About Personal Financial Planners

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Personal financial planners have become more popular in recent years. When looking for a qualified financial planner, be sure to ask for and interview referrals. Use financial planning software provided by a bank or financial planner with tips from a financial consultant in this free video on money management.

Part of the Video Series: Investment Tips & Financial Planning
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Video Transcript

Many of us have relied upon outside experts for help when it comes to planning our futures. Hi, this is Roger Groh with Groh Asset Management. Years ago the Connecticut General Life Insurance Company pioneered the financial planning business. They hired very knowledgeable salespeople whose job it was to approach wealthy individuals or families and look at their entire financial picture. Whether it was real estate or investing or wills and then with all with that total picture in mind, crafting an investment plan that was appropriate for that person or family. The personal financial planning business has skyrocketed over the years. And today if you were to pick up your Yellow Pages, you find page after page after page of people that classify themselves as personal financial planners. Most are not so that's something to consider when you really start to work with somebody. How can you identify someone who's the right person for you? Well the best way is through referrals. Once you've met with somebody if they seem aligned with your goals and what you'd like to do, ask them for a list of 10 referrals and then first see if you know any of them and second then phone and talk to them about this person or group and how they've done. A for a quicker look at that, this is now becoming an online business where it used to be that the financial planner would sit down with you the individual or family and take notes and then come back with some grandiose plan about what you should do, but today you can actually do that online. You can enter your own data meaning you list your financial data and earnings data and age and then a projection in terms of what your needs will be when you retire and the software planning packages will then spit out the right blend of investments or insurance that are appropriate for you. Now the software packages may be weighted to a specific product that they're trying to sell, so be very careful about the product that you use. But if you access the financial planning software through perhaps the bank that holds your money, that's probably on the up and up. One other thing to know, what happens if somebody does come to your house and takes down all of that data and then comes back with the plan? Well, unannounced to you, they probably go back to that website that and financial planning program at the firm that you can go directly to to do the same thing. Now on the more sophisticated end, you're probably doing that with a law firm or a very sophisticated accounting firm who can help you do high end planning. That's a much different business, not available through websites. Hope that helps, that's a little bit about the history and how you can use personal financial planning. I'm Roger Groh with Groh Asset and thank you very much for spending time with me.


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