Geoffrey Rosen, CEBS, AIF®, CPFA
“Do I need a financial advisor?”
You may be wondering this.
Make no mistake: financial advisors are not reserved only for the ultra wealthy of the world or individuals with a hefty portfolio. In fact, many advisors — like Landmark Financial — have no asset-related minimum for working together.
Neither should age be the deciding factor. You’re not too young nor too early in your career to develop a financial plan. By working with an advisor early on, you’re setting yourself up to better achieve your long term goals.
In all your financial goals, an advisor can help you make your finances go further through smart money management strategies. Below are 6 financial situations an advisor can help you navigate.
1. Tax-smart investing
As of 2023, 61% of Americans invest, according to Gallup. Whether you already have a portfolio or are considered starting one, a financial advisor can help you manage your investment holdings in a way that helps you to invest with purpose, while also reducing tax consequences both today and over the long term. So you can keep more of what is yours.
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2. Retirement planning
If your retirement savings strategy is limited to only contributing to your company’s 401(k) plan, you could be leaving money on the table in retirement. A financial advisor can help you clarify the vision for your retirement, then develop a financial plan — using multiple savings strategies — to support that vision.
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3. Estate planning
Estate planning determines how to divide your estate upon death or incapacitation. Your estate encompasses your total net worth, including all assets, like real estate, personal property, accounts, investments, business interests, and intellectual property.
Estate planning documentation includes:
- A legal will
- Powers of attorney and durable powers of attorney
- Beneficiary forms
- A Revocable or Irrevocable Trust
Estate planning can seem like a huge undertaking, but you don’t have to do it alone. A financial advisor can help you ensure you have a plan for all your assets.
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4. Inheritance management
Receiving an inheritance, while a blessing, can entail financial complexities.
Questions can arise, like:
- What are the tax consequences of the inheritance?
- Do you have a tax efficient plan for this new windfall?
- How does this inheritance fit with your financial needs or goals?
Working with an advisor who is deeply knowledgeable of estate laws, tax code, and savings strategies can ensure you’re managing your inheritance properly.
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5. Divorce, Death, or Marriage
Major life events — like divorce, death of a spouse, or marriage — impact us personally and financially. A financial advisor helps you negotiate complex financial hurdles, while also being empathetic to the strong emotions that can accompany these life moments. For example, during a divorce, a financial advisor can help you organize your finances, stretch your income, and divide assets between parties.
RELATED POST: Dividing Assets in a Divorce
6. Planning for large financial goals
Do you have a large financial goal, like purchasing a home or funding higher education? A financial advisor knows the savings strategies with the biggest ROI. They can help you set up a personalized plan to meet those life goals. So you can keep the promises you’ve made to yourself and to your loved ones.
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Work with a Landmark financial advisor.
“Do I need a financial advisor?” If you’re asking this question, there’s a good chance the answer is yes. Whatever stage you are at in your goals, career, or life circumstance, talk with a Landmark financial advisor to see how we can help you make your money go further.