 Financial. As the founder, Mike’s priority is that 360 Financial always serves the clients with empathy, integrity, and honesty. This unique, client-centric approach allows the firm to help clients decipher between the things they can control and what truly matters.

In other words, Mike understands that money is not the end-all-be-all; instead, it’s the “how” that fuels the “why” to the question: “What’s important to you?”

Learn more about Mike.

 

Schedule a Call

At 360 Financial, our clients come first. You deserve personalized attention from an advisor at our firm. You’ll be happier and more confident to know that your needs always come first. Book a 15-minute introductory call with us today.


 

Read More Posts about Financial Planning

How to Do Retirement Planning If You’re Self-Employed 
How to Choose a Good Financial Advisor
Financial Planning vs. Financial Advisor
Financial Planning for Business Owners

 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Financial Planning vs. Financial Advisor

Posted on by Trone

Financial Planning vs. Financial Advisor

What’s the difference between a financial planner and a financial advisor?

Written by Mike Rogers, President and Founder at 360 Financial

When you start to get serious about pursuing financial independence, you’ll probably begin to wonder about the difference between “financial planning” vs. “financial advisor.” Similar terms can cause confusion, but we’re here to help you understand these terms and their differences.

 

TABLE OF CONTENTS

  1. What is Financial Planning?
  2. What does a financial planner do to help their clients?
  3. What designation does a financial planner have?
  4. What is the Difference Between a Financial Planner and Financial Advisor?
  5. What does a financial advisor do to help their clients?
  6. What designations does a financial advisor have?
  7. Do I Need a Financial Advisor or Planner?
  8. Do I need to find a financial advisor or planner locally?
  9. What is the cost of working with a financial advisor?
  10. Key Takeaways
  11. 360 Financial’s Financial Advisors

 

What is Financial Planning?

You have a financial goal but don’t know what steps to take to reach that goal. That’s where financial planning comes in: Financial planners help you create an actionable, achievable financial plan to help you meet your goals. A financial planner can help you reach long-term goals related to:

  • Budgeting
  • Saving
  • Retirement planning
  • Investing
  • Insurance

 

What Does a Financial Planner Do to Help Their Clients?

A financial planner creates long-term programs to help their clients reach their long-term financial goals. They help you chart a course for your life as it relates to your finances, analyzing every aspect—such as your savings, taxes, expenses, and investments.

Goals a financial planner can help you achieve include:

  • Saving to fund your child’s college education
  • Buying a new home
  • Saving to retire comfortably
  • Increasing profitable investments

One key aspect of a financial planner is that they provide targeted services. You’ll come in with a specific goal in mind, and they’ll help you reach that goal.

 

financial planner vs financial advisor

 

What Designation Does a Financial Planner Have?

Typical designations of financial planners include:

  • Certified Financial Planner (CFP)
  • Chartered Financial Analyst (CFA)
  • Chartered Financial Consultant (ChFC)
  • Certified Investment Management Analyst (CIMA)

Make sure your financial planner has at least one of these designations before moving forward with them. The term “financial planner” is an unregulated umbrella term, so you’ll want to be sure that they have the proper designations before trusting them with your financial future.

Now that you have a full understanding of financial planners, we’ll dive into the difference between them vs. a financial advisor.

 

What Is the Difference Between a Financial Planner and Financial Advisor?

The difference is that while a financial planner helps you with a very specific goal, financial advisors are broader in their approach. Financial advisors typically offer the same services as financial planners, but they offer even more, including managing your investments.

Another key difference between financial planners vs. financial advisors is how you pay them. A financial planner will typically charge a flat hourly or annual fee, while a financial advisor often earns a commission on investments or products they sell. Some financial advisors earn a combination of commissions and flat fees, and others may charge a percentage of your overall portfolio per year.

Now, we’ll dive further into what exactly a financial advisor does to help you further understand the difference.

