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Phones & Finances: Making the Smart Call


By Caroline Wetzel, CFP


phone. As I slowly picked up the handle, memories of using pay phones decades ago fl ooded my mind. From calling high school crushes with giddy friends to ring- ing home collect from college to let my parents know that I was okay, pay phones consistently did one thing. They enabled people to speak directly with each other.


O Why are pay phones nearly obsolete


today if they did what they were designed to do? Technology and consumer demand caused pay phones to become antiquated. Now people not only speak with each other through phones, but also they carry phones with them to email, text, and video conference one another whenever they wish. A comparable radical and rapid evolution has erupted in personal fi nancial services over time.


People's basic need for personal


fi nance continues today, as always. We all need to pay for life's expenses. However, technology and consumer demand have dramatically changed the myriad ways individuals grow, enjoy, and share their wealth. Think of it this way, your grandfa- ther's stock broker is the pay phone. Gen- erations ago he specialized in doing one specifi c job over and over, buying and sell- ing market securities like stocks and bonds for your relatives who otherwise were unable to do this for themselves. Today, thanks to technology, more people can buy


www.NaturalNutmeg.com 53


n a recent road trip, I stopped at a store and saw something that I hadn't seen in a while, a pay


and sell market securities themselves or through companies. They no longer need to rely only on their grandfather's stock picker to connect them with market opportunities. Additionally, more market research is avail- able to individual investors through easily accessible media, like the Internet.


People are living longer and the prices for different items throughout their lives from groceries to education and health care, are rising at different rates. This prompts questions and uncertainty around how much savings is enough before retir- ing, not to mention how much spending is possible during retirement. And fi nally, various insurance, annuities, and other fi nancial products are continuously being (re) launched, offering prospective clients new promises that fi nancial risks will be minimized, and payments will be made.


As a result of all of this fi nancial buzz,


discerning fi nancial clients realize they have an abundance of choice when it comes to their fi nances. Today they seek more from their advisors than the ability to purchase stocks and bonds. Strategic clients seek out Certifi ed Financial Plan- ners (CFPs) like myself to work with them on their fi nances over time. CFPs have completed additional training and profes- sional experience in wealth management compared to other advisors, and CFPs are held to the highest ethical standards in the industry when serving their clients.


Think of CFPs as today's smart phones. Smart phones bring an abundance of communication, functionality and power to their owners, packaged in ways they can use easily. In the same way, CFPs often work with a team of professionals to


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