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How a Financial Advisor Can Help Guide You

Most people have dreams and life goals. Whether you want to send your kid to an Ivy League school, buy a vacation home in Italy, or retire comfortably, you’re going to need money to do it. Careful planning aided by a financial advisor can help you get there by working with you on the challenges you may face on your way to your dream.

What Does a Financial Advisor Do?

These professionals can help you to set realistic personal goals and assess your current economic health by examining your assets, investments, insurance plans, and more. They’ll identify your strengths and weaknesses and help you overcome and build on them. Then, they’ll help you put that plan into action and monitor its progress. Most importantly, they’ll work with the changes you experience in life. Your monetary planner should understand when unexpected expenses come up and will help you to ensure that no real damage is done to your credit or bank account.

When Should I Get a Financial Advisor?

For many people, the decision to hire a professional to help them with their assets is precipitated by a particular event that calls for guidance. These include:

– Planning for a wedding or divorce
– Preparing for the arrival of a child
– Handling an inheritance of a large amount of money or other sorts of windfalls
– Facing a crisis like layoff or serious illness
– Funding children’s education
– Buying or selling a business
– Caring for aging parents

Even if you’re not currently in the midst of one of the aforementioned situations, it’s always good to have professional advice when it comes to all things monetary.

How Do I Find a Planner?

Begin your search by asking friends, family members, and business associates if they know any financial planners that they can recommend. Accountants, attorneys, bankers, and insurance agents can be excellent resources when looking for recommendations. You can also search online for lists of licensed professionals in your area. Once you start looking, you’ll want to find an individual that you can feel comfortable with, as this is a very personal relationship. Your planner should have ethical behavior, high professional standards, and put your needs and interests first. You’ll also want to find someone that specializes in what you’re looking for help with. Many have minimum asset and income requirements, so you should keep that in mind. It’s a good idea to interview at least three people before making your choice.

Take the time to find the right financial advisor for you. Although some dreams may take a little longer to accomplish, there is usually a way if you have the right team behind you. Investing in someone to help you achieve those dreams will always be a smart fiscal move