Friday, October 18 2019



5 Ways Financial Advisors Can Help You



A financial adviser does many things, the most important of which is helping you create your own financial plan. They are there to help you reach your financial goals. How? It might be via investments, retirement 401ks, tax breaks, and always good old-fashioned budgeting. While you can educate yourself, and make your own financial decisions, a financial advisor is a professional and knows how to negotiate the complexities of the financial world. So, what can you expect to get out of financial advisor? The top five areas an advisor can assist you with are stable investments, retirement plans, tax breaks, general budgeting, and living wills. These items are all interrelated, and it is hard to talk about one without involving some or all of the others.

Some financial advisors specialize in retirement plans and investment. These planners can help you set realistic goals for retirement and make the right choices to reach those goals. Your advisor will help you not only invest for retirement, but also invest with short term goals in mind. Word of caution: Investigate the firm that your advisor works for and make sure he or she is not just trying to sell you investments of their own company.

Retirement plans can also get complicated. You may have a 401k plan at work but will also need to keep in mind social security benefits. The financial advisor can help you make the right move in balancing these two areas. When to start taking social security, when to start withdrawing from your pension will be a key part of your retirement plans. Taxes will also enter the picture. A financial advisor will take a look at your files and make sure your tax preparer didn’t miss something. Everyone wants to pay less in taxes, and your advisor can help in that area.

Part of your financial plan should include what you will do after retirement and as you approach end-of-life needs. Planning for long term care and funeral costs is an issue your advisor may go over with you. A financial advisor can also help prepare living wills. There are laws that can cause inheritance taxes to eat up most of the money and an advisor can help make sure that the impact of this is much less than if not prepared for it.

Finally, budgeting can be a tough task for many. Your advisor could help you learn to make better choices, so you can get out of debt and put money into things that will help you reach your financial goals. You need a family budget in the same way a business does. A financial advisor can help you build a budget and stick to it. Remember, if you have made good choices and good investments, you will weather any but disastrous financial storms.