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Working with a financial advisor can help you develop a strategy for debt repayment, saving, and investing. Ultimately, it can assist you to build your wealth. But, when it comes to how they provide counsel, not all financial advisors are the same. Advisors who practice holistic financial planning have a way more comprehensive approach to your finances. They take into consideration the values, objectives, and financial experiences of their clients. Instead of only relying on a particular life stage, or using a product-based strategy, holistic financial advisors consider all aspects of your financial life.

If you have been considering hiring an advisor that offers holistic financial planning, this article might be helpful. It will explain what holistic financial planning is, as well as recommend the best financial advisors that work with this approach in .

What Is Holistic Financial Planning?

Holistic financial planning aims to assist you in developing a strategy that encompasses all aspects of your financial life. The goal of this approach is to fit all these aspects together and build wealth. Let's illustrate this better. Suppose a client consults with two financial planners to determine how much money they should save for retirement. The first advisor enters the client's age and income into a financial model, which then makes predictions about the other variables and calculates a monthly figure. The second advisor spends time talking with the client about their retirement plans to get a sense of how much money is required. Then the advisor considers the financial aspects to see what is workable.

The latter is an illustration of a holistic approach. It relies on real-life plans, so it can then use financial models to make the best fitting decisions. This method allows the advisor to get better inputs for the financial models by taking into consideration the actual goals of the client. Besides, this comprehensive approach helps establish a closer relationship with the customer due to the dialogue necessary.

  • Investment strategy
  • Retirement planning
  • Social Security and Medicare benefits planning
  • Discussions around annuities to create a reliable income
  • Long-term care planning, including long-term care insurance
  • End-of-life planning, including advance healthcare directives and power of attorney
  • College planning
  • Insurance planning, including life insurance and disability insurance
  • Estate planning
  • Tax preparation and planning
  • Budgeting
  • Saving for short- and long-term financial objectives and needs
  • Business and succession planning
  • Charitable giving
  • Major life changes, such as a divorce, job loss, or birth of a child

A holistic approach can cover all these subjects, if not more. Ultimately, it will all depend on the particularities of your financial state. The intention is to create a strategy that considers what you want to achieve financially, as well as your values and priorities. All that so you can understand the alternatives you have in terms of practical solutions. Advisors that have a holistic perspective make every effort to leave no unsolved issue to guarantee you have full confidence in your financial strategy.

Holistic Financial Planners Vs Other Financial Planners

In general, financial advisors help their clients with their financial needs and goals. This can be done by either taking a comprehensive approach, handling topics such as budgeting, saving, and investing, or focusing on a specific field of financial planning. The way holistic financial planners approach their client's goals sets them apart from most financial consultants.

Holistic financial planning, in particular, takes a top-down approach rather than a bottom-up approach. A top-down approach is somewhat similar to a goal-based approach. Regardless of the term, this means holistic financial advisors assist you in answering these three questions: what are your goals? how far are you currently from them? and what do you need to do to keep moving toward them?

A bottom-up advisor, on the other hand, might be more concerned with how much you can afford to invest or what return you can get on a given investment. These advisors will make decisions about your financial plan based on data like your age or income. Then, based on this data, they decide how much you need to save or invest to achieve a specific goal. A holistic financial planner, however, would consider more than figures when creating a comprehensive financial plan for you.

That isn't to say other financial advisors’ guidance isn't good, but it does demonstrate the value of taking a holistic approach. One type of financial planner is not better than the other, they just serve different purposes. If you need an advisor for a more specific financial need, such as organizing your investments, then a professional with a holistic approach might not be necessary - especially because they tend to be more expensive. However, if having a more comprehensive financial strategy suits better your needs, then an advisor that offers holistic financial planning might be worth it.

Fees of Holistic Financial Planning Services in

Usually, financial planners in work with either one set fee or on commission. Those who charge one set fee can do it annually, hourly, or a flat fee. Those that charge a commission, are paid through the investments they sell. Then, fee-based advisors work on a combination of both fees and commissions on investment products sold. On average, for $1 million of assets under management, the advisory fee is 1%. However, smaller account balances tend to be charged a higher percentage. Generally, the more you have under the care of your wealth manager, the lower the fee is going to be.

When it comes to financial advisors that work with a holistic approach, they might be pricier than more specific advisors. On top of that, holistic financial planners often require a minimum asset to open an account with them. This value can go from $250,000 to over $10 million, depending on the firm and professional you choose to hire in .

How to Choose a Holistic Financial Planner

Once you decide that an advisor that offers holistic financial planning is what you are looking for, the next step is to choose the firm or professional you will hire. There is no perfect answer on how to make this decision, but here are some main points you can take into consideration.

The minimum asset requirement and the fees are important aspects to take into consideration. These should fit your financial needs and overall net worth. Another factor that usually influences this decision is the wealth management’s investment performance and strategy. Again, what works for some might not work for others. You should go for a financial advisor that best accommodates your needs.

The relationship with the advisor also plays a strong role in the decision, since this relationship will demand trust. It is also always beneficial to verify the professional’s credentials (if the person is a Certified Financial Planner) and track record with previous clients. Doing your own due diligence is extremely important.

Best Advisors for Holistic Financial Planning in

Ultimately, the decision will be made based on what you are looking for and which firm or company offers you the best match. This will be an important decision for your financial future, so take your time to find the ideal fit. Holistic financial planning can be life-changing and bring a lot of positive returns to your financial future. To help you choose, here are the best financial advisors that offer holistic financial planning in :

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