At its core, comprehensive financial planning (should) give you access to a credentialed professional who will help you transform the way you organize and manage your financial affairs. Here is what Tencap sees as available to our clients:
- Protection Audit – We walk each client through a protection audit. This includes analyzing every insurance policy you own, every insurance policy you should own and every business entity that you participate in. Why is that critical? Because we assert that it’s foolish to amass significant amounts of money if you are at risk of losing it to unprotected exposure. Ignorance and foolishness consume fortunes every day.
- Wealth Accumulation – Tencap is very proud of the investment methodology we lead with. Having examined hundreds of different philosophies and having been involved with the excellence of Utah’s 529 plan, all have created the capacity for our group to feel extremely confident that the way we manage money for our clients is intelligent and advantageous. To say that another way, as we teach and coach our clients on money management philosophy, we are very resolved and clear that we can lead our clients to financial independence – we lead our clients with integrity as they work to build and secure their wealth.
- Preservation of Capital for Your Legacy – Yes, money management is a big part of the job, but it’s not all of it. Our clients receive coaching and advice that sets them up, and sets their extended family up for success and organization. Our high-net worth clients are often focused on the next generation of wealth. We collaborate with the estate planning side of their world in conjunction with money management to ensure that an organized and intentional legacy is created.
- Tax Planning – Donny Osmond said it best, “we pay a lot of taxes in this country.” I’ll say it in my own words now! We pay a lot of taxes in this country! Tencap leads each client in making sure that our clients are paying their fair share of taxes, and not one penny more than they are obligated to. We take a lot of pride in creating intelligent yet ethical ways to reduce our client’s tax bills by collaborating with their CPAs to ensure no opportunities are missed.
- Spend Down Strategy (the consumption stage of life) – You accumulate money, then you spend it during retirement. It is the opinion of Tencap that several elements about the way we do business are superior to many of our competitors. However, the conversation about an intelligent spend-down strategy is one of our favorites. If you are interested in how we walk our clients “down the mountain,” set up a no-cost consultation to find out how we can do it. There are lucrative and intelligent ways that this can be done, and we don’t know of another firm in Utah showcasing the strategy that we use.
What Does a Financial Planner Do?
A financial planner assists individuals in managing their finances, including budgeting, tax strategizing, retirement planning, and estate planning. They provide high-level advice and create personalized strategies that consider each client individually.
Tencap’s financial planners are stated fiduciaries on each case. What does that mean? It means each Tencap advisor has a legal obligation to lead with their clients best interest. Knowing your advisor’s recommendations are not clouded by commission, makes all the difference!
Above and beyond that, Tencap’s advisors are responsibility for:
Financial Assessment
Their first goal is to understand your situation to make an adequate plan. They analyze your current finances, including income, expenses, assets, and liabilities.
Goal Setting
Financial planners work to establish clear objectives for clients. Many set their sights on having a relaxing retirement, buying their first home, or simply accumulating wealth.
Plan Development
Based on the assessment and goals, your financial planner creates a comprehensive plan that outlines specific steps to achieve the objectives you both have set. Typically, these plans have “slack” or some flexibility to account for unexpected events.
Investment Advice
Part of any robust plan is how to invest your money. Financial planners recommend investment strategies tailored to the client’s risk tolerance and time horizon.
Risk Management
Financial planners help clients mitigate financial risks through insurance, diversification, and other strategies. Still, always be aware that no investment is without risk.
Tax Planning
Taxes are a constant source of stress for many, but they don’t have to be one
Your planner can provide strategies to minimize tax liabilities and maximize write-offs.
Retirement Planning
Financial advisors can help you set up retirement accounts and calculate an accurate figure of how much you’ll need to save to retire comfortably.
Estate Planning
They assist in creating wills, trusts, and other wealth transfer strategies to ensure your generational wealth continues to your descendants when the inevitable eventually happens.
Ongoing Monitoring And Plan Readjustment
Critically, your advisor won’t stop after they make your plan. They will regularly review and adjust that plan to adapt to changing personal and market-wide circumstances.
Benefits of Hiring a Comprehensive Financial Planner
We’ve listed their role and functions, but here’s how those tasks benefit a skilled financial planner’s client.
Maximized Wealth With Minimized Risk
Financial planners want to, before anything else, grow your net worth. They’re skilled in optimizing investments and mitigating risk, which are paramount for wealth preservation and growth. They help you make the most effective decisions to reach your goals, even in turbulent markets.
Expertise In Complexity
As your wealth grows, handling all of it efficiently can become burdensome. This problem sounds good to have, but managing significant amounts of wealth involves intricate financial matters, such as tax optimization, insurance, managing exposure, estate planning, and spending down strategies.
Time Savings
Delegating high-level tasks to a professional liberates your valuable time for activities that matter most to you. It also creates a much higher probability that things will get done, and be done well. Removing the burden of financial management gives you more freedom to enjoy life without the stress of handling money matters independently. It can provide a great balance between security, responsibility and personal fulfillment.
Creating An Investment Methodology To Stand Behind
Comprehensive financial plans account for unexpected bull or bear markets. Markets are going to rise and fall; it’s what you do during those market cycles that pulls for your financial success! Having education and coaching allows our clients to feel confident and clear about their money, as everything around each of us is ever-changing. Being left with that type of confidence around your money is not something every group has a reputation for creating!
Should You Hire a Financial Planner?
It depends. Hiring a financial planner is not a one-size-fits-all decision. Whether you should work with a financial advisor depends significantly on your circumstances. To help you determine if it’s the right choice for you, ask yourself the following questions:
1. Do I have a major financial goal I want to achieve?
2. Am I doing intelligent things with my money? Am I experiencing competitive returns? Compared to what?
3. Am I knowledgeable about investments and financial philosophy?
4. Do you have plenty of financial complexity you want help and advice with?
Planners are Partners
Engaging a trusted financial planner transcends a simple transaction; it’s a pledge to a lifelong alliance. Tencap advisors will stand by your side, navigating the ebbs and flows of your financial journey and the changes that life is sure to throw at you.
I have seen thousands of people hire and walk through retirement with a financial advisor. What has that type of experience left me with? It leaves me with clarity as to why our clients are more likely to hit their financial goals with the help of a financial advisor. Why is that? Because you get what you set up! Because our clients are meeting with someone who is dedicated to their financial success, we see a track record and a reputation of financial success. I’ll say it again: you get what you set up! Our clients are willing to put in the time to meet with a professional, create a plan, and be coached on best practices around money management.
Of course I think our clients are more likely to create excellence in their quest towards financial independence. Of course I think our clients are more likely to have a better experience as an investor with a financial advisor coaching them through every market cycle. Of course our clients are more responsible and prepared for estate planning and insurance planning. Our clients end up with exactly what they set up when they hired us in the first place!
If you would like to join the cohort of high-net-worth individuals utilizing a financial advisor to build and secure their wealth, then call us for a no-cost consultation. You will leave your first meeting being clear on what you are about to set up for yourself or your family. Schedule your no-cost meeting here!
Author Bio
Joe Griffin
Joe Griffin is the CEO of Tencap Wealth Coaching. He has built and managed financial planning firms for the past 12 years. He loves the financial planning space and is very proud of the success and growth that has come from his proprietary marketing and leadership. Joe has been able to successfully create a brand activation strategy and create and deploy creative concepting for multiple financial planning firms in multiple states over his career.
