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Top 5 Financial Services That You Need to Know About

Updated: Sep 8, 2023

Introduction to Financial Services

In today's ever-changing financial landscape, mastering the intricacies of personal finance is crucial for securing a stable and prosperous future. Whether you are a recent University of Oregon graduate stepping into the world of finance or an Oregonian approaching retirement, understanding essential financial services is paramount. In this blog post, we will explore the top five financial services that can significantly impact your financial well-being: financial planning, tax strategies, insurance, retirement planning, and wealth management. From creating a solid financial roadmap to safeguarding your assets and planning for retirement, these services play a pivotal role in steering you towards a brighter financial future. Let's delve into each of these services and discover how they can empower Oregon residents to make informed and strategic financial decisions.

financial services

1. Financial Planning:

At the heart of every successful financial journey lies a well-crafted financial plan. Personal financial planning can encompass an assessment of your current financial situation, identification of your long-term financial goals, and devising a roadmap to achieve them. Collaborating with a financial planner can prove invaluable in this process, as their expertise allows them to analyze your income, expenses, assets, and debts to create a tailored plan suited to your unique circumstances.

The primary purpose of financial planning services is to empower individuals to make informed financial decisions that align with their aspirations while ensuring long-term financial stability and security. It is a dynamic and ongoing endeavor. Here are several reasons why financial planning is crucial:

Goal Clarity: Financial planning helps individuals gain clarity on their short-term and long-term financial goals.

Improved Financial Management: By understanding income and expenses, individuals can identify areas where they can save and allocate funds towards their goals.

Risk Mitigation: Life is full of uncertainties, and financial planning addresses this by incorporating risk management strategies.

Retirement Readiness: It involves estimating post-retirement expenses, identifying potential income sources, and creating a savings and investment strategy to build a sufficient retirement corpus.

Tax Optimization: By leveraging available tax deductions, credits, and tax-advantaged accounts, individuals can reduce their tax liabilities and retain more of their earnings.

Debt Management: This approach helps individuals manage debt efficiently, reduce interest expenses, and work towards becoming debt-free.

Investment planning: Financial planning considers an individual's risk tolerance and time horizon, guiding them in making suitable investment decisions.

2. Tax Strategies

Taxes are an inevitable part of personal finance, but that doesn't mean you have to bear an excessive burden. Implementing effective tax strategies can help minimize tax liabilities and optimize your financial situation. Engaging with a financial planner can offer valuable insights into applicable tax deductions, credits, and tax-efficient investment strategies.

Tax strategizing with a financial advisor involves creating and implementing a tax strategy plan to optimize an individual's tax situation. A financial advisor collaborates with their client to identify potential tax saving strategies, structure investments, and make strategic financial decisions that aim to minimize tax liabilities legally and ethically. The primary goal is to maximize after-tax income while aligning financial strategies with the client's overall financial goals.

Tax planning should be an ongoing endeavor, as timely actions can lead to substantial savings. For instance, maximizing contributions to tax-advantaged retirement accounts, such as a 401(k) or an Individual Retirement Account (IRA), can significantly reduce taxable income while allowing your investments to grow tax-free or tax-deferred. Moreover, strategic timing of capital gains and losses can further optimize tax outcomes.

Tax strategizing with a financial advisor is an essential aspect of comprehensive financial planning. By leveraging their expertise and staying informed about tax laws, a financial advisor can devise tailored strategies that optimize tax efficiency, align with financial goals, and provide peace of mind. With a proactive tax strategy, individuals can preserve more of their hard-earned money and stay on track towards achieving their long-term financial objectives.

3. Insurance

Working with a financial advisor to get insurance involves a collaborative and strategic approach to assess an individual's insurance needs, identify suitable coverage options, and integrate insurance solutions into their comprehensive financial plan. A financial advisor acts as a trusted guide, leveraging their expertise to navigate the complex insurance landscape, aiming to help clients secure the most appropriate and cost-effective coverage for their unique circumstances.

The process of working with a financial advisor for insurance typically involves the following steps:

Comprehensive Assessment: The financial advisor begins by conducting a thorough assessment of the client's financial situation, lifestyle, and future goals. This evaluation helps determine the types and amounts of insurance coverage needed to adequately protect the client and their loved ones.

Identifying Insurance Needs: These needs may include health insurance, Medicare, life insurance, disability insurance, and long-term care insurance, among others.

Customized Recommendations: They explain the various policy options, coverage features, and potential riders to help the client make informed decisions.

Shopping for Quotes: The financial advisor shops around with different insurance providers to obtain competitive quotes that meet the client's requirements.

