Why and when is consultative financial planning a good idea? Consider this scenario. A successful self-employed consultant with a firm grasp on her finances and a self-managed investment portfolio wonders when she can realistically reduce her workload and what income she will need during those transition years. She does not want a traditional financial advisor to manage her assets, but she recognizes the need for guidance. What are her options?
This is where consultative financial planning truly shines. It empowers her to plan smartly while staying in control. By working with a financial planner offering consultative services, she receives objective analysis and tailored strategies without giving up her self-directed approach. Her financial planner can help her understand retirement income projections, tax-efficient withdrawal strategies, and the financial implications of transitioning to reduced work.
The value of consultative financial planning is found in giving clients the ability to remain the driver of their financial journey, armed with the knowledge and recommendations to make informed decisions. This approach gives clients an opportunity to delve deeper into topics like Social Security, Roth conversions, and tax planning so they can understand the "why" behind each potential choice. This type of work may empower clients to navigate their financial future with greater confidence while staying firmly in control of their assets and choices.
Are you a self-directed investor looking for help to confidently navigate your financial future? Reach out to learn more about how consultative financial planning can benefit you.
To learn more, schedule a consultation at Wealth Transition Finance, A Member of Advisory Service Network, LLC, by using your phone's camera to scan the QR code below.
Wendolyn Forbes is CERTIFIED FINANCIAL PLANNER® professional with Wealth Transition Finance, A Member of Advisory Services Network, LLC. Wendolyn is a fee-only financial planner and member of the National Association of Personal Financial Advisors (NAPFA). CFP Board owns the marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the U.S. This material is provided as a courtesy and for educational purposes only. Advisory Services Network, LLC does not provide tax or legal advice. The information contained herein is general and is not exhaustive by nature. Federal and state laws are complex and constantly changing. Consult your own legal or tax professional for information concerning your individual situation.
Originally published in the July 2025 issue of Positively Haywood.