How to Find Lawrence, KS Financial Planning

Financial planning can help you successfully manage your money and achieve your goals. This article covers what financial planning is and how to find a professional in Lawrence, KS, providing financial planning.

Financial Planning, Defined

Financial planning is a process of creating and implementing strategies to manage a person’s financial resources and achieve their short-term and long-term goals. Financial planning covers a wide range of areas, including budgeting, saving, investing, retirement, insurance, and tax planning. By taking a comprehensive approach to financial planning, you may find it easier to make informed decisions about your money and feel more in control of your financial future.

One key area that financial planning covers is budgeting. With a budget or cash flow plan, you can get a clearer picture of your income and expenses, make saving and spending goals, and adjust as needed.

Another important area of financial planning is saving. A financial plan should include a savings strategy personalized to your short- and long-term objectives. This can consist of setting up automatic savings transfers and identifying ways to increase savings, such as eliminating unnecessary expenses.

Investing is another important aspect of financial planning. A financial plan should include an investment strategy tailored to your goals, risk tolerance, and time horizon. This step can include creating a diversified portfolio of stocks, bonds, and other investment vehicles, as well as regularly monitoring and rebalancing the portfolio.

Retirement planning is a key area of financial planning. This includes estimating the amount of money needed for retirement, creating a savings and investment strategy to reach this goal, and identifying and optimizing sources of retirement income, such as Social Security, pensions, and investments.

Insurance planning can be vital in helping to protect you, your family, and your wealth. This step includes identifying any holes in your coverage and assessing the policy types and amounts needed.

Finally, tax planning can help you keep more of your money by minimizing your tax burden. This can include identifying ways to reduce tax liability and taking advantage of tax-advantaged savings and investment options.

What to Look for in a Financial Planner

You may find a few types of professionals beneficial when it comes to financial planning. One is a fee-only financial advisor. This type of advisor charges a client fee for services rather than receiving commissions on the sale of financial products. We are a fee-only wealth management firm because we believe it is the fee structure that most aligns an advisor’s interests with the client’s.

Another professional to consider is a fiduciary advisor. A fiduciary can be beneficial because they are legally bound to act in clients’ best interests. This means they must prioritize their clients’ financial well-being above their own profits. As a result, you may feel more confident that the advice you receive is objective and in your best interest.

Finally, you might consider working with a CERTIFIED FINANCIAL PLANNER™ (CFP®) professional to help ensure you receive comprehensive financial planning designed for your goals. A CFP® professional has met the CFP Board’s rigorous educational and experience requirements. CFP® certificants must adhere to a fiduciary standard.

How to Find Financial Planning in Lawrence

One way to find a qualified financial advisor is to check with professional organizations such as the National Association of Personal Financial Advisors (NAPFA). NAPFA’s Find an Advisor webpage allows you to search for fee-only, fiduciary financial planners in Lawrence or another geographic area of your choosing.

You can also use the CFP Board’s Let’s Make a Plan page to look for Lawrence financial advisors with the CFP® designation. Finally, you can use the listings to find Lawrence fee-only, fiduciary advisors who are unaffiliated with a bank or other third party.

You might ask for referrals from professionals you already work with, such as your accountant or estate attorney. Family members, friends, and colleagues can also be a resource for recommendations.

After narrowing down your list of potential financial planners in Lawrence, the next step is to schedule a consultation with them. This meeting is typically complimentary and ranges from 15 to 30 minutes. You can discuss your financial concerns and objectives, and the advisor will explain how they might assist you.

Be sure to ask any questions you have about their qualifications, experience, and fee structure. The call is a chance to evaluate if the advisor is a good fit before continuing with their services.

Final Thoughts

Financial planning can cover a wide range of areas, including budgeting, saving, investing, retirement, insurance, and tax planning. Taking a comprehensive approach to financial planning can make informed decision-making easier and help you feel more confident about your financial future.

Knowing that the financial planning you receive is unbiased and in your best interest can help build long-term trust with your advisor. To that end, you may want to consider options such as a fee-only, fiduciary advisor, as well as one with the CFP® mark. Check online search sites and ask for recommendations for such an advisor in Lawrence.

Schedule a 30-minute call with a fee-only, fiduciary wealth advisor in Lawrence, Kansas.

This material was generated using artificial intelligence (ChatGPT) and edited by Kaleido Inc. from information derived from sources believed to be accurate. This information should not be construed as investment, tax, or legal advice.

Clayton Wealth Partners