3 Reasons to Work with a Financial Planning Company

We still hear the words “unprecedented” and “new normal.” The global pandemic impacted every part of our lives, including our finances. Working toward overall financial stability and success is more accessible when working with a financial planning company. 

Understanding your financial situation and future planning has always been an arduous process. Now we have these new challenges that don’t seem to be going away. How will advisors guide their clients through this storm? The following trends for 2023 are a good indication. 

1. Identify economic challenges.

If you watch the news, you know how confusing the economic updates are. They have everyone asking, “How does that impact my life?” Understanding how global-scale economic issues may affect you is stressful.

Financial advisors are actively working with clients to respond to multiple challenges such as:

• International conflict
• Inflation
• Risk of economic recession
• And many other factors that impact the economy

Remember, you aren’t alone! A finance advisor closely monitors and anticipates changes, then interprets how events may impact your unique situation. If you are concerned or have questions, don’t hesitate to call your advisor. They will work with you to develop the best strategy to keep you on track to accomplishing your goals. 

2. Assess management trends.

An advisor will build and implement management strategies that fit your needs–both proactively to prepare for challenges and in response to new challenges. U.S. News & World Report predicts a financial planning company will trend toward the following financial advising trends in 2023:

• Changes in client engagement
• Defense planning
• Tax and estate planning
• Wealth management consolidation
• External investment solutions
• Financial wellness

The right tools are critical in development and implementing strategies for management and wealth growth. This happens to be Trend #3.

3. Find the best tools.

Working with an advisor will help you determine the best tools for achieving your goals. Specific tools and strategies, such as Roth IRA conversions, don’t benefit everyone. Cookiecutter packages are unacceptable. You need an advisor who is dedicated to working in your best interest.

Questions he or she will likely ask to help you narrow it down include:

• What are your goals?
• Who are you financially responsible for?
• What is your most pressing financial concern?
• What do you want to be your financial legacy?

EMoney offers this list of 44 questions financial planners should be asking their clients.

Partner with Good Life Asset Strategies 

Good Life Asset Strategies is here for you. From basic financial strategies–such as building a budget–to complex wealth management–such as investment strategies in a bear market–our advisors find specific tools for you. Schedule a call to continue the conversation about how a financial planner can help you.