People with modest incomes may think they don't have enough assets to need a financial advisor. When I talk with clients about their financial profile, I encourage them to look beyond the size of their paycheck. Regardless of the level of your assets, it makes sense to work with a financial advisor. A professional who understands investing tools and strategies will help you make effective investment decisions. Isn’t that what you want for your hard-earned money?
Here are five ways financial advisors benefit middle-income investors:
1. Protect you from decisions made when you’re trying to save money by DIY (do-it-yourself) investing. Sometimes a little knowledge can be a risky thing when dealing with investments.
2. Help you decide which retirement plan is most suitable. You should contribute to your employer/s retirement plan if one is available, but if not, there are other options available. Your financial advisor can guide you through the tax implications of each choice and help you understand the rules governing withdrawals.
3. Explain the complex terminology of the financial world. Many investors who are getting started don't understand complex financial language and lack confidence in their ability to make investment decisions.
4. Work with you to develop a financial roadmap. You need an investment strategy that is customized to deliver the kind of performance and attention to detail that you deserve.
5. Conduct periodic reviews of your investments as your needs and goals change over time. Monitoring your finances can help ensure your plan is up-to-date and that you can use it to meet your current goals and objectives successfully.
Regardless of your level of assets or confidence in your abilities, it never hurts to have someone to guide you through the process. An independent financial advisor can be a trusted ally to facilitate putting a sound financial plan in place today to help you have a more financially secure tomorrow.
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Material discussed is meant for general illustration and/or informational purposes only, and it is not to be construed as investment, tax, or legal advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon when coordinated with individual professional advice.