What is a Financial Planner? Wealth Advisor Randy Siller Explains.

Lifestyle

Today’s family faces an overwhelming array of financial challenges: saving for college, 401k’s, investment options… Randy Siller, of New York-based financial advising firm Siller & Cohen, explains how financial planners can ease financial worries and grow a family’s wealth.

Financial planner is a somewhat vague job title; make sure anyone you work with has proper credentials for your needs and obtain a number of references. Just as everyday people hire professionals to manage their legal and accounting issues, financial planners are professionals who know how to manage money and how to plan for your financial independence.

Randy Siller co-founded Siller & Cohen 25 years ago, and ever since, he and his associates have been offering clients sound advice on how to plan their financial independence and manage their funds, as well as plan their estate and business succession. Siller explains that a sound financial advisor should be able to do more than simply: manage a stock portfolio, they should also be able to help you manage the tricky monetary transitions of everyday life. An advisor who assists with portfolio management shouldn’t be attempting to predict the future of the market or guess which stocks will become winners. Rather, their duty is the exact opposite: to discourage speculative investing.

Financial advisors should sit down with their clients and discuss their needs – how much money they need to send their children to college, whether they will be supporting elderly parents – and develop a sound plan to make that happen. In addition, they should be helping clients deal with large changes in living situations. Marriage, divorce, buying a home, unexpected windfalls or inheritances, or the loss of a loved one are all valid reasons to seek professional help. These types of big changes are stressful enough in and of themselves, and many clients don’t want to concern themselves with the added worries of elevated tax concerns, merging or separating bank accounts, or the myriad of other complications that might arise as a result of such situations.

Of course, such services don’t come free. Financial planners take compensation in a variety of ways, ranging from an hourly fee, to a flat rate, to a quarterly or yearly retainer. Always ask the planner to be sure how they will charge for their services.

Managing wealth can be difficult, regardless of whether it’s a portfolio the size of Warren Buffett’s or a simple retirement savings account. Proper planners are useful beyond the direct management of money, as well; they’re a valuable source of trustworthy advice for queries such as what type of mortgage makes sense for a family or how much money one person should reserve in an emergency fund. Randy Siller encourages potential clients to embrace the sense of security that a financial advisor can offer.

ABOUT

Randy Siller and Siller & Cohen are devoted to putting the needs of the client first and helping families protect their assets. Siller is a Certified Investment Management Analyst and a Certified Public Accountant. He has been quoted in the Wall Street Journal, TIME, and Fortune Magazine.

Registered associates of Siller and Cohen are registered representatives of Lincoln Financial Advisors Corp. Securities and advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (Member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. Siller and Cohen is not affiliated with Lincoln Financial Advisors Corp. CRN 201303-2078388

 

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