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3 Keys to a Successful Financial Plan

| April 15, 2018
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The creation of a Financial Plan is an important step in reaching goals or getting to and through retirement. We often find that household financials become a collection of random accounts that lack coordination, are not being used to their full potential, and have significant gaps. If you are interested in getting organized, then a formal written Financial Plan is the way to go to create a roadmap to success and ensure you are maximizing your opportunities to build wealth and protect your family’s financial future. Here are our 3 simple tips on getting the most out of your Financial Plan. 1. HAVE A CERTIFIED FINANCIAL PLANNER® PROFESSIONAL (“CFP®”) PREPARE YOUR FINANCIAL PLAN Creating a Financial Plan that is sensible, thorough, and thoughtful is a difficult task, and we believe it is task that should only be done by CFP® Professional. The CFP®designation is earned through the completion of a series of courses and a master exam and holds the Advisor using it to a set of standards focused on delivering a level of quality to those receiving their services. When you receive the correct advice for a Financial Plan, you not only see greater wealth but also greater peace of mind. For RMR, the preparation of a Financial Plan is an ongoing process. We recommend that any customers sit down with a Financial Planner® and ask themselves questions about the experience afterward, such as: How do I know that I got my money's worth? Did I talk with someone who is credentialed? RMR has 4 CFP® Professionals in our organization and we are actively working toward having 10 by the end of the year. MAKE SURE YOU ARE GETTING OBJECTIVE ADVICE THAT IS FREE OF CONFLICT AND IN YOUR BEST INTEREST There are a lot of places where consumers can look for free financial advice, but that advice is generally worth what is paid for it. At RMR, we understand that everyone's financial situation is different. One of our CFP® Professionals will give you advice to help meet your goals and build your finances for the future. There are a number of gray areas as to how financial advisors get paid, and at RMR, we recommend that you ask questions and ask advisors how much they get paid, why they get paid, and why a particular recommendation is being made. For example, you should know if an advisor is recommending you a product because of their commission, or because they actually recommend that product based on past experiences and knowledge of the product. We disclose all of our commission and are completely transparent when making recommendations. It is important that we bring transparency to our customers, even when a lot of other groups don’t say how much they make off of their customers. WORK WITH A PROFESSIONAL TO IMPLEMENT YOUR PLAN It's not always best to go it alone, and that's especially true where Financial Planning and wealth building are concerned. By keeping that in mind, you'll be open to having a professional help you create success. A plan without good backing behind it isn't going to get you very far. But you don't have to be stuck with a well-formed plan that you don't know how to use. All of our clients are provided with a printed version of the plan that they can walk out the door with. Then they can decide if they would like to implement that plan and we are always here to advise and help you make the best decision for you. If you decide to follow through with the plan, make sure you are working with a CFP® Professional, so that you didn't spend money on the plan for it to languish and not be put into action. Our experts at RMR can help you with implementation, just as we helped you create your Financial Plan. By having a professional to keep you focused and work through a plan alongside you, you'll be much more likely to see that plan come to fruition. Then you can see the progress that's being made to get you where you want to be. TAKEAWAYS TO CONSIDER To see your financial future improve, keep the following things in mind: use a CFP® Professional to create your plan have a CFP® Professional implement your plan get objective advice By focusing on these takeaways, you can be better prepared for how to plan the future financially, so you can get the results you want. Need some financial advice and guidance to make sure you're on the right track? Reach out to RMR Wealth Builders today and get the financial planning advice you're looking for.

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