Updated on August 2, 2023
Are you familiar with the structure and scope of financial products in order to handle the management and decision making without any assistance? Or do you need direction from a seasoned expert? That question comes up for millions of Americans each year. If any of these describe you, you could benefit from professional financial advice:
1. You’re retiring soon – Maximizing retirement income requires smart decisions around complex topics such as Social Security, 401(k) and IRA withdrawals.
2. Rather than managing your own investments, work with an advisor who is a fiduciary – A fiduciary is an individual who is ethically bound to act in another person’s best interest. This obligation eliminates conflict of interest concerns and makes an advisor’s advice more trustworthy.
3. You have children – Whether you’re saving for college or planning their inheritance, there are several ways to ensure your children are taken care of.
4. You inherited money – Have you noticed lottery winners often declare bankruptcy? It can be difficult to manage sudden increases in wealth.
5. You’re divorcing – Untangling finances in a divorce can be messy. Impartial advice is key.
6. You want to build wealth – If you’re still decades from retirement, good decisions today can add thousands to your retirement account. Look for a financial expert that knows how to preserve your assets and guarantee income in retirement without asking you to pay for their advice. Insurance professionals get paid directly from the insurance carrier they do business with. Choose an advisor that you feel is acting in your best interest, not their best interest.
