Is it smart to hire a financial advisor? Many believe that financial advisors are too costly or that they are only for wealthy people. But, that’s not necessarily true. In fact, most people could benefit from working with a professional financial advisor.
As you begin looking for a financial advisor, it’s likely that you will be overwhelmed with options. The most important aspect of finding a financial advisor is understanding their different financial offerings and if they have reputable credentials. Every advisor has different strengths and demographics that they focus on. Some may have a specialty in retirement planning, while others focus on diversifying investment portfolios to optimize your ROI.
There’s no one-size-fits-all when it comes to hiring a financial advisor. What kind of financial advisor do I need?
Sometimes, you may just need financial advice for a particular situation you find yourself in. Maybe your company has incentivized benefits if you retire early, or, maybe you’ve found yourself drowning in debt and need a clear plan to get out of it. These are times where using a financial advisor may come in handy, but you may not feel as though you need to build a long-term relationship with one.
Keep in mind that meeting with a financial advisor for a specific scenario may lead you to seek out more advice in the future.
Retirement planning, managing portfolios, planning for college, etc. are all examples are longer-term needs
There are specific life events that may have you seek out a financial advisor. Common events include:
These events can cause financial stress. A financial advisor will have the knowledge of how to best approach and handle your individual situation.
There are many types of financial advisors out there, but Senior Finance Advisor recommends that you find one that is a fiduciary.
If your financial advisor is a fiduciary, he or she is obligated to act in your best interest at all times - even if it’s in contradiction to his or her interests. The Security and Exchange Commission directs that fiduciary duty also includes:
While financial advisors are often seen as only necessary for the wealthy or those with many assets, like real estate or other investments, it’s true that a financial advisor can help almost anyone. From retirement planning to tax help to planning for a child’s college education, a fiduciary advisor can help you reach your financial goals.
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With our trusted network of advisors, we’ll connect you with up to three established planners in your area.
With our trusted network of advisors, we’ll connect you with up to three established planners in your area.
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