November 14, 2012

The Financial Professionals Who Are Key in Strengthening Your Financial Status

Managing your money can sometimes feel overwhelming. With so many investment options and the increased complexity of some of those options, it helps to have a team of financial professionals available to guide you in making good decisions. There are many types of financial professionals available, but there is a core group that can make a big difference in your financial status and investment strategy. This group includes financial advisors, CPAs and personal bankers.

Setting and Achieving Financial Goals Using a Financial Advisor
Financial advisors help you identify your financial goals and create a plan to help you achieve them. Most people think of saving for retirement as their biggest financial goal, and financial advisors are often best-suited to figure out how much money you need to save and the best ways to invest it that will yield enough money to fund your retirement lifestyle. They can also take some of the legwork out of managing your money since they stay up-to-date on the latest research and rates.

Advisors can help with many other financial decisions, including helping you determine how much and what type of insurance you need, plan for your children’s education and choose the best way to purchase and finance a house. Financial advisors may also be able to minimize your tax obligation using certain types of investments. As you get older, your advisor can guide you in estate planning, including the best ways to transfer your money to your heirs or to charities.

CPAs Can Help with Finance and Tax Matters

In order to become a Certified Public Accountant, or CPA, an accountant must complete a specific amount of coursework, pass a rigorous professional exam and meet high standards of professional ethics as determined by each state. To maintain their credential, CPAs must earn continuing education credits so that they stay current on accounting-related matters, updates, and regulation changes. CPAs can do everything that an accountant can do, but accountants can’t perform all of the duties of a CPA.

CPAs can work with your financial advisor to choose investments and strategies that can minimize your taxes. Many CPAs also serve as financial advisors themselves and can offer you the same type of overall financial guidance along with tax planning.

Using a Personal Banker to Streamline Banking Transactions
Many banks now offer customers the services of a personal banker. Personal bankers can help you manage your accounts and your assets and can also provide you with information on other banking services and accounts that might better suit your needs. Personal bankers can also give you basic financial advice, but often focus on specific products and accounts that are offered by their bank.

A personal banker can make banking more convenient by helping you with transactions, streamlining processes, account changes, designations, alerts and more. They may also have the discretion to waive fees and minimum account balances as well as making other exceptions to bank policies. In these cases, it is a great practice to be on a personal and friendly first name basis with your banker(s).

Using a Team Approach to Financial Success

Using a team of financial professionals, including a financial advisor, a CPA and a personal banker, is a sound financial strategy at any age as these professionals can almost cover every “financial base” on the playing field. Your financial team can help you achieve your financial goals, efficiently manage your money and introduce convenience and efficiency in your banking experience. By having trained professionals give you well-informed advice; you can position yourself for financial success and stability. Thus, they can help you achieve financial piece of mind.

Grant Webb is writer and learning facilitator with Bisk Education’s CPA review program. 2013 promises to bring some drastic changes to the tax code and as a result, we are happy to help the readers and embers of to make better financial decisions in the years to come. On behalf of Bisk Education we thank you for the opportunity to contribute.

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