Financial Goal-Getting 101
Life is frequently described as a journey. We often hear people talk about “making their way” through it. But you can never be too sure about what’s around the bend – at least not without a road map. Consult with banking professionals and financial services experts who can provide you with both a solid plan and personal guidance to help you reach your desired goals.
Wealth management can be for anybody – not just the “super rich.”
Everyone deserves the opportunity to develop their financial road map and the option to consult with an expert. The Wealth Management process for each customer consists of identifying your goals, evaluating your current situation, and then developing a plan that is designed specifically for your goals and objectives. Whether your goals are to retire comfortably, save for a college education, or leave a legacy, wealth advisors will take a holistic financial planning approach by listening closely to customers to identify where they need help and ensure areas of risk are covered.
What is holistic planning?
Holistic planning provides a path for you to follow that is geared specifically to your situation while helping you to manage risk. For a wealth advisor, the goal in holistic planning is to provide financial advice that incorporates banking, investments, insurance, and estate planning while developing a relationship with you. By seeking guidance, you could be tapping into a team of specialists comprised of Bankers, Investment and Insurance Specialists, Certified Financial Planners, Trust Officers, and Estate Planning Attorneys. Just as important is to review and monitor the plan consistently over time to measure its progress.
A real life example.
Many people wonder if the assets they have accumulated will be enough to last for the remainder of their life. One wealth advisor shared an instance in which a daughter who was caring for her 85-year-old mother was serving as successor trustee. Although the mother was receiving $1,250 in Social Security and a pension income, that wasn’t enough to cover her health care expenses. The daughter was worried about generating enough income from her current assets to cover her mother’s nursing home costs of $6,000 - $7,000 each month. The daughter was tasked with the responsibility of managing the estate in a prudent manner that was in the best interest of her mother. Her wealth advisor helped her to consider many important factors such as rising health care costs, the possibility of her mother outliving her assets, and what investments could help generate more income in a low rate environment while considering preservation of capital.
First Hawaiian Bank can be your source for a holistic financial plan that will make your life’s journey easier with greater peace of mind. For a free financial consultation, call 525-5159 (Oahu), or 877-643-4344 (Neighbor Islands), or visit any branch in Hawaii or Guam.