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The Value of Financial Planning

How do you determine the value of financial planning?

Any time you hire a service professional, one of the key components of making that decision is understanding what value they provide. You want to know you are getting something of value, but unlike purchasing a physical product, the benefits derived from hiring a service professional are not a tangible object you can hold in your hands. There are some things that clearly require professional help. I feel we can all agree you need to see a physician if you are having health problems, you should work with an accountant if you have a complex tax filing situation, and you'll want an attorney to handle legal issues. When it comes to matters of personal finance, however many people try to handle complex and complicated issues on their own. So is it worth working with a CERTIFIED FINANCIAL PLANNER® professional?

A financial planner provides value in a number of ways, some more easily quantifiable such as providing direct financial gain or reducing your exposure to financial risks, and some that are harder to measure such as enhancing your well-being and enabling behavioral change through education and guidance.