Megan Hammann is the Director of Financial Planning here at Wealthquest. Megan has tremendous experience around financial planning. While completing her MBA she worked at a brokerage and fell in love with the industry. She also has experience in banking and at a CPA and advisory firm. She joined Wealthquest in 2022.
She has multiple certifications including Certified Financial Planner, Certified Exit Planning Advisor, and a Certified Mergers and Acquisitions Advisor. She is absolutely the best person to talk about financial planning on today's show. Megan loves helping people’s hopes and dreams come true with proper planning.
[02:07] Megan's role encompasses core financial planning topics. This includes financial planning, retirement planning, cash flow, estate planning, and insurance planning.
[02:53] Megan loves that financial planning is people's hopes and dreams.
[04:05] At its core, financial planning is the bridge between the objective numbers and all of the clients' dreams and goals for their lives.
[04:52] Financial planning can take different forms from conversations to technical reports that really hone in on the clients needs. The planning is living and breathing. It's an integral part of life that ebbs and flows.
[06:52] Financial planning is pulling levers, because a decision in one area affects all the other areas.
[07:48] Having a plan to ground your decisions and get you where you want to be is important for everyone.
[09:08] Having the data from a financial plan is especially useful for couples to understand their situations and what they can and can't do.
[11:18] Megan breaks down the financial planning process. Information is pulled from all of the different accounts. It can also encompass estate and insurance planning. The planner will put all of the data into software and then come up with follow-up questions to create a complete plan.
[13:48] The plan needs to be reviewed or rebuilt whenever big life changes happen or at least a review every 3 to 5 years.
[14:25] Financial planning should always be happening whenever you meet with your advisor.
[14:57] Megan talks about pitfalls like budgeting.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Resources & Links Related to this Episode
- Wealthquest Get Started
- Living a Rich Life: The No-Regrets Guide to Building and Spending Wealth
- Megan Hammann