Most people spend more time planning for vacation than they do their financial lives.  And while women have more challenging financial planning needs, when it comes to procrastinating, they are no different than men.

There is another biggie when it comes to financial planning: It isn't always fun!  Let's face it, two weeks at the beach is something to get excited about.  Assest alloctaion, reducing taxes, retiring comfortably, planning your estate - all these things are really big decisions and can bring up choices you really don't want to face.  What happens is that we play ostrich, head in the sand, hoping - or more correctly, fanatsizing - that our dreams will magically come true without any attention on our part.  Sadly, this process works!  You get the results you plan for.  That may include not being able to retire, never taking that dream vacation to Europe, not being able to send your children to college, credit card debt that never goes away, and on and on.

Your money life is your responsibility.  Like all great responsibilities it requires your attention.  That is what financial planning is all about.  Financial planning is the process of wisely managing your finances so that you can achieve your dreams and goals - while at the same time helping you negotiate the financial barriers that inevitably arise in every stage of life.

For women, planning is even more critical because we tend to live longer, make less and take more time out of the workforce than our male counterparts.  Between 80 and 90 percent of women will at some point in their lives be the sole financial decision maker in the household.  All this adds up to bigger finaincial challenges and a more vital need for planning.

Financial Planning Can Help You.....

• Set realistic financial and personal goals
• Assess your current financial health
• Create a clear savings plan
• Determine manageable withdrawl rates if you are already in retirement
• Establish an effective asset allocation policy for yuor investments
• Overcome financial weakness and build on financial strengths
• Stay on track to as your life changes

How Do You Get Started?

You have two options.  Do it yourself or hire a financial planner.  Ask yourself if you have the expertise to develop and manage your own financial plan.  Then ask yourself if you have the time.  Next determine if you and your partner can work through the sometimes challenging and often emotional choices that are part of the planning process.  If the answers to any of these questions is no, you could benefit from the services of a qualified financial planner.

How Do I Choose the Right Financial Planner for Me?

Choosing a financial planner is as important as choosing a doctor or lawyer, and as personal as choosing a therapist.  In addition to competency, a financial planner should have integrity, trust and a commitment to ethical behavior and high professional standards.

Ask people you trust for referrals, and trust your own intuition.  Find a planner with whom communication is open and easy.  Trust and rapport is critical in this relationship.  Don't settle.

Start with a phone call.  Can you establish rapport?  Does the planner seem easy to talk to and willing to listen?  Follow up with a personal interview, or initial consultation.

How Do Financial Planners Charge?

Financial planners can be paid a variety of ways for their work.  There are several commonly accepted methods.

Fee-only: The planner is compensated entirely from fees and accepts no commissions.  These fees may be charged hourly or project basis depending on your needs, or on a percentage of assets under management.

Commission-only:  There is no charge for the planner's advice and preparation of a financial plan.  Compensation is recieved soley from the sale of financial products.

Combination Fee/Commission:  A fee is charged for a consultation and financial plan preparation on an hourly, project or percentage basis.  In addition, the planner may recieve commissions from the sale of recommended products.

Fee-offset:  Commissions from the sale of financial products are offset against fees charged for the planning process.

Salary: Some planners work on salary and bonus basis for financial services firms.

The planners competence and ethical standards should be the primary consideration in your selection process.

Being an ostrich isn't going to create the life you want and deserve.  Spring is the perfect time for new beginnings.  Your dreams and goals are waiting!

Reprinted: The Sunday Challenger, By: Mackey McNeill, March 27, 2005