Tranel Talks Column

Asking the right questions is important. So is the process.

Financial advising is not, and should never be, a one-size fits all approach. The entire purpose of working with a financial advisor is finding someone who takes time to understand your finances, your needs, and both your long- and short-term financial goals. It is only through getting to know you and gaining a unique and comprehensive picture of who you are and what you’re looking to gain from the relationship that they are able to come up with a customized plan that fits your unique situation.

At The Tranel Financial Group, our approach and process to creating a custom plan for each client prioritizes individual goals and creating solutions. We ask the important questions, simplifying complex situations and turning undefined objectives into organized plans.

The entire process starts with the four questions we believe any financial advisor should be asking…

Learn The Right Questions To Ask

Question: What is your money really for?

Why it matters:

Two business partnership coworkers analysis cost work progress and gesturing with discussing a financial planning graph and company financial during a budget meeting in office room.

At The Tranel Financial Group, we believe that this is arguably the most important question your financial advisor could ask you – and it’s also the one that very few think to ask.

Just as your family, career, lifestyle, and homelife are unique to you, so are your financial goals. The right financial advisor will understand that creating the right plan for you starts by understanding what your goals are. What do you want to achieve? What are your short-term financial goals? In what ways do you plan to use your money?

Before coming up with a financial strategy, your financial advisor needs to understand what your lifestyle is, how you need your money to support it, what your plans are for retirement, and if or how you’d like your money to benefit future generations.

Has your advisor asked you, How do you want to plan for the future?

Why it matters: Your financial needs are naturally going to be different at each stage of life. A young 20-something just beginning their career is going to have different needs and goals than somebody who is approaching and planning for retirement, actively enjoying retirement, or building their legacy.

Depending on what stage of your life you begin a relationship with your financial advisor, your needs and goals may be vastly different. Your financial advisor should be asking you about what your immediate and long-term goals are, based on your current situation, so that they can best serve you.

At The Tranel Financial Group, we are solutions oriented, therefore the questions we ask align to your financial decisions and emotions, values, and life goals. They involve recognizing the role that emotions play in your financial choices and using that awareness to create a holistic and purposeful financial plan.

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Has your advisor talked to you about taking social security? We can help you plan to take social security and why.

Why it matters: Like taxes, Social Security is complicated, and many people don’t know the best way to maximize their payments. This is largely because the system is complex, but it is made more complicated by the nuances of individual situations. We ask the important questions based on goal setting to determine which spouse social security to turn on first, and how to delay if needed.

Based on each individual’s financial situation and personal goals, a different method of claiming social security payments may be most effective for them. By asking how a client nearing retirement age plans to take or make certain payments and understanding the reasoning behind their decision, a financial advisor will be able to assess their plans and offer guidance to help them make the right decision.