 

How a Financial Advisor Helps Their Clients

While a financial advisor offers similar services to a financial planner, they also offer even more services, including:

  • Managing your investments
  • Acting as your stock broker
  • Advising and arranging insurance coverage
  • Strategizing estate planning
  • Making financial decisions
  • Executing your financial plan

While a financial planner will create your plan, a financial advisor will provide more hands-on services actually to help you execute that plan.

 

Designations a Financial Advisor May Have

If a financial advisor is working with the public, they are required to hold a FINRA Series 65 license. On top of that license, they may also hold other financial certifications that are similar to those of a financial planner. These may include:

  • Certified Financial Planner (CFP)
  • Chartered Financial Analyst (CFA)
  • Chartered Financial Consultant (ChFC)
  • Certified Investment Management Analyst (CIMA)

The main designation to look for in a financial advisor is the FINRA Series 65 license.

 

Do I Need a Financial Advisor or a Financial Planner?

Choosing between a financial advisor and a planner will look different for everyone. The right fit for you depends on what your individual needs are. Before we jump into how to decide, remember that your needs will probably change over the course of your life. While one may be the best fit for you now, you may want to switch in a few years.

A financial planner is best for you if you:

  • Want help developing a long-term financial plan, but don’t need help implementing that plan
  • Want to understand how your finances will evolve over your lifetime
  • Have gone through a major life change, such as getting married
  • Are nearing retirement
  • Need help managing debt, saving for college or retirement, or minimizing expenses
  • Need help strategizing about asset transfers

A financial advisor may be the best fit for you if you:

  • Are looking for help implementing your financial plan
  • Don’t want to or don’t feel comfortable making financial decisions
  • Are looking for occasional financial guidance
  • Need help with a specific investment strategy

Again, your situation will likely change over your lifetime, so your decision isn’t permanent. You can always change your mind in the future.

 

Do I need to find a financial advisor or planner locally?

No, you don’t need to find a financial advisor or planner locally. In fact, doing so can be extremely limiting. The best fit for you may be just a Zoom call away, so don’t be afraid to consider financial advisors or planners that aren’t local.

 

What is the cost of working with a financial advisor?

Financial advisors can charge for their services in a few ways:

  • Flat hourly ($100 – $400 per hour) or annual fee (ranging between $2,000 and $7,500 per year)
  • Commission on investments or products (a certain percentage)
  • A certain percentage on your portfolio (typically 0.25% to 1% per year)

It all depends on which financial advisor you choose, and how they charge for their services.’

 

Key Takeaways

  • A financial planner creates a plan, while a financial advisor creates your financial plan AND executes it.
  • A financial planner offers targeted services, while a financial advisor can help with more general financial services.
  • Choosing a financial planner vs. a financial advisor depends on your specific circumstances and needs, and these may change at any time.
  • Looking for a financial planner or advisor locally limits your options and may stop you from finding the best fit.

 

Next Steps

When you’re looking for a financial advisor, look for one that puts your needs first. At 360 Financial, we have a process centered around you, your goals, and what matters to you. We want to get to know you and your family, your financial goals, and any frustrations you have.

If you decide to work with us, we’ll mutually decide if there’s a comfortable fit—after all, we want to make sure your needs are being met. Book a 15-minute introductory call with 360 Financial today.

 

 

Top Financial Planning Articles

Want to keep learning about financial planning? Keep reading:

 

About the Author

This article has been reviewed by Mike Rogers, 360 Financial President and Founder of Wayzata-based 360 Financial. Prior to establishing the firm in 1995, he spent seven years with two of the nation’s largest investment firms. As a fiduciary, he utilizes his 30+ years of experience to plan and implement strategies tailored to address the issues and concerns of qualified retirement plan trustees, high-level professionals, and thriving business owners.

Mike holds the series 7 and 63 security registrations with LPL Financial. He served six years on the Benilde-St. Margaret’s Board of Directors, chairing the Investment Committee for many of those years. Through his membership in the Twin West and Wayzata Chambers of Commerce, he is able to better support business owners. And belonging to the LPL Financial Chairman Club and the Financial Planning Association allows continual support for the financial industry.

