Financial Services from Massachusetts Specialists

What are Financial Services?

Financial services that help people manage, grow and use their financial resources wisely. These services are offered by financial planners and advisors who offer information, guidance and recommendations.

There are many different types of financial services available to both individuals and businesses.

Some of the services that individuals may want to take advantage of include (but are not limited to):

• Estate Conservation
• Financial Planning
• Flexible Spending Account Assistance
• Health Savings Account Assistance
• Money Management Services
• Retirement Planning

Services offered to businesses include (but are not limited to):

• Business Continuity Planning and Business Succession Planning
• COBRA Continuation Coverage Assistance
• Defined Benefit Plan Administration and Group Benefits Assistance
• Group Disability Insurance, Group Health Insurance and Group Life Insurance
• Health Reimbursement Account Assistance
• Section 125 Cafeteria Plan Administration

Who Can Benefit from These Services?

Both individuals and businesses (as well as nonprofits and government employers) stand to benefit from appropriate services. In most cases, services are used for two distinct reasons, although an individual or business might use services simultaneously for both reasons.

First, some services provide ongoing assistance with management or administrative tasks. Financial planning, money management, and retirement planning are individual services that provide people with continued support to help them achieve their lifelong financial goals. In the business realm, defined benefit plan administration, group benefits assistance, and Section 125 Cafeteria Plan administration are a few of the management services that help with ongoing tasks.

Second, other services offer assistance at major points of transition. For example, estate conservation helps individuals prepare their estate for when they pass away. Business continuity planning and business succession planning are similar, in that they help plan for the transition of a business when an owner leaves.

What Should People and Businesses Look for in a Financial Advisor?

Finding a qualified financial planner or advisor can be challenging, for certain titles used in the industry aren’t highly regulated (or regulated at all). When looking for a knowledgeable professional to assist with and provide guidance on financial matters, people should seek out someone who is:

• A certified financial planner, for certification acts as a guarantee of competence
• A fiduciary, which means they’re required to act in their client’s best interests
• Able to demonstrate expertise in the area of help needed (e.g. through referrals of current or former clients)

Additionally, it’s a good idea to look for a person or firm who will provide individualized attention, clearly explains different options, and expertly answers questions. The best advisors don’t just understand financial matters themselves, but they help their clients understand relevant details so that their clients can make informed choices.

Do Firms Offering These Services Have Their Own Products?

Some large companies both have financial products they provide to clients and offer advice to clients. This arrangement, however, obviously presents a couple of issues. Such companies’ advisors may promote the company’s products over those offered by other companies. In some cases, advisors may not be allowed to offer another company’s products at all.

Smaller independent firms usually don’t have their own investment or insurance products. Instead, they offer clients the products created by large companies. Because independent firms aren’t beholden to any one company, though, they’re free to offer the best products available regardless of what company is offering them. This lets smaller, independent firms provide a more personalized level of service and better serve their clients.

How Can People and Businesses Learn More About Financial Services?

People and businesses can find out more about the financial services that are available and how services might help them by contacting an independent firm that provides these services. Setting up a meeting with an advisor who works with such a firm gives people an opportunity to discuss in-person the services that might benefit them.