One thing is certain – none of us is sufficiently knowledgeable or expert to handle every possible eventuality or tie up all loose ends in our financial lives. We can make a good stab at it most of the time but there are usually some twists and turns that we either might miss or will not fully understand. Knowing this, and knowing that a mistake or oversight can cost us dearly, it makes sense to find a way to address those items we are not entirely sure about in our financial circumstances.
How might we accomplish this goal? The chances are good that you know someone who can help you with your questions, provide some insights or bring up solutions. For example, most of us have a relationship with an insurance agent from whom we obtain insurance on our residence, auto, or life. So when there is uncertainty about how insurance may play into your financial plan, that agent may be a good resource for you to understand the issues and your options. An accountant can be helpful in a similar fashion, both in identifying potential tax problems and in proposing solutions to them. Other persons who may be useful to you include bankers, attorneys and realtors, to name a few.
One interesting fact about this approach to a financial plan is that leveraging your resources is equally useful for an individual with respect to their own personal plans as well as for a financial adviser working with a number of different clients, each with their own issues. Getting informed help is good advice in almost every situation.
Finally, engaging professionals you know and trust can provide both confidence and affirmation with respect to your financial plan. Do not overlook this resource and miss the benefits you may receive. Of course, it will be important to remember that asking for advice may carry with it a potential conflict of interest. An advice giver’s recommendation may be affected by the potential for receiving a commission, fee or other benefit associated with the advice given.