CovingtonAlsina Team: Sheri Hamburger, Ann Alsina, Emily Edinberg , Brandi Murray. Photos by Marcus Chacona, The Annapolis Photographer
A Conversation with Ann Alsina of CovingtonAlsina
What do I need to know about my personal finances before going to a financial planner?
Short answer: not much. I meet people all the time who feel they should know more BEFORE coming to me. This is not necessary. You go to a doctor without knowing all about your health, just as you go to a financial planner without knowing all about your finances. It’s my job to educate and empower you and your financial future. The process doesn’t have to be scary.
What should I look for in a financial planner?
You should look for three things. First, the length of time they have spent in the industry. You want to work with someone with at least five years of experience. This way, you’ll know they have been through changes in the market and will know how to react when change happens again. Second, you want someone who holds a certification such as the CERTIFIED FINANCIAL PLANNER™ designation. This shows they have been tested on their knowledge and the certifying organization seeks to ensure competency and ethics. You can learn these things online at BrokerCheck®, a free tool to research the background of financial professionals. Third, and most important, you should look for someone you like. Your financial planner is a person you should want to call when you’re looking for a new job, getting married/divorced, or sending a child to college. Look for someone with whom you can build an ongoing relationship.
What should I expect in my first meeting with a financial planner?
At CovingtonAlsina, we offer a complimentary consultation to begin discussing your financial plans. We ask questions that will help us understand needs, goals, and values. From there we decide on the scope of work and begin building an action plan. Good financial planning is not a “one size fits all” proposition.
The consultation is over. Now what?
Once the consultation is over and a plan of action is in place, we gather data and information. Your planner takes this and assesses all of it, looking for gaps and areas that can be improved. Next, we develop a plan to address the weak areas. Once we’ve agreed on the steps you want to take, we walk you through the implementation, helping you take action on everything from consolidating multiple 401(k) and IRA accounts, to setting up appointments with your insurance agent or your estate attorney. From there, it is all about monitoring. We meet with all clients as needed, but a minimum of once a year, welcoming calls and emails at any time. Ongoing monitoring helps keep you on track and helps us adjust things as your life changes. All told, the initial planning and implementation process takes three to five meetings, usually spread over two to three months.
If you have any questions about financial planning or would like to schedule a complimentary meeting, contact CovingtonAlsina at 410.457.7165 or info@covingtonalsina.com More information is also available at www.CovingtonAlsina.com
Securities offered through LPL Financial. Member FINRA/SIPC Investment advice offered through Great Valley Advisor Group, a Registered Investment Advisor. CovingtonAlsina and Great Valley Advisor Group are separate entities from LPL Financial.
