What comes to mind when you hear the term financial planning? Do you think of the stock market, mutual funds, or a high-yield savings account? That’s a good start, but there’s so much more to long-term financial success. We spoke with Olivia Partin of The Diesslin Group, a financial planning firm that provides unbiased, fee-only advisory and wealth management services for individuals, businesses, estates, trusts, and foundations, about what financial planning means and why it’s so important.
It’s no secret life seemingly goes by in a flash. We’re just getting started, and in the blink of an eye, we’re looking at college tuition for the kids, retirement funds, re-financing or paying off mortgages, taking dream vacations, and probably wondering what happened to the last 20 years. “Time is a precious commodity. Most clients are juggling a career and kids or have retired and want to enjoy their retirement. Engaging a Financial Planning team to help them create a plan for their family helps to take one less thing off their plate and helps align their finances with their vision of the future. Also, we often find the non-financial spouse finds comfort knowing we’re available to help guide them in the event something happens to their spouse,” says Partin.
And it’s not just investments you need to consider. “When we peel back the layers and show them we can help with tax planning, making sure they have enough insurance coverage, or reviewing their estate plan, clients are pleasantly surprised they can get advice from our team instead of having multiple people they need to reach out to,” says Partin.
Partin also mentions that while The Diesslin Group considers all aspects of financial planning important, estate documents are essential. “Having a solid and well-put-together estate plan based on their desires and assets is a major key to financial planning,” she says.
Dealing with our financial livelihoods can be daunting when unfamiliar with the process. But it’s necessary to do so, and according to Partin, the earlier someone can start, the better. “Once someone gets started in their career, a financial planner can create a plan they can follow for years and update when big life events happen. A financial plan is not a one-and-done; it changes when the client changes. They may have been single when they first had a financial plan created, and now, they’re getting married. A financial planner can incorporate that life-changing event into their plan and how that will look from a tax standpoint or any changes needed in their estate. With time, a financial plan evolves the same way they do.”
If this seems daunting, don’t worry because you aren’t alone. A first step might be chatting with family members, trusted mentors, or friends and asking for a solid recommendation. Don't feel comfortable talking about finances with others? Partin recommends searching for fee-only financial planners nearby. “An initial consultation is usually free; you can interview multiple planners and see which best fits your needs.”