May-June2020 Issue

From FPA management responsibilities, it’s important that the other “at least has a working knowledge” of their financial situation, so they can offer educated input and take the reins financially if necessary (such as due to divorce or death), says FPA member Jon L. Ten Haagen, CFP®, who heads Ten Haagen Financial Partners in Huntington, NY. A Financial Professional Just as a person needs a primary care physician to serve as the focal point for their healthcare, they need a point person to support their financial health and provide a general plan to connect their goals with their resources. “Make sure you have a true financial adviser, such as a CFP®, who really has your best interests in mind,” suggests Ten Haagen. In working with a CFP® professional, you’re getting a true fiduciary, an adviser who is obligated under the terms of their professional license or designation to always put the interests of their clients first, above their own interests and those of their firm or the company (or companies) whose products and services they represent. To find a CFP® professional in your area, check out the FPA’s searchable national database at www.PlannerSearch.org . “Financial planning encompasses more than invest- ing,” explains FPA member Lauren S. Klein, CFP®, of Klein Financial Advisers in Newport Beach, CA. “A good financial adviser will get to know you at a level of detail many people reserve for their therapists! This level of intimacy is what’s needed to help you make short- and long-term financial decisions based on your real needs, goals and emotions. From investing wisely, to planning for retirement, to tackling all of the nuts and bolts of your complex financial life, your financial adviser is your Sherpa through it all.” Financial/Insurance Specialist(s) Depending on your needs, the complexity of your circumstances and your stage in life, you could benefit from other, more specialized professional advice from: • An accountant and/or tax specialist to manage your tax situation. “Tax strategies can play a significant role in preserving your assets at every stage of life,” says Klein; • An insurance agent to help guide you in decisions about various types of insurance, including life, disability and more. “Appropriate insurance plays a key role in protecting your assets and your family,” says Klein. “A good insurance agent will help identify appropriate life and health insurance to be sure you— and those who depend on you—are protected;” and • An estate planning attorney to create your will, powers of attorney and other important documents specifying how your assets and key decisions will be handled in the event you can’t handle them yourself. From FPA continued on page 8 REVERSE MORTGAGE / MAY-JUNE 2020 7