Six reasons you should consider a financial advisor
Finding a financial opinion is easy. But how do you find resources and advice for something as important as your money and your family’s financial well-being?
A financial advisor can help you work toward your goals, and offer personalized guidance for sound financial decisions.
Here are six reasons to consider working with a financial advisor.
A plan as unique as you
When you’re first starting out, an off-the-shelf plan may be enough. As your money grows and your needs become more complex, your approach should reflect that. An advisor can help you determine your retirement goals and risk profile, while examining your finances to create a personalized plan.
Markets can be unpredictable
It’s normal for markets to go up and down. These changes can drive emotional decisions in your purchasing and selling behavior. A financial advisor can be an objective voice by your side, keeping your emotions in check and outlining additional considerations that might impact your future goals.
Financial planning is more than investing
Investing is just one piece of a full financial plan, and you want to make smart financial decisions at every turn. A financial advisor can help you evaluate options like renting versus owning, paying down debt versus saving for retirement or launching a business versus seeking a promotion.
Focus on saving
Consistent saving is one of the most important things you can do for your finances. But it can be challenging to prioritize saving when there are other demands on your money such as rent, groceries, insurance, student loans, etc. Working with a financial advisor helps you review your budget to meet your immediate needs, while instilling saving habits to help with future goals.
Retirement is complicated
Saving for retirement may seem challenging, but spending your money at retirement is harder still. Here’s why: You must balance your need for income against the possibility of running out of money. An advisor can help craft a sophisticated retirement income strategy that could potentially stretch your assets keeping an eye on how much you’ll pay in taxes.
Advisors have extensive training
Financial advisors undergo a lengthy training process and testing to get a license, and they must keep this knowledge current through continuing education requirements.
Some advisors with specialized training make them a good fit for clients with particular financial challenges. For example, a CERTIFIED FINANCIAL PLANNERTM (CFP®) professional provides comprehensive financial planning and has training in investments, estate planning and taxes. A Certified Public Accountant (CPA) prepares taxes and provides accounting and auditing services. A Chartered Life Underwriter (CLU) is an insurance specialist who advises clients on the right life insurance plan to meet their financial obligations.
A financial advisor offers personalized services for all of the important decisions you may face in your financial journey. Now that’s a good deal.