Some can manage their financial picture on their own. What about those who can’t?
“Do I need a financial advisor?” is a question a lot of people ask when they start thinking about putting money away for retirement. Maybe you have been able to manage your financial scene on your own for a while – Adding to your 401k and playing with a few stocks here and there on your online investment account.
But now kids have come along, you’ve been given that promotion at work and somehow your priorities have shifted a bit. That may be the time to look to professional advice to take some of the financial planning off your plate.
There are many different processes used by financial advisors, and their methods can vary greatly by company and individual expertise. Some advisors might focus on investment or insurance planning, while others might dabble in just about everything (almost like a general practitioner physician).
Common Issues a Financial Advisor Can Help With
- I’ve changed jobs and don’t know what to do with my old 401k.
- I don’t know if I’ve saved enough to retire.
- Is there anything I can do to lower my tax liability?
- Do I have enough life insurance to cover my family?
- Am I taking too much risk with my investments?
- I don’t know what investments I should pick in my 401k
Some may team with other advisors in order to provide more extensive service. For instance, one advisor may focus on helping business owners with their employee retirement plans (401k’s for example) and another advisor in the same group might be an insurance guru who can help with estate planning and long term care insurance.
The most important benefit a good advisor can provide is sound financial advice during times of turmoil. When the nightly news is filled with doom and gloom, a good advisor can sort through the noise and provide a client with important info and apply it to his or her individual situation.
Most of the people we work with want our advice, not because they can’t manage their own investments, but they have a desire not to have to dedicate the amount of time it requires. The don’t want to know what dollar amount we put in emerging market funds, they want to know how they can buy that lake house and live there the rest of their lives.
If you are ready to let someone else assist you with your financial scene, feel free to fill out the form on the top right of this page or email me at brian.ruff@lpl.com