How is Your Financial Health?

This is a guest blog post by Robin Gruber with FS Financial Strategies.

Imagine if you will, a triangle. The top of the triangle is your financial advisor/planner, the bottom left is your CPA and the bottom right is your attorney. This is your financial trifecta. The combination of these three advisors in your financial life is practical, preventative, pro-active and necessary for both your long and short term goals and planning.

Your financial advisor/planner will gather from you all your financial information, all the parts and pieces. Then work side by side with you to understand your long term and short term financial goals. From that important work together, a plan is created. Then investments are chosen to meet and execute your goals and complete the plan.  It’s a very personal and individualized experience for you (the client). That plan should be visited and updated on at least an annual basis, and definitely when life changing events happen in your life.  The financial planner/advisor you choose is a very important relationship and the communication you have with them needs to be open and clear; a comfortable and interactive relationship.

Your CPA is, of course, a very important piece to the triangle. Financial and legal decisions you make in your life almost always have tax consequences. It is essential that your financial advisor and CPA are able to work together with you so the decisions made affect your tax situation in the best way possible for you.

Your attorney is the other integral part of your foundation. Your basic estate planning documents, i.e. your wills, general durable powers of attorney, powers of attorney for health care, health care directives, community property agreements and memorial instructions.  These documents must be current to enable your wishes and plans and to properly protect you, your family and your assets. They also work in tandem with your financial and tax plan. And that’s just the basics.

All of these pieces are vital for complete financial health. All good ideas but the best ideas are nothing without taking action. If you are missing any piece of this triangle of necessary advisors, start now to create these three important relationships.

You can learn more about Robin Gruber and her firm by visiting fsfinancialstrategies.com.

www.fsfinancialstrategies.com
Advisory Services and Securities offered through Lincoln Investment, Registered Investment Advisor, Broker/Dealer, Member FINRA/SIPC
www.lincolninvestment.com
FS Financial Strategies, LLC and Lincoln Investment are independent and non-affiliated

Photo credit: Ron Teegardin on Flickr