Financial planners can help college students who get in over their heads

By Stephanie H. Olsen

November 8, 2004 | Generation X has a reputation for shaking the money tree and spending, spending, spending. The only problem is, Gen-X'ers usually spend with a credit card.

Many credit card companies are now funding free counseling. They would rather help people consolidate credits than not get their money back. Sites such as american-debt-relief.com offer to reduce interest rates and secure a low monthly payment, making it easier for people to manage.

Another resource one could turn to is Beneficial Financial Group. It offers a variety of services for anyone who has $50 to a couple of hundred bucks to invest. It also offers insurance options and helps with debt consolidation.

Beneficial Financial Group was founded in Salt Lake City in 1905 and now has offices all over the Intermountain West.

The company was started with the intention of helping widows and children, but as the years passed Beneficial Financial Group has come to understand that "managing finances is becoming more complicated." So in hopes of helping more people the company has widened services to included individuals and families. A century later its mission is still the same -- "to help individuals accumulate, protect and distribute wealth."

Consultation services are free to those seeking guidance. The Financial Professionals at Beneficial Financial Group receive compensation from the companies they represent as they use their products to meet the needs of clients. This allows them to offer services to anyone desiring financial help, regardless of his or her income or status.

So what is the process someone would go through if they decided to take advantage of this service? The first step would be to call and make an appointment.

Clients are asked to bring the following items to the first meeting:

1) Personal balance sheet - what you own and owe
2) Personal cash flow sheet - your income and expenses
3) Recent investment, financial and life insurance documents
4) Income tax return - past two years
5) Retirement plan account statements - if applicable

The first meeting is meant to be a gathering of information, so be prepared to answer a lot of questions about short-term and long-term goals. Once the information has been gathered the financial professional analyzes the information and prepares a plan that is customized to each client and his or her personal goals.

A week or so later, the client returns for a follow-up appointment where the plan will be presented and various options explained. A third visit may be required, depending on what plan is put into place during the second visit. After the initial meetings, a review is held at least annually to help keep up with the changes of life.

Though the company offers a variety of services, Beneficial Financial Group feels one of the greatest services it offers is peace of mind. Peace of mind that one doesn’t have to fight alone.

The results have been successful; with the growth of the above companies as proof. So when looking for a way to improve ones financial situation, remember that there are those who want and can help.

For more information visit american-debt-relief.com or contact one of the two agents Beneficial Financial Group has in Logan. Carl Sorensen and Stephen Beckstead. Their phone number is (435) 750-0852, or you can visit them during office hours from 8 a.m. to 5 p.m. Monday through Friday at 40 W. Cache Valley Blvd., Buildging 6, Suite D.

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