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Financial Planning

CrossRoads Financial

At CrossRoads Financial, we are a family-owned and operated independent financial advisory firm located in Hilton Head Island. Using our process, the Iron Horse 360, we take a holistic approach to financial planning. This means our services are always personalized, and we pride ourselves on handpicking investment opportunities for each unique portfolio. In addition, our firm abides by the fiduciary standard of care, which requires that our actions and decisions are ruled by the client’s best interest. To aid in this, Bill has acquired several certifications: Bill being certified as a CFP and a CPA. Through this process, I have built strong, long-term bonds with clients for over two decades. I believe that values matter, which is why I will continue to offer clarity, transparency, and valuable counsel to those who trust us to provide it.

What is Financial Planning?

Financial planning is a step-by-step approach to ensure an individual or business addresses its short and long-term financial goals. A financial plan serves as a guide and a road map to help you through your life journey. Financial planning is essential to give you control over your income, expenses, and investments. Financial planning helps people like you gain financial freedom, address your financial goals, and gives you the space to dream even bigger.

Financial Planner

A financial planner is qualified to help individuals and businesses address their financial goals and objectives. Financial planners work with their clients to strategize opportunities for improvement in overall financial health. A financial planner will analyze goals, risk tolerance, and stages of life to identify a proper individualized financial plan. Financial planners have suitable education, training, and experience in their field for their clients to have faith in their ability to help them pursue financial success. Some financial planning professionals hold designations or certifications to show their level of qualification in specific areas. Many financial planners are fee-only financial planners, meaning they generally structure their earnings specifically around either an hourly rate, a fixed retainer, or a percentage of the assets they manage.

Fee-Only Financial Planner

A fee-only financial planner is a financial professional paid directly through their clients, not from any kind of bonus or commission. Depending on the firm, fee-only financial planners charge for their services based on a flat fee, hourly rate, fee schedule based on services, or a percentage of an individual’s managed assets. Fee-only advisors are focused on their clients’ needs, not on making commissions based on products. Using a fee-only financial planner can create financial confidence for individuals or business owners, knowing that the financial planner has the well-being of their clients in mind when offering financial advice and creating financial plans. This is because their pay is not based on the products or services provided.

Financial Planning Process

  • Define – Define your financial goals and objectives. Goals and objectives guide your financial plan and help create a roadmap of what success looks like for you. No two financial plans are the same. Utilize smart goals to measure progress. Your goals should be specific, measurable, attainable, realistic, and time-based.
  • Gather – Gather your financial and personal information. The success of your financial plan depends significantly on the accuracy, quality, and clarity of the information you provide and communicate with your financial advisor. Your financial advisor will look for things like income and expenditure, assets and liabilities, as well as your risk attitude, tolerance, and capacity.
  • Analyze – Your financial advisor will analyze the information provided and use it to report your current financial profile. To improve your understanding of your financial circumstances and pinpoint any identified strengths and weaknesses, your financial report will look at solvency, savings, liquidity, and debt service ratios.
  • Develop – Your financial advisor will develop a comprehensive financial plan based on everything up and to this point. Each of your goals and objectives will be addressed, and recommendations will be made. You will be provided with information such as net worth, tax calculation, and cash flow.
  • Implement and Monitor – Once developed, you and your financial advisor will define how to implement your plan and set specific times and frequency of follow-up meetings and communication to monitor its efficacy. Changes will be made as needed.
  • To learn more about the Iron Horse 360 head over to Our Process.

Key Takeaways

The ability to live life freely starts with having your finances in order. There is no doubt that managing your finances can be overwhelming, and, of course, financial security and wealth are never a guarantee because life is unpredictable. However, a financial advisor can take the mystery out of your money and keep you on track toward financial freedom. Our professionals at CrossRoads Financial are in your corner and eager to get you started on your goals.