Tranel Talks Column

What Is a Libertyville Wealth Planner?

A Libertyville wealth planner is a type of financial consultant who acts as the key financial figure to their clients’ lives. They have a central role in every financial decision that a client will make. This means that a good Libertyville wealth planner will work hard and enable the trust of their clients.

There are several important things that financial consultants and Libertyville wealth planners help their clients with.

Retirement Planning

Often put off for another day, but always a matter of importance, retirement planning is one of the most important services offered by a Libertyville wealth planner. Most people want to retire in their 60s, some even sooner than that, but the average age of death is over 72 years. Many people live much longer than that, into their 80s and 90s. This means that a person could potentially have decades of retirement ahead of them. While this is great, they also need to make sure that they’re financially secure during those decades, as they will have a limited income during that time period. This is why having a retirement plan is important. By creating a savings and making investments, individuals have the ability to do anything they’d like in retirement with less financial burdens.

Estate Planning

Writing a will and planning on what should happen to one’s own estate can be stressful. Luckily, estate planning is a burden that a Libertyville wealth planner can lift from a person’s shoulders. Along with writing the will, which dictates a person’s final wishes including who inherits their estate, estate planners can help you prepare financially for the end of your life.

Estate planning works like this. Once a good team is put together to plan an estate, they find all of the information they need to know about a client. This includes everything from what their assets are, to what their insurance is, to their long-term goals. They then decide if the client’s needs are being met and where improvements can be made. This allows the creation of a plan to reach their goals. The plan is then reviewed every so often, typically on an annual basis, to make sure it’s still effective. By doing this, a client doesn’t need to worry about the stress of their future and what will happen to their estate once they’ve passed away.

Saving and Investing

No matter what stage someone is at in life, it is important to build up a savings and make investments for the future. Accumulating savings protects a person from any surprises that can occur down the road. For instance, if someone who relies on their car for work has trouble with their transmission, the cost to repair can be devastating. It’s exacerbated if they don’t have any savings to fall back on, though. Meanwhile, investing allows people another avenue to accumulate wealth, making them more financially secure for the future. A Libertyville wealth planner is able to assist their clients in both of these areas, creating plans for the future and helping them stick to a budget that will benefit them in the long-term.

In 2018, there was over $1 billion worth of deals more than the previous five years of financial advising. There’s a reason for this boom. Without the proper knowledge, this industry can be intimidating to people. However, at the same time, having your wealth planning in order is vital. With the help of a Libertyville wealth planner, individuals can feel comfort in having financial security as they grow older.

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