Comprehensive Financial Planning Near Me

Comprehensive Financial Planning Near Me

24 Jun 2021

If you are starting to look for a financial advisor in Canton, OH you may be wondering if you need a comprehensive financial plan or just a financial check-up. Many people are not really sure what a comprehensive financial plan is. If you were to ask half a dozen people what the phrase “comprehensive financial planning” means, you might receive a wide array of unique answers with minimal overlap.

Though comprehensive financial planning may seem fairly straightforward and easy to understand on the surface, there is oftentimes plenty of confusion as to what it actually means.

Some people think comprehensive financial planning is centered on the management of investments.  Others may believe comprehensive financial planning encompasses retirement planning.  There are even some who assume comprehensive financial planning is centered on tax planning and tax mitigation.

Below, we provide a look at what comprehensive financial planning really means and explain why it is so important.

The Basics of Comprehensive Financial Planning

Your identity, finances, family, goals, and current life situation all play a role in your financial planning.  A fee-only fiduciary who serves as your CERTIFIED FINANCIAL PLANNER™ Professional can play an essential role in establishing your unique financial plan.  Meet with this professional and you will find he or she makes complex financial concepts that much more simple and easy to understand.


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A meeting with your CERTIFIED FINANCIAL PLANNER™ Professional is an opportunity to receive a fully customized financial plan in which your financial advisor applies a truly holistic approach with the overarching aim of providing financial security.  This is the guidance, insight, and information you need to make the best possible decisions pertaining to personal finance, setting the stage for a comfortable retirement by your target date or even earlier.

Meet with a CERTIFIED FINANCIAL PLANNER™ Professional and you will have the opportunity to discuss the macroeconomic environment, delving into how it relates to your unique financial situation and goals.  Lean on this expert for guidance and you will find pinpointing the economic sectors and investment vehicles that provide the best possible return is easier than expected.  Furthermore, this professional’s insight will help you sidestep investments as well as geographic regions that may pose a considerable risk or are may otherwise be undeserving of your investing dollars.

In short, comprehensive financial planning is a golden opportunity to create a strategy across posterity through dynamic management in which actions are made based on market realities as opposed to emotion and speculation.  Though some speculation is healthy, much of it is based on a gut feeling and guesswork rather than actual facts.

The Comprehensive Financial Plan You Deserve

A CERTIFIED FINANCIAL PLANNER™ Professional does more than merely help clients invest their money in the most prudent manner.   These professionals perform a complete analysis of your idiosyncratic financial picture including your current financial situation, your short-term financial goals, your long-term financial goals and additional factors that might seem like subtleties yet are actually quite important.

A CERTIFIED FINANCIAL PLANNER™ Professional will take myriad factors into account when creating a totally custom comprehensive financial plan.  From tax management and mitigation to debt management, insurance, and investing, your financial advisor will create a comprehensive pathway forward.

Keep in mind, the extent of financial services that are provided is not the same across the board.  Some financial specialists are more narrowly focused on providing investment advice while others provide truly comprehensive service.

If you don’t have a financial advisor at your service or if your financial advisor is not providing truly comprehensive financial planning, it may be time to make a change.

By meeting with a financial planner who provides an all-encompassing financial planning method that extends well beyond mere investments you will find this professional’s guidance may help you reduce your tax burden, make money through investments and add to your nest egg with each passing day.

Financial Guidance Tailored to Your Financial Picture

The financial guidance provided to your neighbor or one of your colleagues might not prove ideal for you.  Your unique financial situation is significantly different from that of another person.  Furthermore, if you are married, have kids or if a major life event is on the horizon, you will need guidance unique to your specific challenges.  This means generic financial planning advice will not suffice.

A fee-only fiduciary, such as McGervey Wealth Management, will perform a detailed review of your unique financial situation, reviewing and analyzing all components of your financial picture.  They will assess your status in regard to retirement planning, perform a cash flow analysis, assist with investment management, help you manage risk, and even provide strategies to possibly reduce your tax burden.

The best financial planners also help in the context of estate planning.  Though the assistance of an estate planning attorney will be necessary to ensure every last detail of your estate plan is in perfect order, your CERTIFIED FINANCIAL PLANNER™ Professional can certainly help lay the groundwork for asset protection and subsequent distribution to loved ones when you eventually depart this plane of existence.  What matters most is that your CERTIFIED FINANCIAL PLANNER™ Professional performs a truly comprehensive financial analysis of your situation to develop the optimal plan of action.

The best comprehensive financial plans are analogous to elite health and wellness plans.  Instead of zeroing in on only a couple of components of health, the better approach is to consider the entirety of your health, recognizing that those unique components are interrelated.  The components of your health and your finances are dependent on one another.

Keep in mind, your financial plan affects more than you.  If you were to become incapacitated or pass away, the details of your financial plan would significantly impact your family members.  This is precisely why you need a trusted fee-only fiduciary to perform comprehensive financial planning highlighted by intelligent decisions made in a timely manner.  This guidance serves your self-interest and also that of your family.

Key Components of Comprehensive Financial Planning

Most people are aware that choosing the right investment vehicles is an important component of a financial plan.  However, comprehensive financial planning entails much more.  The process begins with a comprehensive review of your specific financial situation.

Your advisor will discuss your current financial situation with you, going over your current challenges as well as your aims across posterity.  This professional will develop a financial plan that includes the essential financial products necessary to help you progress from your current situation to your financial goals in the years ahead and also in the decades to come.

The best financial strategies are designed in accordance with your specific life situation and overarching aims.  This means comprehensive financial planning should entail retirement planning, emergency funds, planning for your child’s college education, tax mitigation, estate planning, debt structuring, risk management, and possibly even insurance.

Furthermore, financial planning also accounts for life milestones that have the potential to make your financial picture that much more complex.  Even taking care of aging parents has the potential to strain your finances as well as your time.

The best CERTIFIED FINANCIAL PLANNER™ Professional will account for your unique family structure when developing the idiosyncrasies of your financial plan.  So don’t hesitate to provide your financial planner with all the “small stuff” of your financial picture.

If your financial planner requires your tax return, a bank statement, a copy of your insurance policy, or other documents, it is a sign he or she is performing comprehensive financial planning on your behalf rather than merely grazing the surface.  By providing all the necessary details your advisor will be that much more empowered to make truly qualified recommendations.

By working with a fiduciary like McGervey Wealth Management, you can be assured you’re getting investment advice from a firm that has the obligation to disclose conflicts of interest and put your interests ahead of its own.

We get to know you on a personal level and keep things simple, using common language everyone can understand. To learn more about McGervey Wealth, contact us today or get your wealth score to see how you stack up for retirement.

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More About the Author: Michael McGervey

Michael serves as a resource to executives and business owners, assisting them in making proactive and informed personal financial decisions. He is also a member of McGervey Wealth Management’s Investment Committee and is responsible for investment research as well as the execution of the firm’s portfolio strategies.