Benefits of working with a financial advisor
Sometimes investment options can be overwhelming. But even seasoned investors can use financial planning help sometimes. You may want to talk with a financial professional.
Get help setting and sticking to a strategy
Good financial professionals will help you develop a financial plan that fits your needs. They’ll help you set goals and stay on track to reach them for today and the future. This includes immediate, mid-term and long-term goals, from buying a home to saving for college and retirement financial planning. They can help you:
- Understand your savings needs
- Make savings decisions
- Select funds and allocate your assets
- Assess your comfort with risk
- Understand how your investments can affect your taxes
- Calculate your retirement income
- Review your progress toward your goals and make changes, if needed
- Decide when to retire
- Plan retirement income strategies, such as how to withdraw your money in retirement
Add to your knowledge
You may already know a lot about investing. Seeking guidance can add to your knowledge, provide another perspective and answer your tough questions. You may need a financial advisor to help you see any gaps in your savings and investing strategies. They can help you project how today’s decisions will affect your future.
Paint your financial picture
You may have savings and investing accounts in many places. A professional can help you view them together and make sure they’re all in sync. Most will meet with you on a regular basis—at least yearly—to help you see the big picture:
- How your investments are performing
- If your investments are aligned with your desired asset allocation
- Whether you need to rebalance your accounts to stay on track
- Any changes in your life that would affect your goals
- How you’re progressing toward your goals
- Any changes you may need to make in saving and spending
Some advisors also may help you look at other decisions that can affect your finances. This may include decisions about spending, saving and taking loans. They also can help you evaluate insurance for life, disability and long-term care.