Financial planning is an essential part of achieving financial security and financial freedom. It’s vital to ensure that your financial goals are being managed in the best way possible. If you're looking for financial planning in Cedar Park, TX, you may have a lot of questions when it comes to knowing who is the right person to talk to and get guidance from. There are financial advisors, financial planners, and even financial fiduciaries. All of them offer financial planning services but each has different roles.

An important key term to look into when you are beginning your financial planning and finding the right person is someone who is a "fiduciary." The name fiduciary has been around for centuries and is now a legal term that applies to financial professionals. It is not a name widely used or understood, yet is paramount in the process for you to reach your goals.

What is a Fiduciary?

• A fiduciary is someone who has special legal responsibilities when it comes to financial planning and financial advice. They are required to act in their client’s best financial interests, putting the financial security of their clients first. They cannot take any action or make any decision that is not in their client’s best financial interest and must remain loyal to the decisions they have made for their clients. 
• Fiduciaries are required to provide clear financial information about the services they offer and how much those services cost. They cannot receive commissions or other forms of compensation for offering or selling a financial product to their client.
• Fiduciaries are ethical financial professionals with extensive experience and financial certifications. This assures that they understand financial principles, financial regulations, and financial laws. CERTIFIED FINANCIAL PLANNER™ professionals, such as Austin Hon with Momentum Private Wealth Management, are the most widely recognized financial fiduciary certified professionals and require a rigorous process of financial education and exams to obtain the CFP designation.
• It is very important to understand that not all financial advisors are fiduciaries or are certified , so you should be sure to ask for this information before speaking to a financial advisor or planner.

How Does Working with a Fiduciary Benefit Me?

Fiduciaries benefit you because financial fiduciaries are required to provide financial services and financial advice that is in your best financial interests. This means they will provide financial guidance based on their expertise, knowledge, and years of experience with financial planning using proven methods and processes and not based on their potential earnings.

Fiduciaries will provide a comprehensive financial plan based on your individual goals and needs. They will help you analyze your current financial situation, develop a strategy to reach your short-term and long-term financial goals, and make sure that the decisions you make are sound. They understand the complex laws, regulations, principles, and strategies of financial markets, and will share that knowledge with you so that you can make informed decisions for your financial future.

Fiduciaries will also help you stay on track to meet your financial goals by monitoring your investments and performance regularly, and making adjustments as needed. They are well-versed in many different areas of finance from estate planning to retirement planning, helping you to take the steps needed to secure your financial future.

Overall, working with a fiduciary can give you the peace of mind that your financial security is being managed effectively, appropriately, and in your best interest. When seeking out professional guidance, it’s important to make sure that you are working with a financial fiduciary.

For financial planning in Cedar Park, TX , Momentum Private Wealth Management provides financial planning and comprehensive financial advice with Austin Hon, a CERTIFIED FINANCIAL PLANNER™ professional and fiduciary with over a decade of experience and knowledge. We have helped numerous families in Cedar Park, and the greater Austin, TX area reach financial independence and financial security.

Momentum Private Wealth Management understands how challenging it can be to make sound financial decisions, and as fiduciaries are committed to your success. You will have the financial knowledge to make prudent financial decisions and we will be there each step of the way. Contact us today to schedule a consultation for financial planning to help you plan, invest, and live the life you want.