What Services Are Baby Boomers Looking For When They Engage A CFP® Or Other Financial Professional?

We often talk about how financial professionals –  including CERTIFIED FINANCIAL PLANNER™s such as myself – can help you work towards your long-term money goals. But there are many different aspects to personal financial planning. What specific services are people looking for when they engage a CFP® or other financial professional?

Last week I came across some interesting research on this very topic. What I discovered is that there are about 35 million US households with a head of the household that’s a Baby Boomer – in the 55 to 69 age range. And, these families represent total assets of $6.7 trillion. That’s right, trillion.

And 35 million is also a considerable number. Among these families, many individuals use a financial professional to help them with their investment goals. So, what exactly are they seeking help with?

Over the past ten years, there has been a noticeable shift in investors’ priorities. These days, more emphasis is on tax planning (up from 18% to 24%), charitable giving (up from 15% to 22%), and wealth succession planning (up from 17% to 28%).

I find these numbers instructive; they are like guideposts for professionals like myself who strive to help clients with their investment and financial needs. And, they relay a new truth – financial planning is no longer limited to investment advice only. It is a comprehensive practice.

The definition of financial planning is “the process of determining whether and how an individual can meet life goals through the proper management of financial resources,” according to the “Standards of Professional Conduct” of the CFP® Board, the privately held governing body that awards the CFP® designation.

At Capital Investment Advisors, we realize this is what our clients want and need and are ready to assist. We have professionals in fields such as estate planning, tax planning, Social Security strategies and healthcare consulting. We don’t just focus on the money – we focus on the client.

The number one thing I believe about wealth is that it is, and always will be, highly personal. It’s particular to the investor. It’s unique to you.

And because wealth is personal, you could think of your CFP® as the financial equivalent of your primary care physician. We deal with your overall financial health. And, in the event that a specialist is needed, like an experienced estate planning attorney, for instance, we help employ them to get you in good shape.

How is your financial fitness? Are you in good shape, or could you use a check-up? We’re here to help – no matter what you need.

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