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Key Takeaways
- Setting clear financial goals and hiring the right financial advisor or planner is crucial to achieving financial freedom and enjoying a good life.
- Personal financial advisors and planners can help you with savings, mortgage, tax, and investment management, which will help you hit your financial goals faster.
- William Huston, Ekenna Anya-Gafu, and Ila Corcoran are some of the leading financial advisors and planners you can work with.
- Working with a financial advisor or planner can help you achieve your financial goals, from becoming a homeowner at a young age and retiring early to pursuing your passions and traveling the world.
Disclaimer
The contents of this article are for educational purposes only. They are not intended to be a source of professional financial advice. You will find experts on financial planning and financial management here.
What are your financial goals?
While many individuals may have different goals and ambitions, a majority of people share these common financial goals:
1. Saving for a Major Purchase: This could be to purchase a dream car or a dream boat, go for a once-in-a-lifetime vacation, or make a significant upgrade in your standard of living. Saving, investing, and making smarter financial decisions are some of the ways the goal of making a major purchase can be achieved.
2. Becoming a Homeowner by 35: Owning a home is a huge life goal, and setting a target to achieve it by a specific age, especially at a younger age than many do, is a commendable goal. Achieving this goal may require learning about real estate and some of the dynamics involved in purchasing and owning a property.
3. Retiring by 45: Another worthy goal is to retire early. This goal rightly drives many in younger generations, for example, in the financial-independence-retire-early (FIRE) movement. And it requires meticulous financial planning to achieve.
4. Saving/Investing for Your Children's College Education: If you want to have or start a family, giving your kids the best life is one of the aspirations you probably have, and this often includes giving them the best education. Preparing for their college expenses ahead of time enables you to fund their education without straining your financial resources.
5. Pursuing Your Dream: Other lifelong goals you may have include launching your own business, embarking on a passion project, or realizing a creative vision. Such goals place heavy demands on finances, and they require setting clear milestones and managing resources effectively.
6. Exploring the World Through Travel: One more thing many also desire, often as part of the FIRE plan, is to travel and see the world. Many are driven by the desire to explore new cultures and horizons. It is clear that a lot of funds are required to finance such traveling.
You need a financial planner
It's a positive thing to desire a good life. However, having clear cut financial goals is a key step towards achieving financial success. More importantly, it is in your best interest to hire a financial advisor or a financial planner as they play a crucial role in helping you achieve your financial goals.
A financial planner can assist in securing homes through strategic savings and mortgage understanding, and help you effectively plan for your future. They can help you imagine how you want to spend your retirement and guide you to develop plans that grant you a happy and stress-free retirement.
Financial advisors can also help you explore different ways to save and invest your money. This way, you can give your kids the best education without putting any strain on your finances. They can help make special travel funds so you can have great experiences while still keeping your spending in check.
Certified financial planners like Ekenna Anya-Gafu and William Huston provide not jut investment advice. They work with you to develop comprehensive financial planning which will help you to achieve your financial goals and maintain financial stability.
Financial planning services to achieve your goals
Financial planning services that are crucial in accomplishing your financial goals include:
Investment management services
This is an integral part of financial planning. Investment managers help both individuals and businesses to develop portfolios based on their earnings, financial goals and risk tolerance. They create investment plans which can include strategies for distributing assets, diversification, and selecting investments.
An investment manager can also keep track of your investments and compare with your objectives or financial circumstances as they change, making adjustments to your investment portfolio when necessary. The goal is to maintain a well-diversified portfolio that is minimally affected by market fluctuations in one asset class or investment vehicle.
Tax planning
Tax planning is also another important part of financial planning. Tax planning services help individuals and businesses reduce their tax burdens and increase cash flow while maintaining adherence to tax regulations. These services include strategies for tax preparation, tax optimization, and tax-efficient investing.
A key objective of tax planning is the reduction of federal income tax obligations. This can be attained through methods like lowering taxable income, devising deduction plans, implementing investment tax strategies, and utilizing year-end planning approaches.
Estate planning services
Estate planning services are designed to assist individuals and businesses in crafting a strategy for the distribution of their assets following their passing. These services encompass the creation of wills, trusts, and powers of attorney, among other legal arrangements.
Irrespective of your age, establishing an estate plan is of paramount importance. You might require a will and might also want to consider a living trust, alongside crucial documents like a durable power of attorney and an advance directive. If you're a business owner, it's prudent to review and discuss a succession plan or a buy/sell document.
A financial planner can regularly review your estate plans, for example every three years, and they can keep beneficiaries updated across all your retirement, insurance, and investment accounts. Financial planners can also collaborate with your attorneys to ensure all necessary aspects are addressed comprehensively.
Retirement planning services
Achieving financial freedom also involves having the flexibility to retire on your own terms. Retirement planning services are designed to assist individuals in preparing for their retirement by developing a thorough plan that encompasses savings and investment tactics, as well as tax and estate strategies.