Policy Implementation: Once the client chooses their desired insurance coverage, the financial advisor facilitates the application process and ensures that all necessary paperwork is completed accurately and efficiently.

Ongoing Review: Insurance needs can change as life circumstances evolve. A financial advisor regularly reviews the client's insurance coverage to ensure it remains aligned with their current situation and financial goals.

Working with a financial advisor for insurance services ensures that individuals and families make informed decisions about their protection needs. By customizing insurance solutions and integrating them into a broader financial plan, a financial advisor plays a crucial role in safeguarding their clients' financial well-being and providing peace of mind for the future.

4. Retirement Planning:

Working with a financial advisor to plan for retirement is a prudent and essential step towards securing a comfortable and stress-free future. As individuals approach the latter stages of their career, the complexity of financial decisions increases, making professional guidance invaluable.

The process of working with a financial advisor typically begins with an assessment of the individual's financial situation, including income, expenses, assets, debts, and existing retirement savings. The advisor then considers the person's retirement goals, risk tolerance, and time horizon to design a personalized retirement plan.

One of the key benefits of collaborating with a financial advisor is the expertise they bring to the table. These professionals should possess a deep understanding of various investment options, tax implications, and retirement vehicles, such as Roth IRAs, 401(k)s, or pension plans. They can create a diversified investment portfolio tailored to the individual's unique needs, balancing risk and reward to optimize returns.

Moreover, financial advisors help individuals stay on track with their retirement plan by regularly reviewing and adjusting it as circumstances change. Whether it's a new job, a salary increase, or changes in the market, an advisor will ensure that the plan remains relevant and effective.

The peace of mind provided by a financial advisor cannot be understated. Navigating the complexities of retirement planning can be overwhelming, especially for those without a financial background. Having an expert by one's side ensures that they are making informed decisions and avoiding common pitfalls.

While utilizing a retirement calculator, like this one from Nerd Wallet, is a great way to start the conversation, a financial advisor can offer valuable insights and strategies for maximizing retirement savings. This includes taking advantage of employer-sponsored retirement plans, optimizing Social Security benefits, and employing tax-efficient withdrawal strategies during retirement.

5. Wealth Management:

Having a financial planner manage your wealth can significantly transform your financial journey, providing a comprehensive strategy tailored to your unique goals and circumstances. Financial planners, unlike traditional stockbrokers who mainly focus on buying/selling securities in the market, are skilled professionals equipped with in-depth knowledge and expertise in various aspects of personal finance and can provide comprehensive, personalized advice and strategies for various aspects of wealth management.

When investing your money, a financial planner should conduct a thorough assessment of your financial situation. They will analyze your income, expenses, assets, and liabilities to gain a holistic understanding of your financial standing. With this knowledge, they can create a personalized financial plan that aligns with your short-term and long-term objectives, be it buying a home, saving for college, planning for retirement, or creating a robust investment portfolio.

Ideally, one of the key advantages of having a financial planner is their ability to provide unbiased advice. They act as fiduciaries, obligated to prioritize your best interests over anything else. Unlike sales-oriented financial advisors, their focus lies in optimizing your financial well-being rather than earning commissions from financial products.

Furthermore, financial planners that work for a wealth management company can devise a diversified investment strategy that aims to maximize returns while managing risk. As markets fluctuate, having a professional to navigate these changes can prevent costly mistakes and increase the likelihood of achieving your financial goals.

Over time, life circumstances change, and so should your financial plan. A financial planner ensures regular reviews and adjustments to your strategy, making it adaptable to new situations, such as career changes, marriage, or inheritance. This flexibility is crucial for staying on track despite life's unpredictability.


Understanding and leveraging the top five financial services discussed here are essential steps towards planning for your financial future. Whether you're starting on your financial journey or planning for retirement, financial planning, tax strategies, insurance, retirement planning, and wealth management can collectively shape a robust financial foundation. Seek advice from qualified professionals, stay informed about evolving financial trends, and make proactive decisions to help build a prosperous and secure financial future. Remember, a well-informed and disciplined approach can help pave the way for a lifetime of financial success.

Additionally, Oregon residents should consider working with a financial planner to navigate the state's unique tax laws, investment opportunities, and plan for a secure financial future tailored to their specific needs and goals. Make a financial plan with the Mann today!

Disclosure: Investment advisory services offered through Brookwood Investment Group LLC. Brookwood is an investment adviser registered with the Securities and Exchange Commission (“SEC”). Registration with the SEC should not be construed to imply that the SEC has approved or endorsed qualifications or the services Brookwood offers, or that its personnel possess a particular level of skill, expertise or training. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.


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