How a Financial Advisor Can Help You Meet Your Goals

When money is tight, one thing can often get overlooked—finding ways to better manage your money. Managing our money can be difficult, as there are so many competing priorities, from getting by to how we figure out how much is enough.

How a Financial Advisor Can Help You Meet Your Goals

Whether you’re a former or current employee of a company, you can potentially find a good financial advisor through your current employer. As more organizations launch employee benefits programs, it’s a good idea to know who your potential or current advisors are, and what they can do for you and your financial plan.

Have a Financial Plan?

If you have an individual financial plan, then you’re in good hands. But don’t be misled by internet search results: Many financial advisors will suggest a financial plan, but not always a financial advisor. A good financial advisor will review your budget, evaluate your investments, and handle tax planning. They will generally be required to handle medical issues, along with setting up a budget for your health care expenses.

Additionally, an advisor can help with the basics of your tax situation, since a professional can help you understand the tax implications of the type of account you have, or suggest ways to apply for a higher tax bracket for the year.

How Much Can I Expect?

In general, you can expect the work of a financial advisor to cost somewhere between 1 and 5 percent of your assets. This figure will depend on your assets, the type of investment that is underwritten, and the type of account you have.

In general, you can expect the work of a financial advisor to cost somewhere between 1 and 5 percent of your assets. This figure will depend on your assets, the type of investment that is underwritten, and the type of account you have. Proximity to Your Financial Needs

Sometimes advisors take the time to research your specific financial needs, while for others it’s simply a few hours or days. What matters more is the distance between them and your financial needs. Be sure to ask about their personal style, and whether they’re an author/authority type or someone who offers a more unstructured approach.

Sometimes advisors take the time to research your specific financial needs, while for others it’s simply a few hours or days. What matters more is the distance between them and your financial needs. Be sure to ask about their personal style, and whether they’re an author/authority type or someone who offers a more unstructured approach. Cost

In general, work on an hourly basis. After all, if your advisor is your personal banker, you’d want them to pay for the privilege of doing business with you.

Personal bankers are the same way, except that most of them aren’t responsible for portfolio management. They’re often the person you meet at the bank, and one that takes additional time to meet with you and walk you through your account. If you want a personal financial advisor who is going to help you set up your finances, and know how to ask questions, that’s a good choice. If you’d rather have your money managed, and less human interaction, that’s not as good a choice. As a general rule, an advisor who is not one of your current bank’s personal bankers is more likely to be a financial advisor.

In general, work on an hourly basis. After all, if your advisor is your personal banker, you’d want them to pay for the privilege of doing business with you. How to Find Your Financial Advisor

You’ll need to schedule a visit to their office, but this will usually be easier than hunting around for online resources to find a good planner. You can search online for ratings of current financial advisors, compare their performance with other financial advisors, check out their free/paid services, or ask your current employees about them. You may also receive a recommendation on their Facebook page.

What to Expect

A good financial advisor will build an investment portfolio that works for you, and more than likely, the goals of your family. He or she will use a holistic financial plan to help you live your dream of retirement in a way that’s both comfortable and financially manageable.

A good financial advisor will build an investment portfolio that works for you, and more than likely, the goals of your family. He or she will use a holistic financial plan to help you live your dream of retirement in a way that’s both comfortable and financially manageable. Your financial advisor can’t save you from professional expenses like consulting or fees, but you can expect the services of a good advisor to reduce your stress and establish a safe long-term financial plan.

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