Readers Weigh In

May 2004
Journal of Financial Planning;May2004, Vol. 17 Issue 5, p46
Academic Journal
The article relates how some financial planners work with their clients on budgeting issues. Lynn McIntire of First Tennessee Bank in Dallas, Texas says cash flow and budgeting, if necessary, is the first area of focus with all of her clients. According to her, not only understanding the current cash-flow issues of budgeting, but past experiences with money and attitudes stemming from those experiences are crucial to making necessary changes today. Nichole Durocher of Nvest Financial Group LLC relates that she has quite a few clients at all income levels who are looking to budget. According to her, she usually addresses it before putting the investment plan together as that has a big impact on how much income she may or may not pull from the portfolio. She adds that even higher net worth clients are interested in budgeting, as they are comforted in knowing that they are being wise with their funds. Meanwhile, Timothy Heidenberg of American Express Financial Advisors Inc. says planners at his firm do not use the term budget. They use the term cash-flow planning. According to him, through comprehensive financial planning, they try to determine where each dollar is going. The ultimate goal is to determine how much the client is saving toward financial goals.


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