Hiring a financial advisor can be a great way to get the help you need when it comes to handling your finances. They have a comprehensive set of skills that can make life much easier when it comes to dealing with taxes, financial markets, and law.
They can also help you create a plan for your financial future and set goals to achieve them. These plans are personalized based on your specific needs and circumstances.
Almost every financial planning issue has tax implications, and advisors provide an invaluable service in helping clients minimize their overall tax burden. However, despite this, financial advisors are often prohibited by their compliance departments from making any specific recommendations on a particular tax strategy.
This is because compliance departments are concerned that an advisor’s tax-related recommendations could create legal and financial liability for their firm.
A financial advisor can help you navigate investing, including selecting a diverse mix of funds to meet your goals. They can also act as a sounding board when new investment opportunities peak your interest.
Whether you’re starting to save for college, a vacation home or retirement, a financial advisor can provide disciplined process, regular check-ins and portfolio reviews, and the guidance and encouragement needed to stay on track.
Insurance is a great tool for people who have a sudden financial contingency, as it helps them protect their assets in the case of an emergency. It also comes in handy when you are planning for long-term care.
An advisor can provide you with the right kind of insurance for your situation, so that you and your loved ones are taken care of in the event of an unexpected death or injury. Many of these financial professionals are licensed to sell life and health insurance products.