Nov 6, 2013 The Roles of a Financial Planner

Why on earth would you want to hire a financial planner? Even the name sounds boring. There are plenty of places on the internet or TV to get investment advice or planning ideas, right? I think there is a misconception on the role of a planner. This could be a hangover from the .Com brokers of the 90’s or just a result of salespeople dominating the financial services marketplace. Yes, a planner should have a firm grasp on the markets, an understanding of estate and tax planning, the ability to organize a financial plan and address your risk management concerns. However; there is more to expect from working with a Financial Planner Professional.

Lay Out Alternatives
You should expect the planner to lay out alternatives to you. When you are crossing the road and looking right, it is your planner’s duty to look left. There is certainly more than one way to reach almost any solution, with each alternative offering small advantages or disadvantages. A good planner does not come to your with “the solution” but helps you make informed decisions based on all of the alternatives that are available to you.

Identify Blind Spots
A Financial Planner should also identify blind spots. There is no shortage of financial advice available on TV and the internet but much of this information is so narrow as to render it all but useless. Many people get so focused on one area of their financial house, that they neglect others. It is not good enough to have a solid investment strategy if you haven’t ever considered estate planning or retirement planning. The role of a planner is to customize the fit and make sure you aren’t leaving yourself open to disaster.

Instill Objectivity
A Financial planner should instill objectivity. This is particularly true in the current environment of polarized politics and twenty-four-hour news. The planner should maintain an environment where decisions can be made based on the information at hand while managing the risks and opportunities going forward. It is not always a good idea to vote with your investments.

Tell the Truth
Finally, the role of a financial planner is to tell people the truth. You need a confidant that you can trust. Sometimes the truth is a bitter pill to swallow. You must save more and spend less to accomplish your goals. It can be as simple as someone that will help your spouse make sound financial decisions if you are not there to assist. Sometimes a planner must admit that they are not the right person to speak with on an issue and introduce the client to someone better suited to solve the problem. The hallmark of a professional is someone willing to work with others in the best interest of their client. They don’t mislead and are not afraid to discuss the difficult issues. A client once told me that “growing old is not for sissy’s”. At some point, you will need to have frank, honest discussions that are imperative to your financial success.

The opinions expressed in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. Securities offered through LPL Financial, member FINRA/SIPC. Investment advice offered through Leonard Rickey Investment Advisors, P.L.L.C, a registered investment advisor and separate entity from LPL Financial.

 

Company News

Employee Spotlight: Michelle Zurcher

Congratulations, Chelsie!

Welcome, Liz Stokes!

Employee Spotlight – Jacqueline Cremen

Shreds and Meds Day – October 28th at The Valley Mall

Market Commentary

Presidential Elections and the Market

2024 2nd Quarter Investment Commentary

2024 1st Quarter Investment Commentary

2023 4th Quarter Investment Commentary

2023 3rd Quarter Investment Commentary

Retirement Planning

2024 Key Financial Changes

Social Security Benefit Increase of 3.2% for 2024

The 4 Changes from SECURE Act 2.0 You Should Know for 2023

Medicare Open Enrollment for 2023 Begins October 15th

Social Security Benefit Increase of 8.7% for 2023

Tax Planning

2024 Key Financial Changes

2023 1099 Release Information

2023 Year-End Tax Planning

When do I start my Required Minimum Distribution?

UPDATE: Washington State Long Term Care Payroll Tax

Cyber Security

Red Flags When Transferring Money

Cybersecurity 101 – 2022 Update

Cybersecurity 101

New Changes to Web-Portal Password Requirements

Equifax Data Breach Update: Make a claim today

Important Disclosures

Leonard Rickey Investment Advisors, PLLC (“LRIA”), is an SEC registered investment adviser located in the State of Washington. Registration does not imply a certain level of skill or training. For information pertaining to the registration status of LRIA, please contact LRIA or refer to the Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov).

This is provided for general information only and contains information that is not suitable for everyone. As such, nothing herein should be construed as the provision of specific investment advice or recommendations for any individual. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. There is no guarantee that the views and opinions expressed herein will come to pass. This newsletter contains information derived from third party sources. Although we believe these third-party sources to be reliable, we make no representations as to the accuracy or completeness of any information prepared by any unaffiliated third party incorporated herein and take no responsibility therefore.

Any projections, forecasts and estimates, including without limitation any statement using “expect” or “believe” or any variation of either term or a similar term, contained here are forward-looking statements and are based upon certain current assumptions, beliefs and expectations that LRIA considers reasonable or that the applicable third parties have identified as such. Forward-looking statements are necessarily speculative in nature, and it can be expected that some or all of the assumptions or beliefs underlying the forward-looking statements will not materialize or will vary significantly from actual results or outcomes. Some important factors that could cause actual results or outcomes to differ materially from those in any forward-looking statements include, among others, changes in interest rates and general economic conditions in the U.S. and globally, changes in the liquidity available in the market, change and volatility in the value of the U.S. dollar, market volatility and distressed credit markets, and other market, financial or legal uncertainties. Consequently, the inclusion of forward-looking statements herein should not be regarded as a representation by LRIA or any other person or entity of the outcomes or results that will be achieved by following any recommendations contained herein. While the forward-looking statements here reflect estimates, expectations and beliefs, they are not guarantees of future performance or outcomes. LRIA has no obligation to update or otherwise revise any forward-looking statements, including any revisions to reflect changes in economic conditions or other circumstances arising after the date hereof or to reflect the occurrence of events (whether anticipated or unanticipated), even if the underlying assumptions do not come to fruition. Opinions expressed herein are subject to change without notice and do not necessarily take into account the particular investment objectives, financial situations, or particular needs of all investors.

For additional information about LRIA, including fees and services, please contact us for our Form ADV disclosure brochure using our contact information herein. Please read the disclosure brochure carefully before you invest or send money.