Category: Gary Scheer

Gary Scheer Examines Changes to the Financial Planning Sector in Response to COVID-19

Gary Scheer Financial

Gary Scheer has been a financial planning expert for years and, with that, comes the experience of having seen several events impact the way in which his space operates. While one would be hard pressed to find a moment in time where as many changes were happening simultaneously as is the case with the ongoing COVID-19 pandemic, Scheer notes that this sector has largely shown resilience amidst the crisis and has made consistent efforts to adapt wherever possible.

One of the largest changes that Gary Scheer recognizes financial planners are experiencing is the growing usage of online resources for client interaction. With the risks inherent in face to face consultation, many financial planners have taken to conducting business via video chat and over the phone more frequently than the past. This change has benefits as well as drawbacks that financial planners are currently contending with. For example, the change creates a bit of flexibility within the space and for some planners can increase their sphere of influence and network. After all, Gary Scheer notes that some individuals that were completely against financial planning in any capacity but in person have budged because of the pandemic. Still, this shift has created a landscape that financial planners need to consistently adapt to. Financial planners must get the best out of their resources to foster interpersonal connection and rapport that needs to exist to be successful. It can certainly be more difficult to have as strong a connection via online resources as it can be face to face, but planners have taken this as a challenge and continue to find new ways to add value to their interactions.

Gary Scheer acknowledges that financial planners have always had to be clear headed and contribute adaptable advice to clients, but the pandemic has emphasized the need for these qualities ten-fold. The economy is undergoing changes at an accelerated rate in some industries, and financial planners need simultaneously encourage sound financial decisions while offering caveats against knee-jerk reactions clients may suggest. Gary Scheer notes that, due to many individuals experiencing a period of fluctuating financial certainty, the need has never been larger for financial planners that give adaptable advice that contains contingencies. In times where people are looking for sound advice in the face of uncertainty, financial planners need to exude a calm confidence that keeps their clients in a clear headspace and ready to make sound financial decisions.

We have observed since the beginning of the pandemic that times such as these often make employees consider their own prospects, and this is the case with financial planners as well. Gary Scheer believes that, with work life balance shifting due to remote work capabilities, there may be a change in how planners choose to go about their careers. For example, some believe that the health crisis will push more individuals in the financial space to independent work. This is because the current situation is showing some members of large financial firms that they can produce work from anywhere and may not actually need the backing of a large infrastructure to provide a service to clients. It is Gary Scheer’s belief that this will not necessarily be the norm across the financial planning industry, but those seeking higher earning potential and less rigidity may see value in joining or creating independent registered-investment advisor firms.

Gary Scheer Examines Benefits of Financial Advisors During COVID-19 Crisis

Gary Scheer Financial advisor

We all wish that our financial plans and goals could be impervious to the impact of current events, but COVID-19 has certainly made it necessary for some of us to draw up new game plans and readjust. Gary Scheer, an expert in the financial advising space, knows that the financial sector has been hard at work since the beginning of the pandemic to assist individuals with all the logistical steps for weathering the storm. Here, Gary Scheer provides a couple of ways that a financial advising expert can keep assist with some of the financial pressures inherent to the economic impact of the virus.

Gary Scheer acknowledges that one of the simplest, and most effective, ways that a financial advisor can assist during the current landscape is by re-evaluating an individual’s existing financial plan. An unfortunate reality of the fall out of events like the current health crisis is many will have to readjust and adapt to the changes. Some may need to take precautions such as lower spending in certain discretionary areas, tapping into emergency reserves, or slightly changing their plans for retirement. Others that may not be heavily affected financially may still need to make changes to their existing plan because of the impact COVID-19 has had on markets’ momentum. While this may be a hard conversation for those that were “on track” in terms of their financial goals, Gary Scheer recognizes that the conversation may not be as stressful as imagined. A financial advisor can help take everything into account and point out ways that you can continue towards the goals that you have set, even if you need to take a few detours along the way.

Inherently tied to revisiting the financial plan, financial advisors can also help individuals make the necessary changes to their budget. There are multiple ways that an advisor and their client could attack budget changes depending on the given situation necessitating them. In tougher financial times, an advisor may recommend making cuts to certain areas that will not drastically reduce an individual’s quality of life over the duration of the health crisis. Gary Scheer is of the belief that a plan that is truly useful in context must be practical. This means that, while drastic changes may be what is necessary in severe cases, in most they are not preferable. After all, large temporary cuts will need to be revisited and may not be able to be kept up over time without sacrificing one’s quality of life. Instead, smaller changes to a budget that can be maintained permanently or over a long period of time can be preferable.

