Financial Advice

The Importance of Personalized Financial Advice

Today’s advisor is considerably different from decades ago due to the growing complexity of life. While investment management is still an essential piece of planning, there are so many aspects of a person’s financial life that must be managed. New tax laws, different types of accounts, and emerging financial risks must all be considered.Retirement planning, estate planning, risk management and insurance, tax planning, and saving for college are just some of the areas where a financial advisor can add value.

Some individuals may have a relatively simple financial plan: save as much as possible in a tax-savvy way. However, growing families with elderly parents must juggle many financial priorities and can benefit from professional advice. SYM Financial has over 50 years of experience in guiding clients through complex situations.

One of the recent technologies of concern is the rise of automated investing (sometimes referred to as robo-advising). While there are certainly benefits to having an algorithm manage parts of your financial life, automated investing platforms cannot do the quality in-depth customized planning that is accomplished when advisors provide input in real-life conversations. At SYM Financial, we believe in personalization and giving financial advice based on your unique characteristics.

We are especially excited to work with young investors. A recent J.D. Power survey[i] found that 52% of Millennials (those under the age of 40) prefer an advisor committed to ESG (environmental, social, corporate governance). If you are one of these investors, we want to help. For all our clients, SYM Financial can tailor services and portfolios to the goals and needs of individuals and families.

In that spirit, at SYM Financial, we get to know our clients — and they get to know us. After the initial planning is done, we can provide ongoing monitoring to adjust your plan as life changes.Periodic reviews of the financial plan help to keep our clients on track.Contribution reminders help you know when it is time to contribute to a 529, HSA, IRA or other account so that you don’t leave money on the table that you can’t get back.  When your advisor knows you well, it shows. SYM’s business model and people-centered culture seeks to make goal-based, comprehensive planning a standard for our clients.

Financial Decision Making

The first step in developing a financial plan is getting to know the client’s situation. An advisor should have a comprehensive picture of a client’s assets, liabilities, income, and expenses before giving advice. Once this information has been gathered and a thorough understanding of the client’s unique situation has been obtained, the advisor can guide the client through making any necessary changes and deploying financial strategies.

At SYM Financial, we work with each client’s goals and plans in the foreground. Different clients have different priorities, depending on their personal situation and stage in life. From saving for a child’s education to securing retirement to protecting assets, we tailor plans to the goals and aspirations of individuals and families.

Strong communication and transparency are crucial to a successful client-advisor relationship. Clients come to us with many different questions, even after we have started working together. From doing the math on purchasing a vacation home, to setting up a 529 plan, to helping clients rebuild financial foundations after a divorce, SYM Financial is there.By raising those questions early and often, we feel our clients can position themselves to make optimal financial decisions for themselves, their families, and their future.

Another important aspect of personalized financial advice is adjusting to the ever-changing stages of life. While we expect that a client’s priorities and risks may shift as they age, it takes a skilled practitioner to have this conversation at the right time. For example, after a family has saved enough for their children’s college expenses, the focus can transition to paying off a mortgage, reconsidering the amount of insurance being carried, or planning for a career transition. A computer algorithm cannot seamlessly weigh and balance these priorities like an expert financial professional.

At SYM Financial, we aim to build a systematic understanding of client assets, liabilities, and savings to meet current and future needs. Our advisors can discuss current earning power and future plans for wealth accumulation.

Signs You May Need a Financial Advisor

Life is a journey. You might feel confident and secure one day, until something happens and disrupts your plan. It is important to be present to your financial situation: how it feels, what can be done to improve your financial foundation, and where you see yourself going in the future. For example, do you feel overwhelmed, confused, stressed, or even scared when you think about your financial affairs? If so, it might be best to seek the guidance of a fiduciary financial advisor.

Having a second set of eyes on your financial puzzles can help spot red flags. We often see an individual or couple embark on their financial journey with a somewhat simple situation. They may have IRAs, company-sponsored retirement accounts, insurance through work, and a house with a fixed-rate mortgage. Fast-forward ten years, and the same couple has children, a bigger house, several retirement accounts (and maybe an account that they have abandoned at the old employer and forgot about), insurance needs, and aging parents who might need more help than before. A financial advisor guides you through all those changes and stages of life.

Finally, some of our clients realize that theydon’t have the time or the interest to manage their finances anymore. A decision to outsource the management of your plan can save you valuable time that could be spent doing things that you love, improving your ability to earn more money, or recharging so that you can be your best at work and at home. SYM Financial Advisors is here to helpkeep you are on the right track.

Financial Advice with SYM Financial

Working with a trusted financial advisor can put you on the path to reach your financial goals and manage your financial risks. SYM Financial advisors offer personalized financial advice to help clients achieve their dreams. We have the knowledge to deliver personalized financial advice across many aspects of planning for individuals, business owners, corporate executives, medical and dental professionals, and the design and implementation of employer-sponsored retirement plans.

[i]https://www.jdpower.com/business/press-releases/2021-us-full-service-investor-satisfaction-study

Disclosure: The opinions expressed herein are those of SYM Financial Corporation (“SYM”) and are subject to change without notice. This material is not financial advice or an offer to sell any product. SYM reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. This blog is for informational purposes only and does not constitute investment, legal or tax advice and should not be used as a substitute for the advice of a professional legal or tax advisor. SYM is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about SYM including our investment strategies, fees, and objectives can be found in our ADV Part 2, which is available upon request.

Disclosure: The opinions expressed herein are those of SYM Financial Corporation (“SYM”) and are subject to change without notice. This material is not financial advice or an offer to sell any product. SYM reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. This blog is for informational purposes only and does not constitute investment, legal or tax advice and should not be used as a substitute for the advice of a professional legal or tax advisor. SYM is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about SYM including our investment strategies, fees, and objectives can be found in our ADV Part 2, which is available upon request.

 

from SYM Financial Advisors https://www.sym.com/financial-advice/
via SYM Financial Advisors