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  • Writer's pictureYvonne Darby

Why your Financial Planner needs a Financial Planner

Updated: Oct 26, 2023

As a financial planner myself with seemingly all the knowledge and resources to optimize and plan for my own life, I too (you guessed it), have a financial planner. I’m self-aware enough to understand that I am too close to my own life to see everything with clarity. It’s one thing to understand money on an intellectual level or be up to date on the latest news on tax reform, but it’s another thing to critically apply those understandings to your personal finances. I can feel overwhelmed and burdened by all the details and the infinite choices we are offered in today’s world. I don’t want to spin my wheels and explore all the options to the furthest extent. I want to know that my professional financial planner understands the specifics of my life and can recommend the most direct path to my financial goals.

This is my story of what led me to Sherwood in my search for a Financial Advisor. For those of you that don’t know, I was a client before I became an employee at Sherwood. When I graduated from Pepperdine, where I was loosely connected to Hannah Boundy, I was a good saver and naturally drawn to personal finance as a topic of learning. However, knew that I had gaps in my knowledge, and I didn’t want to look up 30 years later to realize I hadn’t saved in the proper accounts or methods. I read some of Hannah’s blog articles online and decided to reach out. Truth be told, not all financial advisors are built the same, but attention to detail and care for my life is what I found when I engaged Hannah Boundy as my Financial Advisor and Planner. Ten years later and now I’m working with Sherwood to offer clients this same peace of mind; I’m so grateful.

Financial Planning is for everybody. Here are some roadblocks people have in pursuing financial planning for their own lives. It’s too important to not give it your attention.

Source: 2021 Schwab Modern Wealth Survey.

Here a short list of the benefits of having a Financial Planner:

1. Holistic Approach to your Finances

We talk about this reality often at the office; life is increasing in complexity. With the ability to reach anyone at the click of a button via text or email or phone call, there’s also an increasing demand on our time and our productivity. The overwhelming amount of information on the internet and the DIY trends of the last decade can make it tempting to get your financial advice online and apply it piecemeal to your own circumstances. At Sherwood, we value providing a high level of service to all our clients. We take a holistic approach to your finances. Over the last several years, you’ve watched as we’ve added specialists to our team: CPA, Attorney, etc. This growth of our team came out of a realization that our clients’ team of professionals were not always aware or aligned with their financial goals. We realized there was a need to have someone truly quarter back your finances.

2. Avoid Analysis Paralysis

We can help guide you through complicated financial decisions, so you can have less stress, and more confidence. Some of these decisions include:

  • Can you afford to buy a home?

  • Should you be saving for kid’s college?

  • How much should you be saving into your retirement accounts?

  • How much can you responsibly give to your kids while you’re living while not compromising your own retirement?

  • Should you be worried about the upcoming estate tax exemption changes?

  • Should you take the lump sum or the monthly pension from my company when I retire?

No matter what stage you are in life, financial planning can help you reach your goals and help provide financial security for you and your family. Through financial planning, we can analyze different scenarios and give you the information you need to make the right decision for your family. Throughout life’s milestones and transitions, your Financial Planner can be a great resource. Here’s a short list of milestones that are important times to reach out to your Financial Planner:

  • Marriage

  • A change in your employment

  • The birth of a child, receiving an inheritance

  • Divorce

  • Retirement

  • A move

3. Risk Mitigation While you cannot prepare for everything, there are steps that you can take to plan for most things. Life is full of the unexpected and we help clients to be aware of the potential risks in their specific circumstances and create an action plan. There are many strategies we can implement to bridge the gap between when you’re building wealth and when you can self-insure for the unexpected. We build you a financial plan that helps you worry less about market downturns, emergency expenses, health-care and long-term care costs, or outliving your retirement income. You tell us what you’re concerned about and we can provide you with solutions.

4. Crisis Management In times of crisis, no one is operating at their best. We have walked with many clients through the unfortunate and early passing of a spouse or close loved one. The task of being an executor of a will or a trustee is a full-time job in and of itself. Often our clients are chosen for this role because they are responsible and capable, but in the midst of grief and the need to continue to tend to the responsibilities of their own lives – it can be crucial to have a financial planner in your corner. You may only execute the wishes of a loved one once in your life, but we have breadth of experience in partnering with our clients to ease the challenge and complexity of a wealth transfer. We know that support in these difficult times is so important, and we feel honored to walk alongside our clients. 5. Proactive Strategy Implementation We’re looking to the future for you, so that you can be present with your family and enjoy your life now. Many of the professionals in your life are looking backwards: your CPA is filing taxes for the past year or they are a single touch point in your life: an Estate Planning attorney creates your Trust and then you’re on your way. Sherwood is committed to connecting with you annually (whether you decide to take us up on the meeting or not) to make sure you’re on track and that we’re considering the future as we manage your investments. We’re in the business of protecting your legacy, so that you can live it out now.


“A financial plan may sound like a chore. But for successful investors, it's the foundation on which to build, understand and achieve your goals. Having a written plan can increase confidence and result in more constructive financial behavior. People working with a financial planner who is taking a holistic look at their needs, beyond just products and portfolio, are likely better off than those working with a planner who takes a transactional approach.” [i]

Here are the services we provide at Sherwood Financial Partners:

  1. Legacy Financial Planning

  2. Estate Planning Analysis

  3. Family Legacy Meetings

  4. Family Financial Coaching

  5. Charitable Giving Strategies

  6. Investment Management

  7. Values-Based Investing Options

  8. Asset Transfer Services

  9. Tax Planning

If you’re interested in getting started on your own financial plan or you’re curious about any of our service offerings listed above, please reach out to schedule a complimentary introductory call.

 

Commentaires


Sherwood Financial Partners, LLC is a registered investment adviser. Sherwood Financial Partners, LLC may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. The information contained herein is not intended to convey or constitute legal or tax advice. Be sure to first consult with a qualified financial adviser, legal professional, and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance. Principal value and investment return will fluctuate. There are no implied guarantees or assurances that the target returns will be achieved or objectives will be met. Future returns may differ significantly from past returns due to many different factors. Investments involve risk and the possibility of loss of principal.

 

Case studies presented are based on actual clients, however, some of the information may have been changed or altered. These studies are provided for educational purposes only. Similar, or even positive results, cannot be guaranteed. Each client has their own unique set of circumstances so products and strategies may not be suitable for all people. Please consult with a qualified professional before implementing any strategy discussed herein. No portion of these case studies is to be interpreted as a testimonial or endorsement of the firm's investment advisory services.

 

Sherwood Financial Partners, LLC may discuss and display, charts, graphs, formulas which are not intended to be used by themselves to determine which securities to buy or sell, or when to buy or sell them. Such charts and graphs offer limited information and should not be used on their own to make investment decisions.

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