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New Year’s Resolutions for Your Financial Health
By Alicia Wanek | Staff Writer
Happy New Year! One of my resolutions (once again) is to clear out my children’s closets. Many of us probably also have getting fit on our New Year’s resolutions. Perhaps you’ve already signed up for a gym membership and intend to establish a consistent routine each week. The reality is that if you work with a personal trainer or consult a nutrition expert, you are significantly more likely to adhere to your plan over the long term, rather than losing steam by around February 12th. Why not take a similar approach with your financial goals? Bryan Camper, a certified financial planner and wealth advisor at Camper Rogers, compares his role to that of a personal trainer. By engaging someone to assist you in achieving your specific objectives, you introduce an element of accountability to help keep you focused. To help realize your financial resolutions, consider these key pieces of advice.
Be Transparent
Bryan emphasizes the importance of openness, stating, “It’s like a relationship with your doctor. You need to share everything with them so they can offer the best advice. You may have attempted to manage things on your own for a while, but ultimately, professional insight is necessary. Asset management encompasses much more than just investments, and these experts prioritize staying informed about all areas of financial planning.”
Wealth Management is Not Just for the Wealthy
“The individuals I can assist most effectively,” Bryan explains, “are those who may not yet have substantial assets but are 35, 45, or even 55 and wish to get on the right track.” If you aspire to be a responsible manager of your financial resources, a financial planner’s expertise can be of great benefit.
Act Promptly
Keep your resolutions at the forefront while they are still fresh. Bobby Davidson, an independent insurance agent and owner of Davidson Insurance Services, advises, “It’s best to handle your planning while you’re in good health.” By doing so, not only do you access better rates, but you also enjoy numerous options in life insurance policies. The younger and healthier you are, the more choices you have. “Different people require life insurance for various reasons,” Bobby adds. An experienced professional like him can ensure that the insurance aspect of your financial plan aligns with your personal goals.
Build Trust With Financial Professionals
It is crucial that you trust the financial professionals you enlist and that your interactions are harmonious. After all, this is a long-term commitment for both parties. You want to cultivate a strong working relationship with your financial advisors, which begins with selecting a reliable bank. The term “Relationship Banking” precisely describes the concept: an individual, family, or business develops an actual connection with their bank and/or banker. Chuck Cowell, Dallas Market Chairman of Guaranty Bank, notes, “In an era where many financial transactions occur electronically or online, it’s increasingly rare for the average person to know a banker personally and vice versa. While this may streamline basic banking tasks, what happens when genuine financial advice or assistance is required? How many individuals have a ‘Trusted Advisor’ for their finances? At Guaranty Bank & Trust, we are familiar with our customers on a personal level, knowing their families and businesses. We engage with them in various community settings.”
Foster Connections with Advisors
Establish a rapport with all advisors you enlist to manage your financial resources so that they are invested in your future preparedness. Wills and trust attorney Colin Smith asserts that building a relationship is essential. His practice, which heavily emphasizes business and estate planning, especially living trusts, begins with understanding the client. Colin’s ability to connect deeply with people and his sensitivity to their needs and circumstances distinguish him. “It goes without saying that these are sensitive and significant decisions related to end-of-life that require nuance and wisdom,” Colin adds.
Adapt to Life Changes
Bryan reminds us that a financial strategy is not static. “It’s akin to a map, but the routes may change,” he remarks. While the destination might remain constant, you may need to adjust your path along the journey. Regular consultations with professionals can assist you in adapting.
Wouldn’t it be fantastic to reflect at the year’s end and realize you’ve achieved all the resolutions you’ve set now? Thankfully, there are professionals available to support us in reaching our financial aspirations. Perhaps they could even help me with my closets?
Resources:
Guaranty Bank & Trust: www.gnty.com
Camper Rogers: www.camperrogers.com
Davidson Insurance Services: www.davidsoninsuranceagency.com
Colin Smith Law: ColinSmithLaw.com
FINANCIAL CHECK-UP
It’s advisable to conduct routine reviews of your financial strategy, even without significant life changes, to ensure you’re on track. However, certain situations indicate that immediate reevaluation may be necessary:
Job Transition
Changes in benefits and retirement plans, in addition to salary, may affect your retirement planning and investments.
Children Entering or Graduating from College
You might be prepared to utilize some of the funds you’ve saved for this purpose, or it may be time to realign your resources for the next phase in life.
Illness, Injury, or Death
Each of these circumstances can necessitate modifications to your existing financial plan.
Divorce
Both individuals will now need to formulate their financial goals and create a path to achieve them.
Bryan Camper, Camper Rogers
www.camperrogers.com
