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Despite Financial Expertise, Financial Planner Provides Invaluable Peace of Mind
Even financial professionals sometimes seek outside help with their personal finances. This seeming contradiction makes perfect sense to Christine Benz, director of personal finance and retirement planning for Morningstar, who openly acknowledges that despite her professional expertise, she and her husband pay for financial planning services.
“Hiring a planner has delivered a return that can’t be quantified: peace of mind,” Benz explains. This sentiment highlights a growing trend among even financially savvy individuals who recognize the value of objective, third-party financial guidance.
For Benz, the decision came down to several practical considerations. First, she wanted a second opinion on specialized financial matters outside her immediate expertise. “I wanted a different perspective on less-familiar subjects, such as handling employer stock, and whether we needed long-term care insurance,” she notes. While capable of researching these topics independently, having professional guidance provided the confidence to move forward with important decisions.
Finding the right business model was equally important. The Benzes opted for a firm that works on an hourly basis to address specific questions rather than ongoing portfolio management. This arrangement proved ideal for their situation, though Benz acknowledges that asset-under-management fee structures might better suit others.
“Shop around to find a business model that fits with the type and level of service you need,” she advises. “This requires clarity on what you want.”
Prospective clients should understand that quality financial planning isn’t about quick, isolated answers. Benz notes that most holistic planners are reluctant to address specific questions without understanding a client’s complete financial situation. What seemed like a straightforward question about long-term care insurance required her planner to review retirement assets, expected Social Security benefits, and anticipated retirement spending.
“A good-quality planner needs time to review your total situation before giving answers,” Benz emphasizes. “I consider it a red flag if a planner is willing to give targeted advice without a comprehensive review.”
The planning process also forced the couple to organize their financial documentation—a task with lasting benefits. Gathering statements for all financial accounts, tax returns, pay stubs, and related documents required significant effort but resulted in a streamlined system for managing paperwork. “That initial organization blitz has continued to pay dividends: We maintain just a small sheaf of financial documents and can readily access anything we need,” Benz reports.
An unexpected benefit emerged in the form of succession planning. The financial planning firm now maintains current information on all the couple’s financial relationships, from bank accounts to retirement plans and insurance policies. Their accounts are linked to the firm’s planning portal, providing real-time visibility without requiring fresh documentation.
“If something happened to us, our loved ones would have a one-stop resource to help them sort things out,” Benz explains. While individuals can create their own records and succession plans, storing documentation with a third party reduces concerns about records being damaged or lost.
Perhaps most significantly, the relationship helps address what Benz calls the “permission to spend” problem—the psychological challenge of transitioning from lifelong saving to spending in retirement. The planner’s retirement projections, including stress tests for market downturns and tax-law changes, provide valuable reassurance.
“There are other avenues to help with the ‘permission to spend’ problem, but for me, a financial planner can provide a lot of value in this context,” Benz notes. “For our own peace of mind as we age, it’s a relationship we plan to maintain.”
This experience demonstrates that financial planning isn’t solely about technical expertise or investment returns. Even for financial professionals, the objective guidance, organizational framework, and emotional reassurance provided by a qualified planner can deliver value that transcends portfolio performance—a perspective worth considering for anyone weighing the costs and benefits of professional financial advice.
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10 Comments
This article provides a interesting look at how even financial professionals can benefit from using a planner. Getting that second opinion and specialized guidance, especially on niche topics, seems to offer real value in terms of peace of mind and decision-making. It’s a good reminder that financial planning is valuable for everyone, no matter your level of expertise.
It’s interesting to hear that even a seasoned financial expert like Christine Benz relies on a planner. While it may seem counterintuitive, the ability to get an objective, third-party perspective is clearly very valuable. Hiring the right planner with the right business model seems key to maximizing that benefit.
Agreed. Having that external expertise and accountability can make a big difference, even for someone with extensive financial knowledge. The peace of mind it provides is hard to quantify but seems well worth it.
I can understand the value of having a financial planner, even for financial professionals. Getting a second opinion and having that extra layer of expertise can provide real peace of mind. Specialized topics like employer stock and long-term care insurance are areas where a planner’s guidance can be invaluable.
This is a great example of how financial planning can benefit everyone, regardless of their own expertise. Even seasoned professionals like Christine Benz find value in using a planner to get a fresh perspective and guidance on specialized topics. It’s a good reminder that we can all benefit from tapping into that kind of expertise.
The fact that a financial expert like Christine Benz relies on a planner is a strong endorsement of the value these services can provide. Even for those with deep knowledge, having that objective third-party perspective and specialized expertise on complex topics can make a real difference. This article highlights an important point – financial planning is valuable for everyone.
As someone who works in the financial industry, I can appreciate the appeal of using a planner, even if you have your own expertise. Having that objective third-party perspective and specialized knowledge on niche topics can make a real difference. This article is a good reminder that financial planning is valuable for everyone, no matter your level of expertise.
It’s interesting to see that even financial professionals recognize the value of using a planner. The peace of mind and specialized guidance they provide seems to be worth the investment, even for those with deep financial knowledge. This highlights the importance of getting that objective second opinion, especially on complex or unfamiliar topics.
This article highlights an important point – that financial planning is valuable for everyone, not just those without expertise. Even seasoned professionals can benefit from the guidance and perspective of a skilled planner. It’s a good reminder that we all have room to learn and improve when it comes to our finances.
The fact that a financial professional like Christine Benz uses a planner themselves really speaks to the value that these services can provide. Getting a second opinion on complex topics and having that extra layer of expertise to lean on is clearly worthwhile, even for those with deep financial knowledge.