 

Schedule a Call

At 360 Financial, you and your financial goals come first, always. We’ll help you understand all the pieces of your financial puzzle, and work toward your financial goals for long-term success. Book a 15-minute introductory call with us today.

 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

 

How Does Wealth Management Work?

Posted on by Trone

How Does Wealth Management Work?

Find Out If You Need a Wealth Manager

Written by Mike Rogers, President and Founder, at 360 Financial

How does wealth management work?

In a time where financial instability is a huge concern, you may be wondering, “How does wealth management work?” This is a great question. When you start building wealth, the last thing you want to do is put it in a savings account that doesn’t make any interest.

In contrast, wealth managers make your assets and wealth work for you.

Sounds too good to be true? Keep reading while we explain wealth management and how it can benefit your finances.

 

TABLE OF CONTENTS

  1. What is Wealth Management?
  2. At What Point Do You Need a Wealth manager?
  3. Are Wealth Management Fees Worth it?
  4. Wealth Management Process
  5. Key Takeaways

 

What Is Wealth Management?

Wealth managers help you not only save your wealth but also build upon it. They look at your financial goals and help you pursue financial freedom and security. Wealth managers help you manage your assets, invest wealth, and preserve wealth for future generations.

 A wealth manager will help you set up an investment plan that suits your goals and risk tolerance. They can advise you on how to achieve your goals by providing specific investment recommendations. They’ll help you make informed decisions about how your money is being invested.

 

How Is a Wealth Manager Different from a Financial Planner?

While financial planners consider a broader vision of your finances—from insurance to everyday expenses—wealth managers might only focus on assets, investments, will and trust services, and estate planning.

 

At What Point Do You Need a Wealth Manager?

The higher your assets are, the less you’ll have to pay a wealth manager. That’s why typically only affluent people invest in wealth management. Wealth managers typically only serve high-net-worth individuals (HNWI), which is those with over $750,000 in assets. (+) (+)

 

what is the wealth management process

 

 

Are Wealth Management Fees Worth it?

The truth is: It’s impossible to be an expert in everything. Wealth managers take the financial stress off your shoulders by giving you the knowledge and advice you need to continue building your wealth responsibly.

However, if you’re not a high-net-worth individual, wealth management fees are probably not worth it. In those cases, you can seek a financial planner.

 

Wealth Management Process

If you want to understand how wealth management works, here are the steps that a wealth manager will take: 

  1. Meet with you to understand your goals, needs, and financial situation.
  2. Research investment options to find those that align with your goals and needs.
  3. Create an investment plan based on your preferences, goals, and risk tolerance.
  4. Collaborate with you and make sure you’re comfortable with your plan.
  5. Manage your investments over time.
  6. Monitor your financial progress and make changes as needed.

You’ll be in communication with your wealth manager throughout the whole process to ensure your needs are met.

 

 Key Takeaways:

  • Wealth management is for affluent people who need comprehensive wealth management services.
  • Your wealth management plan will be specific to your financial goals and needs.
  • Wealth managers help you invest and build your wealth.

 

Next Steps

At 360 Financial, we take the time to get to know you and your goals. We create a customized financial strategy to help you reach those goals. We’ll work with you every step of the way.

 

About the Author

Mike Rogers

Mike Rogers is the founder and president of Minnesota-based financial advisory firm 360 Financial. As the founder, Mike’s priority is that 360 Financial always serves the clients with empathy, integrity, and honesty. This unique, client-centric approach allows the firm to help clients decipher between the things they can control and what truly matters.

In other words, Mike understands that money is not the end-all-be-all; instead, it’s the “how” that fuels the “why” to the question: “What’s important to you?”

Learn more about Mike.

 

Schedule a Call

At 360 Financial, we believe that every client deserves personalized attention from our team of experts. You can be confident in knowing that your financial needs are our first priority.

 

 

Read More Posts about Financial Planning

How to Do Retirement Planning If You’re Self-Employed 
How to Choose a Good Financial Advisor
Financial Planning Young Adults: Saving, Investing, and Managing Money

 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

All investing involves risk including loss of principal. No strategy assures success or protects against loss.