Consider Working With a Financial Professional To Help Improve Your Financial Health
A financial professional can help you not only make key financial decisions, but also identify your priorities and guide you toward achieving your financial goals — including retirement. Here are three reasons why seeking professional advice about your financial future may be a smart move.
Sometimes your emotional biases can make it difficult to look at your own financial situation with clear eyes. A common example: people may know they need to save for retirement, but they often have difficulty sacrificing present consumption because of a lack of self-control. A professional advisor can help provide an outside perspective, personalized accountability and recommendations for changes in behavior that may be necessary for you to pursue your goals.
Each person has their own unique set of circumstances, and general financial advice (like the kind you get in this newsletter) cannot possibly consider all of your unique variables. A financial advisor can help you recognize when you may need to adjust your spending, balance personal needs versus wants and identify ways to be more mindful about your finances.
Address Specific Questions You Have Now
A professional advisor can help answer questions you have right now, such as:
- Is the amount I’m currently saving enough to manage my retirement income needs?
- Should I be making Roth contributions or pre-tax contributions?
- How can I manage things like inflation, market volatility and other risks in my investment strategy?
- What can I expect from Social Security benefits?
- How can I best plan for healthcare expenses in retirement?
Finding a Financial Advisor
Your current plan advisor may be able to work with you or refer you to a colleague. In addition, you can:
- Ask friends, family or colleagues for recommendations
- Visit www.cfp.net or https://www.letsmakeaplan.org/ to research Certified Financial Planner® professionals in your area
- Do a background check on your potential advisor through Investor.gov
- Create a shortlist of potential candidates and ask each one the following questions:
✓ What services do you provide?
✓ What types of clients do you work with?
✓ How often do you meet with clients? How often will we communicate?
✓ How are you compensated? Fees (hourly or a percentage of assets)? Commission? Both?
We are happy to help, if you have any questions or would like additional insight, please feel free to reach out to me at firstname.lastname@example.org or 800.307.0376.
Disclosure: This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. Investment Advice and 3(38) Investment Fiduciary services offered through Diversified Financial Advisors, LLC, a Registered Investment Advisor. 3(16) Administrative Fiduciary Services provided by PISTL Service Corporation. Discretionary Trustee services provided by Printing Industries 401k Trustees. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.