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Financial Planning in the Minneapolis-St. Paul Area: Why Local Can Matter

In our ever-evolving world, just about everything is available to us via technology—education, large purchases, healthcare, you name it. But just because you can get anything online doesn’t mean you should. Investment and financial planning remain fields in which having a dedicated, local planner as an advocate can make a huge difference in your life. Here’s why it’s best to plan local.

Why You Need a Local Financial Advisor

Having a dedicated financial planner who you know and trust can be the difference between your financial success and failure. Non-professional financial planners and automated online solutions can seemingly provide the support you need, but you may find yourself disappointed—because these weaker solutions can’t hold a candle to a trusting relationship with an advisor you can speak with face to face.

1.     Trust

You’ve probably heard that trust takes years to build and seconds to break. That couldn’t be truer when it comes to the support system provided by your financial planner. This is your money and your future that we’re talking about, after all! In dealing with your financial stability (and long-term security), the human intuition and creativity of local planners put local practitioners a step ahead of most other planning solutions.

2.     Capabilities and People: The Best of Both Worlds

Would you love to deal locally but worry about not receiving the same capabilities as a large Wall Street firm? In our experience, bigger doesn’t necessarily mean better. However, the financial support you choose should still be big enough to hire industry-leading professionals and remain at the forefront of technological advancements. This distinction will yield a better experience and higher levels of security. This can all be done at a larger, independent local firm—like Berger Financial.

3.     Behavioral Finance

There are many seemingly effective solutions out there that can help you build an investment portfolio, as well as plenty of different software programs that claim to produce advanced retirement and financial plans. Even on the tax side of things, the illusion of proper planning is out there. The question is this: do these automated computer programs have the potential to actually serve your needs? Having worked with a wide range of clients throughout the years, we can confidently say that the human touch beats a computer every time. 

Perhaps the most significant evidence of this is found in the form of an ongoing study done by JP Morgan relating to how people actually perform in their investment portfolios, as compared to what they are invested in. This may sound odd on the surface, but many people that invest in items such as stocks and bonds tend to underperform when compared to how their stocks and bonds actually do over these exact same time frames. What could be the problem?

Unpredictable phenomenon such as emotions and the timing of the markets seem to be the culprits. Due to these factors, the data concludes that investors underperform by roughly 4% as compared to what they should earn, given their investment portfolio on average. This is a huge gap that leads to many, many years of difference in retirement age over a lifetime.

Some robo solutions are cost-efficient, but the main reason why this 4% gap happens is that these example investors tend not to have an advocate to actually help guide them through difficult times. Unfortunately, volatility is a reality when investing in the stock market, and oftentimes, this means things can get uncomfortable roughly a couple times per decade.

Solution: Personalized Minneapolis Financial Planning

For all these reasons, it’s best to find a competent professional in the vicinity of where you live, whether that be Minneapolis, Burlington, Naples, or beyond. This personalized care can truly make a major difference over the decades, whether it be in retirement age or financial success. Having someone that can communicate well with you is extremely helpful in maintaining strategy throughout the years. Not only that—it’s a huge key to achieving your financial goals.

Developing a relationship with a person, or even a team of people you personally know, provides a support system of trust during these tumultuous times. Compare this to a computer sending you an email to “Hang in there!” and it’s not hard to see why our clients prefer our hands-on approach to financial planning and portfolio management.

Why Midwest? Minneapolis Portfolio Management

Another common question we get is whether a Minneapolis or even Midwestern firm can truly be competitive with firms centered in places like New York. Fortunately, the answer is yes. We are proud to maintain the same services that these firms offer: a full investment committee, Bloomberg terminal, chief investment officer, and more. We just so happen to also maintain that Midwestern sensibility and culture, without giving up any capability.

So, why does local matter? Well, simply put, it’s because of the genuine human connection that stems from the individual relationship clients enjoy with their advisors. Think of it this way: would you rather press one for more options or have the personal number of your representative? Our clients prefer the latter.

At Berger Financial Group, we pride ourselves on putting you first. We offer personalized Minneapolis financial planning along with individualized Minneapolis portfolio management. To learn more, call or contact us below using our quick 1-minute form. Personal financial planning has never been more accessible.

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