Gary Scheer Provides a List of Short-Term Financial Goals

During his career as a financial advisor, Gary Scheer has largely focused on areas of expertise that include long term financial goals. Still, Gary Scheer knows that in this economy it can be wise for anyone working towards their financial goals to recognize the inherent importance of short-term projects as well. This is because, while long-term goals are focused on building a solid future, short-term projects allow an individual to create a foundation on which the rest of their financial reality can be built upon. In this article, Gary Scheer provides a shortlist of short-term financial goals that are a great starting point for those just coming into their own.

Create an Emergency Fund

Gary Scheer and other financial experts maintain that finances are an integral part of our life and life itself can be wholly unpredictable. Because of this reality, one cannot discount the importance of building a solid fund to set aside in case of an emergency. Most professionals recommend keeping at least a few months’ (or more) worth of living expenses in a savings account for emergencies, as the assurance that it provides can be a lifesaver if unforeseen expenses threaten your financial goals in the future. Gary Scheer acknowledges that part of what keeps some people from starting their emergency fund is the thought that they do not have enough money to contribute to it month to month, but it is important to realize that anything is better than nothing when it comes to preparing for the future.

Pay Off Debt

Getting out of debt is considered an important financial goal for a host of reasons. For example, many find themselves stuck in a loop that results in accrued interest and even worse credit. When one takes control of their debt, it allows them to have much more holistic control over their own income. More money can be put towards investment and saving, and the stresses associated with paying down your debts (with interest) melt away and allow you to fully enjoy your finances.

Start Saving for Retirement

While many consider retirement planning a longer-term financial goal, Gary Scheer and other financial advising experts realize that the earlier you start the better a position you will be in in the end. Those that have fulltime employment should contribute up to the amount that the company they work for will match and readjust to about 15 percent of their income when they are out of debt. Building towards a comfortable retirement can be one of the most daunting financial goals that most of us face, however, with some foresight and advice from experts, Gary Scheer believes that the goal can be very manageable and rewarding.

Gary Scheer – What to Look for in a Retirement Advisor

We spend so much of our lives working with the hopes that one day, we will eventually be able to rest and live comfortably. With so much on the line, individuals are often overwhelmed by the concept of retirement planning and have trouble breaking down some of its key concepts. Retirement planning can certainly seem like a daunting task, but it is important to remember that there are professionals that are dedicated to helping people make good choices with their retirement plans. In this article, Gary Scheer provides a few things to look for when evaluating if a retirement advisor is a good fit for you.

Gary Scheer recognizes that there is no substitute for a vast experience pool when evaluating a retirement advisor. While you certainly want someone that has years of experience in the industry, it is equally important to ensure that an advisor has experience working with plans that fit a similar description as your own. An advisor should also be capable of helping you reach your retirement goals and make your own plan as effective as possible. In order to ensure that an advisor has the knowledge and experience that fits your needs, Gary Scheer suggests asking an advisor for examples of how they have assisted individuals with a similar portfolio streamline their retirement plans to see if they provide a satisfying answer.

Experience and qualifications typically go hand in hand when it comes to retirement advisors, and Gary Scheer recommends making sure that any retirement advisor you may hire has industry-standard credentials. There are many certifications within the financial planning industry including CPA, CFP, CFA, AIF, AIFA, and others that demonstrate that an advisor has the qualifications necessary. Remember that you are trusting an advisor with your livelihood and, therefore, you should not be shy about asking them questions pertaining to both their certification and experience.

Gary Scheer acknowledges that both experience and qualifications are great metrics for choosing a retirement advisor but notes that both factors mean nothing if you can’t stand the person advising you. There are key qualities that make an advisor a great asset beyond their technical qualifications, and many of these qualities are linked to their people and business skills. For example, a great retirement advisor is able to consistently be available to make sure that you are going on the right track. Because many people seeking a retirement advisor do not have excessive knowledge about finances, an advisor will also be patient in explaining plans and developments to you and should be able to do so in such a way that you understand things every step of the way. On a rudimentary level, experts recommend choosing someone that you feel as though you can trust and do not mind spending time with and receiving counsel from.