Financial Planning

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Shopping for Auto Insurance

Mike Larriva, CFP shares personal insights on shopping for auto insuranceShopping for auto insurance is something I put off for years. I was happy with my existing company, and comparing new policies and rates was a hassle I just wouldn’t prioritize. My priorities changed recently, as my teen son is getting his driver’s license soon and I know teen drivers are expensive to insure. I had to bite the bullet and do some comparison shopping. Fortunately, I was pleasantly surprised how easy it is to get quotes now. Most companies were able to provide online quotes, which were emailed to make it easy to compare.

Most states require minimum coverage for bodily-injury and property-damage liability, to protect others when you are the driver at fault in an accident. But it’s wise to purchase more than the minimum required.

Uninsured/underinsured motorist coverage is especially important because it protects you if another driver with minimum or no insurance causes an accident and you incur costly injuries and repairs. This happened to me in 2000. I was involved in a rollover accident. Our SUV was totaled and the young man who hit me only had minimum coverage. My underinsured coverage protected us by helping pay for a replacement vehicle and medical expenses. A typical level for this type of coverage is $100,000 or more in benefits.

There are additional coverage options to consider, as well. Collision coverage helps pay for repairs to your vehicle when involved in a collision. Medical coverage helps with medical expenses that might not be covered by bodily-liability coverage. Comprehensive coverage is for repairs not caused by collision (such as theft, vandalism or hail damage).

As you are shopping for auto insurance, be sure to ask about any discounts that may be available. When I added my son to my policy, I learned many companies offer discounts for students who get good grades (B average) and who’ve taken defensive driving classes.

Consider comparing your auto insurance rates every few years. I did and made some changes that will help reduce costs for our family.

 

By |July 31st, 2017|Financial Planning, Insurance|

Financial Planning Experience Creates Value

Should you hire a financial planner or just do it yourself? In today’s high-tech world, it’s a valid and common question. In this brief video, Patrick Eng explains how working with a professional advisor is like hiring an experienced aviator to pilot an airplane. Professional financial planning experience creates value.

 

By |July 5th, 2017|Financial Planning, Video Blog|

Enter the Age of Bionic Financial Planning

bionic financial planningA recent study conducted by the Financial Planning Association and Investopedia revealed today’s investors require both high-tech and high-touch forms of advice to satisfy their increasingly complex financial needs. While investors are happy using “robo-advisors,” they’re more satisfied when using both a human advisor and an automated investing platform. In other words, bionic financial planning.

Enter the Age of Bionic Financial Planning

“The debate about whether robos or human advisors will win is moot. The future of financial advice is bionic – a powerful combination of both,” said David Siegel, CEO of Investopedia.

When asked about specific financial issues – such as estate planning, elder care and tax planning – roughly 50 percent preferred working with a financial planner/advisor and about 30 percent preferred utilizing both a personal advisor and an automated investing platform.

At Perspective Financial Services we’re proud to offer the best of both worlds, by building personal long-term relationships with our clients and providing access to a variety of automated and online tools.

Image courtesy of alex_ugalek at FreeDigitalPhotos.net

Working with a Financial Planner

working with a financial planner is like working with a trusted physicianThere are many pragmatic reasons for working with a financial planner.

Just as a caring, qualified physician can help you manage your health, recommend preventive care and advise in times of illness, a caring, qualified financial planner can help you manage your finances, provide direction in identifying your goals and help you maintain a balanced portfolio in uncertain economic times.

In this brief video, Mike McCann uses this analogy to outline a few short- and long-term benefits of working with a financial planner.

By |April 24th, 2017|Financial Planning, Video Blog|