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Modern Wealth Partners | Financial Planning in Scottsdale, AZ

What is Financial Planning?

Financial planning is a long-term method of wisely managing your finances so you can achieve your goals and dreams. To create a sound financial plan, you have to set your own goals. Your data is then gathered to determine your financial situation. Once complete, your plan is developed and executed. From here, a financial planner helps monitor your plan on an ongoing basis to adjust to reach your goals.

Benefits of working with a Personal Financial Planner

How do you know if you could benefit from the services of a financial planner? Do you often feel you don’t have enough hours in the day to go over the details of your financial life? You may want help getting started. Some reasons for seeking a fee only financial planner might include:

  • Ensuring your money lasts during retirement
  • Rolling over a retirement plan
  • Properly handling a large sum of money from an inheritance
  • Preparing for a marriage or divorce
  • Planning for the birth or adoption of a child
  • Facing a financial crisis
  • Coping financially with the death of a spouse or close family member
  • Paying for education

What do financial planners do?

Your life is a big picture – it includes your family, your work, your social life, and so much more. A financial planner’s job is to assess this, your past, and present financial situation to pave the way to your improved financial future. For this reason, financial planning is not a simple task, and it must be all-encompassing to be an effective plan.

What’s a fee-only financial planner?

If you’re looking for a personal financial planner, it’s important that you look for fee-only financial planners. These types of planners are only paid a set rate for the services they provide, rather than getting paid by commission on the products they sell or trade.

This should be a huge priority, especially if you’re new to seeking financial planning advice. Financial planners should be experienced, honest, and transparent about their advice. You should feel you’re able to trust them with your decisions across all areas of your financial life.

Areas of Financial Planning

Financial planning can be broad, but experienced planners at Modern Wealth Partners can advise you on a variety of financial areas:

Cash flow planning

In simple terms, cash flows refer to the circulation of your money. It’s keeping track of your income and expenses. The process of cash flow planning itself is identifying the major expenses in the present and the future.

Investment planning

The first part of this planning has to do with your risk and return profile. This is where you set your limits in terms of the risk you are willing to take, and the minimum return you expect. Investment planning is important because it helps you to derive the maximum benefit from your investments.

Retirement planning

This kind of planning means making sure you will have enough money to live on after retiring from work. Right decisions with the help of proper financial planning taken at the right time will help ensure your sense of security during retirement. Retirement planning is important because though longevity has increased, the number of working years hasn’t.

Risk management

This helps you provide a safety net in times of trouble. Risk management is about protecting your assets whether it’s your house, your vehicle, investments, and other valuables. It's actually a low-cost option to effectively protect what’s yours. 

Estate planning

Some people acquire a considerable amount of real estate during their lifetime. In case of death, this can be transferred to beneficiaries, institutions, or charities. Planning this transfer in the most efficient way is termed as estate planning.*

Tax strategies

With proper tax strategies, you can increase your after-tax retirement income. By applying tax credits and other deductions to your financial situation, you can maximize your refund and minimize what you may owe the IRS. Tax strategies are the ultimate tool for saving money over the course of a year.*

Why Choose a Personal Financial Planner from Modern Wealth Partners?

Modern Wealth Partners provides financial planning advice to serve the financial needs of individuals, families, and businesses in Scottsdale and the surrounding area. We are experienced in addressing your financial needs and providing financial planning tools that align with your lifestyle.

*Lincoln Financial Advisors Corp. and its representatives do not provide legal or tax advice.  You may want to consult a legal or tax advisor regarding any legal or tax information as it relates to your personal circumstances.