When it comes to personal financial planning, look no further than MBR Financial in Houston, TX. Businesses have known for years the value of financial planning. But it was only with the creation of 401(K) plans in 1978 and IRS rules in 1981 that allowed employees to use payroll deductions to fund their own retirement plan, that the concept of financial planning crossed over from business to individuals. As a result, responsibility for savings shifted from employers to employees.
Personal financial planning has since evolved and now addresses many more aspects of personal finances. Personal financial planning involves how you earn, spend, save, and invest your money. In addition, planning identifies strategies to minimize income taxes and tax-efficiently gift to family and charity during your life or death. Finally, planning manages the risk of living too long, dying too soon, or becoming disabled.
Providing financial analysis and advice is not enough. A client may be motivated to work with an advisor to create a personal financial plan but not implement seemingly prudent recommendations. This often occurs when the client’s most pressing issues are not first addressed. Traditionally trained advisors focus more on the technical aspects of planning.
There are three personal financial planning lessons that we have taken to heart at MBR Financial in Houston:
- Personal financial planning must be tailored to the personal preferences and priorities of the client. Until a client’s issues are first addressed, other good ideas just don’t matter.
- Some clients have not yet defined for themselves their vision for the future. It is hard to make prudent financial decisions that will impact the future when anxiety, fear, or grief weigh down your ability to think about the future, let alone find meaning and purpose. This is particularly true for clients anticipating or amid major life changes. This process takes time, patience, and perseverance before the client begins to see opportunities and purpose. In the meantime, maintain flexibility and address time-sensitive financial issues.
- Client’s process information in different ways. Some are analytical, some auditory, but most are visual and respond best to charts and graphs, but not too many at one time. A simple plan executed well is far better than a complex one that sits on the shelf.
MBR Financial begins the personal financial planning process by:
- Listening and asking thought-provoking questions.
- Encouraging clients to take time to ponder their priorities and what is most important to them.
- Asking how clients like to receive information and how they are most comfortable making decisions.
We are fiduciaries at MBR Financial. This means we are obligated to put the interest of our clients first at all times. We maintain the confidentiality of your information and practice due care. As a Registered Investment Advisor, our fiduciary standard covers our entire relationship with you. At MBR Financial, we serve our clients first and foremost.
At MBR Financial in Houston, TX, personal financial planning transcends traditional technical planning. We specialize in personal financial planning. We strive to cultivate a secure future for our clients. Find out more by calling us at 832-667-8787 to schedule a free initial consultation.
Plan · Nurture · Grow
Financial Advice as Life Changes to cultivate a secure future
Planning · Investment Management · Risk Mitigation