What Whitford Financial Planning And Other Small Firms Can Offer That The Industry Giants Cannot

What Whitford Financial Planning And Other Small Firms Can Offer That The Industry Giants Cannot

April 15, 2024

We live in the information age. If you want a quick answer to almost any question you can Google it, ask Siri, or even chat with a virtual bot to find the answer. This broad availability of information extends into the financial world as well, and you can research almost any topic with ease - from investing, to saving for retirement, to wills and estate planning, and much more.

Fortunately for consumers, financial advisers both big and small also now have access to the tools and research to create and maintain diversified investment strategies for their clients. A good adviser can assess your risk tolerance, timeframe, and future goals in developing a portfolio strategy. In my experience, it is the independent financial advisors who now have the edge over the financial industry giants, due to the ability to offer highly personalized services and the nimbleness to adjust quickly to evolving economic conditions, tax law changes, and client needs.

Personal Connection – Need someone to talk to? How many people in your life can you call, text or email just about any time - that know who you are, what you like to do, the important people in your life - and also whether or not you did a Roth IRA conversion last year or when you are planning to start Social Security? My guess is that it is a pretty short list. As a financial planner, I consider it a privilege to be a trusted partner for my clients, and I am glad to be of service in any way that is valued.

Tax Planning – When I worked at a big financial firm, we were unable to give specific tax advice and were often compelled to answer many tax questions with a reply such as “that’s a good question for a CPA” or “you should consult a tax advisor”. Let me be clear, at Whitford Financial Planning we do not prepare income tax returns, but instead make recommendations on tax strategies that can directly impact how much tax is paid in a given year. These actions can include managing investment gains and losses, charitable giving strategies, retirement income planning, and many others.

So bigger is not necessarily better! I suggest seeking out a firm where you can make a personal connection, receive important tax advice and still create a well-diversified and long-term investment approach that helps you achieve your goals for the future.