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Bank officials share tips on financial planning

Finance News (Photo Illustration/MetroCreative)

PARKERSBURG — October was National Financial Planning Month and officials with United Bank and Hall Financial Services are telling people to start planning for their financial future.

With the holidays approaching, officials at United Bank said this is the time to prepare budgets and keep spending in check.

They are advising people to evaluate their finances and establish a plan to take control of the financial future, avoid common financial mistakes and be prepared for life’s uncertainties.

“People are living longer, healthcare costs are rising, and Social Security may no longer be enough to cover retirement needs,” said Manuel Moral, a United Brokerage Services financial adviser and Certified Financial Planner based in Washington, D.C. “So, it’s important to do some planning and seek investment options that keep money coming in long after regular paychecks cease.”

A financial plan is a document detailing a person’s entire financial picture, including monetary goals and strategies to achieve them, United officials said.

A good financial plan can help people in the present better manage their finances.

If someone is planning to buy a home, get married, purchase a car or retire, financial planning can help make sure their financial goals are attainable.

A common misconception is financial planning is just for the super wealthy or those approaching retirement age. Working with a financial adviser provides professional advice and access to planning resources. They present people with options, regardless of age or economic status.

“It really comes down to being willing to ask questions and seek out guidance,” said Adam Stewart, a United financial adviser based in Martinsburg. “Maybe this person just got married or is starting a family, or maybe they’ve just taken their parents’ advice to sit down with a professional to make a plan.”

A goal of most advisers is to develop a plan for clients based on their needs, whether that be budgeting, short-term investing, retirement, education planning or any pursuit that requires a pool of discretionary funds.

“In reality, our job is to help you make smart choices with your money and reach your goals,” said Omid Sanie, a United financial adviser based in Virginia,

Financial planning requires commitment as it takes discipline over the long term to save money, especially when unexpected expenses arise.

United officials said a good plan is fluid with room for adjustments.

“Your life and goals will change, and so should your financial plan,” Moral said.

Officials at Hall Financial Advisors in Parkersburg said financial plans should help people reach their financial goals.

“We are firm believers that money and emotions do not mix; and the best way to keep your emotions in line is to have a rock solid financial plan.” said Kevin Knab, CFP, CPFA, a financial adviser at Hall Financial Advisors in Parkersburg and Marietta.

Officials with Hall said the steps to setting up a financial plan is goal creation, identifying resources, understanding the market and getting results.

People need to evaluate their retirement goals and what they might want to spend on such things as travel, charity, home improvements, a new car and more, they said.

Resources can include different tools such as software that can help people see how changes, small or large, impact the success of one’s plan.

People also need to understand how the markets work and how comfortable they will be with taking risks, the Hall officials said adding an advisor can use the software to help someone understand their tolerance for risk, explain market cycles and help identify situations that might cause someone to rethink their long-term investment strategy.

The main goal of a financial plan is to get an investor into the “confidence zone” or “green zone,” the best financial position for someone to achieve their financial goals, and to keep them there over time, Hall officials said.

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