Mark Sherman Perry of Mt. Pleasant, SC is a former Wall Street executive with almost 40 years’ experience in financial services. Currently, Mark Sherman Perry assists his clients with financial planning, capital preservation, risk management, and insurance services. In the following article, Mark Perry explains when to seek out professional guidance from a financial planner, and how these professionals can help individuals manage their wealth.

Making a lot of money simply isn’t enough to be truly financially comfortable.

It is through the management of one’s money that they make a real difference. That’s why a financial planner can be the perfect partner in establishing wealth and financial security for not only the present, but for the future as well.

Once viewed primarily as a tool reserved for the wealthy, professional financial planning is increasingly being used by people with a wider range of financial success.

There has been a sharp rise in demand for financial planners and advisers in recent decades, with employment estimated to rise 15% through 2031. About 35% of Americans employed a financial adviser in 2022.

Working with a financial planner helps millions of Americans every year, but they may not be for everyone. Here’s when using this service may help the most.

Mark Sherman Perry Explains What a Financial Planner Does

Mark Sherman Perry of Mt. Pleasant, SC explains that financial planners are here to help people manage their money effectively, as well as to assist in the planning of financial futures.

Planners and advisers can do everything from creating monthly and yearly budgets to estate planning and establishing retirement goals. Financial planners offer advice that is tailored to each client’s unique circumstances, expectations, and goals.

Many use them to assist with a litany of personal financial goals, such as saving for a down payment on a home or establishing a nice retirement nest egg with thoughtful investments.

Mark Sherman Perry of Mt. Pleasant, SC also says that they can help with income management, risk management, tax planning, and insurance planning.

How Much Money Is Needed to Get Started

Mark Sherman Perry of Mt. Pleasant, SC says that, in short, whenever a person feels they need assistance with establishing financial goals, managing wealth, and coping with certain financial challenges, they should consider speaking to a professional.

While many start seeing planners for better financial habits and to set goals, others first seek out help due to major life events. These events, such as a career promotion, job loss, marriage, divorce, or extended leave of absence or sabbatical from work, often dictate one’s need for guidance.

Family planning often needs financial planning, whether that comes in the form of attempting to save for a larger home or establish a college fund or trust fund. Another life event that may benefit from the assistance of a financial planner is when one comes into an inheritance.

Mark Sherman Perry of Mt. Pleasant, SC reports that another common motivator is starting a business, especially for those doing so for the first time. Not only can a professional help someone budget for a new business and everything that it entails, but they can also help make sure other finances are simultaneously kept on track.

It’s Never Too Early

In past decades, financial planning has often been associated with those about to retire.
This is no longer the case. With the ever-increasing cost of living and the tendency to skip saving enough money for the future, many Americans end up turning to professionals early in their careers to start planning for retirement, commonly only three or four decades down the line.

Mark Sherman Perry of Mt. Pleasant, SC says that some even start meeting with a financial planner and adviser when landing their very first job. However, there are key questions that should be answered before working with a planner. These include:

• What Does the Current Financial Situation Look Like?

Mark Sherman Perry of Mt. Pleasant, SC explains that it’s not just income, but net worth along with how much is in savings and whether current spending habits are excessive. It’s also helpful to review monthly expenses and compare them to monthly income. Before seeking professional services, it’s important to get an honest feel for what one is financially handling on their own.

• What are the Short- and Long-Term Goals?

Mark Sherman Perry of Mt. Pleasant, SC says that to get the most out of a financial planner relationship, individuals should come equipped with specific goals in mind. That can mean adjusting a budget to accommodate a retirement plan or going back to school. Financial planners can also offer some hard truths about what it will take in order to buy a home in 5, 10, or 15 years.

• What Should I Invest in?

Mark Sherman Perry of Mt. Pleasant, SC maintains that it’s one thing to be interested in investing and another to actually invest in the right things. There’s no shame in getting help with fundamental questions on investing, such as the types of IRAs or 401(k)s that may work best for a certain financial situation or the best ways to establish an emergency fund.