The question of whether you do or do not need a downtown Chicago wealth planner involves clarification of what is a wealth planner and do they need to be located in downtown Chicago. What if your wealth planner is located somewhere else? Let’s start by defining wealth planner.
What is a wealth planner?
Many financial advisors say financial planner or wealth planner. Some companies that provide brokerage services call their representatives financial advisors or brokers, while calling the department Wealth Management. John Bowen of CEG worldwide said that wealth management, what a wealth planner, does includes advanced financial planning, investment management and relationship management. If your wealth is primarily locked up in our ability to generate income or your house investment management is not an issue for you. Transferring your income into retirement assets and reducing your taxes is what your wealth planner needs to do. A certified financial planner professional passed the comprehensive display competency and financial foundations, like budgeting, retirement planning, investment planning, tax planning and estate planning. That may be a very simplified definition of what a wealth plan should include. It would clearly make the definition of advanced financial planning when all those elements would be included. In Bowen’s definition, relationship management means coordinating the activities of your various investment professionals, the state attorneys CPA or enrolled agent and other professionals involved in implementing the various financial, tax and legal aspects of your financial life planning.
Could a downtown Chicago wealth planner be a financial predator?
In my article “Are You Being Victimized by a Predatory Wealth Adviser”, I took a deeper look into ways to evaluate wealth advisers (wealth planners). Titles that include references to advice or planning should be checked out. Being located in downtown Chicago does not make someone more qualified than another to help your wealth picture. You can learn more about any wealth planner by asking them to tell you, verifying it with a disclosure form if they are an investment advisor representative or checking out the regulatory organization for the designation. If they are a CERTIFIED FINANCIAL PLANNER professional that would be the Certified Board of Standards. The TV show American Greed highlights stories weekly where someone who appeared on the up and up who was not. Saying that you are a downtown Chicago wealth planner can easily give the appearance of success, masking fraud.
The benefits of a downtown Chicago wealth planner
If you live and work in downtown Chicago, location has its benefits for making meetings more convenient. If you need to see your wealth planner, in-person, then this may be a necessary cost. Typically, there is a cost to convenience. The costs can be hidden in investments, insurance and other products. If the cost is in the investments, is that effecting the risk and return of your investments? Is the wealth planner showing you returns that are completely net of fees?
A downtown Chicago wealth planner can help you add rigor to your thought process. I have talked to several people who said I wish I had talked to you before I had made that decision. Likely because of my education and my experience certain questions are obvious for me to ask that may not be for you as they were not for those people I counseled. While we found a plan B plan C, those were not the optimal answers for these individuals.
Convenience does not mean connection with or competence of the wealth planner
Some financial professionals call themselves wealth planner but what backs the claim? Some site their years of experience or assets under management. That in itself does not mean they are competent in the area of comprehensive financial planning or more focused retirement planning. Financial industry regulatory Authority website highlights the alphabet soup of financial designations. Those designations are quickly narrowed if you select accredited designations. I must say that I am biased towards the CERTIFIED FINANCIAL PLANNER professional designation. Yes, I am one and teach others on becoming one through the College for Financial Planning. Why should you? First of all, it is an accredited designation that you can verify on the Financial Industry Regulatory Authority. It has a board (Certified Financial Planner Board of Standards) that oversees its designees’ compliance to its standards. The designation requires a significant financial and time commitment to acquire. Designees must pass coursework in Financial and Risk Management, Retirement Planning, Investment Planning, Tax Planning and Estate Planning. Once that’s completed, designees must sit for a comprehensive today board exam. The pass rate for the board exam is somewhere around 60%. And if one gets through all of that, the board requires that you spend three years delivering comprehensive financial planning before being allowed to add the CFP® professional designation on your business card. Possibly, if your situation is more focused on retirement planning, someone that holds a Chartered Retirement Planning Counselorsm designation may fit the bill nicely.
Downtown Chicago wealth planner or wherever you are you are wealth planner
A more personal approach could simply be having your wealth planner come to you. That is downtown where you work or if that is another convenient location. Webinar technology can even get rid of the location issue altogether. I recommend finding the wealth planner, with planning designations that you need and the compassion for your situation. This person should help you broaden your thinking and help you make smarter financial decisions aligned with your unique values. Ready to learn more about our approach?
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.