Every one of us who spends years saving and building a nest egg does so with the purpose of either using the money during retirement, leaving it for family when we pass, or donating it to causes we believe in.
Regardless of which category you might fall into, it is important to understand how to not only protect your money but increase its value as well. Many of us, however, don’t have the time or the experience to maximize the value of our savings. Instead of risking your hard-earned money doing it yourself, why not turn to a financial advisor?
Many people are hesitant to work with an advisor because they feel that the service is reserved for the ultra-wealthy. While our typical client has at least $500,000 of investible assets, there is still a large position who do not. That is why we take each person's goals and objectives into account during our first few meetings to develop a financial plan that is customized to meet the needs of each client.
Our main responsibility as financial advisors is to help clients tackle wealth management issues while maximizing the value of their investments. In order to meet the demand of our clients, we offer a range of solutions and services that include:
- Financial Planning & Advisory Services
- Investment Services
- Insurance Services
- Tax Planning & Preparation Services
- Social Security Strategies
- Medicare Supplements
- Estate Planning
There are many reasons to hire a financial advisor, many of which are related to an event occurring. For example, many of our clients come to us when they are planning for retirement, receive an inheritance, change careers, or go through a divorce.
Even though these are the most popular reasons to hire a financial advisor, the truth is when it comes to your finances, there is never a wrong time to consult with a financial professional.
You’re Starting to Think About Retirement
As you begin to consider what your retirement will be like, it is often common to think about reaching out to a financial advisor. Making decisions about the future and how you plan to afford your lifestyle upon retirement can be stressful and at times, scary. With the help of a financial advisor, you can safely work on establishing a plan that will help you save money, so when the time comes, you won’t have to worry about expenses.
Answers to questions such as, “When can I retire?” or “How much will I need in savings to maintain my lifestyle?” are all things that a financial advisor can help you determine.
The great thing about planning for retirement is that it can start as early on in your career as you want. Many people think they are too young to plan for retirement, but the truth is, saving for retirement is less stressful when you have 40 years to accomplish your goals as opposed to 20 years.
You’ve Recently Received an Inheritance
Finding yourself in a position where you suddenly come into a large sum of money through inheritance can bring about a lot of questions and decisions. Couple this with the turmoil that can result from losing a loved one and the question of what to do with your newfound wealth can be overwhelming. A financial advisor is one of the best places to start when faced with this type of situation.
Often, people who inherit a fortune don’t realize when to hire a financial advisor. Instead, they spend the first few months buying things from their wish list and investing in unstable businesses. While enjoying your newfound wealth is within your rights, having a plan in place to make the money last throughout your lifetime is important, too.
You’re Changing Careers or Employers
Changing your career or employer can be one of the most common reasons to hire a financial advisor. Many companies offer their employees some form of retirement savings plan as a perk of working for the organization. This could come in the form of a 401(k), 403(b), or other investment savings plan. Nonetheless, the one thing that these plans have in common is that once you leave the organization, you need to have a plan for what to do with your investment balance.
Of the many reasons to hire a financial advisor, their knowledge of how to properly transition investments from one account to another is on top of the list. The consequences of not accurately handling your investment account can result in fees, fines, and losses―all of which can be mitigated by working with a financial professional.
You’re Going Through a Divorce
While we hope that marriage lasts a lifetime, the sad truth of the matter is that isn’t always the case. Whatever the reason may be, some marriages end in divorce. It can be difficult navigating through the aftermath of the breakup. Not only are you adjusting to a new lifestyle, but you have to determine how assets are going to split and what your future looks like on the other side.
Financial advisors often work with clients who are going through a divorce, helping to coordinate the details of the separation with the attorneys to negotiate favorable terms. The aftermath of an event like this can be just as stressful as the divorce itself. A financial advisor can help you move on by creating a financial plan that will help you outline new goals and set you on a path for success in the next chapter of your life.
There are many reasons to hire a financial advisor, but one of the most important is the peace of mind that comes with working with a professional. At The JL Smith Group, our team of advisors take pride in helping clients just like you plan for the future and achieve their financial goals. Get started on your custom retirement plan today – click here to schedule your complimentary consultation to discuss your holistic planning needs.