A well-crafted retirement plan guarantees that you will have sufficient savings to sustain your desired lifestyle post-retirement. And it is very important to start planning your retirement early, especially for those who have access to employer-matching retirement plans.
Top 5 financial planners
These are some of the top financial advisors and planners and they can help you easily achieve your financial goals.
William Huston, AIF®, AIFA®
William (AIF®, AIFA®), is Founder and CIO of Bay Street Capital Holdings, an investment and wealth management firm that serves as a fiduciary for custom long-only public equity portfolios.
Throughout his career, he has provided unique financial advisory services to his clients, from families and individuals to businesses and corporations. As a fiduciary and personal financial advisor, he provides both financial education for clients and up-to-date information to enable them make well-informed decisions.
William's firm was ranked by Wealthmanagement.com as 2nd out of 900 asset management firms, and he has featured on Investopedia's top 100 financial advisors since 2021 to date.
Ekenna Anya Gafu, CFP®, AAMS®
Ekenna is a Certified Financial Planner (CFP) and an Accredited Asset Management Specialist (AAMS). He is one of the go-to gurus when you need to develop a comprehensive financial plan for your goals. For many of his clients, his services have been the difference between their wishes and actual results.
With an extensive experience from half-a-decade in the brokerage industry, he sets himself apart as an excellent financial planner, and his expertise enables him to function as a unique financial advisor for both HNWI and middle class clients.
Ila Corcoran
Ila Corcoran is a licensed Realtor and SVP of Real Estate Operations and Advisory services at Bay Street Capital Holdings. Her real estate experience covers both commercial and residential real estate. In her role as a licensed Realtor and investment advisor at Bay Street, Ila has successfully closed over $10 million in real estate transactions, and has also effectively managed an asset portfolio valued at $2.2+ million.
In particular, she played a vital role in securing investment capital of $25 million for Resthaven, a project dedicated to establishing inclusive and secure accommodation solutions within diverse communities. As an aspiring homeowner, working with an experienced real estate advisor like Ila would be an excellent decision.
Cathy Curtis, CFP®
Cathy is an exceptionally skilled Certified Financial Planner, who established Curtis Financial Planning, an independent and Registered Investment Advisor situated in Oakland. As a part of the CNBC Financial Advisor Council, she plays a significant role in educating the public on personal finance subjects.
Over the years, her proficiency and contribution to the sector have been broadly acknowledged. Investopedia has recognized her as part of the Top 100 Financial Advisors from 2017 to 2022, while she was also distinguished as one of 9 women in Finance to follow on Twitter in 2019. In 2022, Investment News showcased her in their Women to Watch lineup.
Mark Gardener CFP®
Mark is a Certified Financial Planner (CFP®) practitioner, and he also holds the Chartered Retirement Planning Counselor (CRPC®), Chartered Retirement Plans Specialist (CRPS® ) and Certified Wealth Strategist (CWS®) designations.
His efforts as a Financial Literacy advocate focuses on financial literacy and financial wellness, and he is a published author and the Founder of FinLit Tech. As an original member of their Advisory Council, he also supports the newly created University of South Florida - Personal Financial Planning degree program.
Working with any of these financial planners makes available the best approach to your finances.
Financial planner fees
Financial advisor cost varies. Some financial professionals charge a flat hourly fee while others charge an annual fee instead. Broadly, financial advisor fees range between 1 and 2 percent of the asset in question, with larger assets getting lower charges (and smaller assets getting higher percentage charges).
Plan with experts
As you set financial goals and plan for the future, it is in your best interest to work with a financial professional who can help you navigate the tax, investing and real estate worlds. These experts can help you optimize your earnings and investments, achieve your objectives, and realize your aspirations.
Our financial planners and registered investment advisors at Bay Street will review your existing investments, if there be any, and identify areas where improvements or adjustments can be made. They can assist you in evaluating your options and recognizing other essential elements of your retirement plan, including cash flow, income needs, and more. Open a conversation with William now.
Bay Street Capital Holdings
Bay Street Capital Holdings, headquartered in Palo Alto, is a well-known wealth management firm that specializes in financial planning, investment advisory, and risk management services. What distinguishes them is their unique approach to effectively handle overall risk and market fluctuations, rather than focusing solely on maximizing profits.
Founded by William Huston, who has been acknowledged as one of Investopedia's Top 100 Financial Advisors for 3 years running, Bay Street stands out as one of the two Black-owned firms among the nineteen recognized firms in California. Their collaboration with Resthaven Properties in the real estate sector led them to be a finalist in the prestigious Asset Managers: Diversity, Equity, and Inclusion category at the 2023 WealthManagement.com Industry Awards.
Bay Street showcases its dedication to diversity and its support for emerging fund managers and entrepreneurs. Their recognition as a finalist in the Corporate Social Responsibility (CSR) category for the Asset Manager in 2021 followed a thorough selection process involving more than 900 firms nationwide, highlighting their commitment to creating a positive social impact.
Sources
https://www.financestrategists.com/financial-advisor/financial-plan/financial-planning-services/
