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Why should I speak to a financial advisor? I am doing just fine.

Posted by Shanna Tingom, AAMS® on Jan 12, 2018 3:29:00 PM

Want to know when to speak to a financial advisor? Anytime you're planning for your future is when it is a good time. Life transitions like marriage, divorce, birth or death and events like retirement, earning a bonus, or coming in to an inheritance are all milestones that are part of your financial plan. Even if you've saved thousands and manage your own investment portfolio, it can be beneficial to meet with an advisor to review.

Life in Transition

No matter what stage you are in life, you can count on life always changing! Whether you're getting married and starting a family, planning for retirement, or somewhere in between, those milestones are the prefect time to speak to a financial advisor. They understand how to best protect or invest your assets to stay on track with financial goals.

For more on life in transition, check out the Heritage Financial Strategies Case Studies.

If you are just starting out and still need to figure out what your long term goals are, this is also a great time to seek the advice of a professional as they can help you successfully navigate what can otherwise be a confusing process. A strong financial advisor won’t just invest your money, they will educate you so you can be an active participant in your own financial future!

Are you planning for retirement?

You can never start planning for retirement too early. Whether you're in your 20's or 50's, thinking about retirement should be on your mind. No one wants to work forever but people tend to spend more time planning a vacation than they spend planning their financial futures.

Know that when you speak to a financial advisor they are there to protect and properly invest your assets based on a variety of factors including your age, income, lifestyle, and personal financial goals.

The sooner retirement savings starts, the better for you in your later years. If you are in your 40’s or beyond, it is important to meet with a financial advisor to review current retirement savings and establish a longer term financial plan. 

What do you do when you inherit, win, or acquire an unplanned large sum of money?

You receive an accident settlement, inherit money from your parents or grandparents, or win the lottery. What do you do with your assets? For as much as you might want to spend it all, that's probably not the best option. A financial advisor works with you to understand your personal situation and financial goals and makes recommendations based on a variety of factors. 

Do you need to care for aging parents?

None of us are getting any younger, including our parents. If you're the person in charge of caring for aging parents, you will likely be making difficult decisions about their care including long-term care insurance, choosing a nursing home, what to do with the family home, and establishing an estate plan that includes healthcare power of attorney and living will.  

Have you saved enough?

You’ve managed build savings in excess of $250,000 but have you saved enough? That's a question to ask a financial advisor. Even if you continue to invest on your own, consider speaking to a professional who understands market trends and financial guidelines. They may have an idea that you haven't thought about yet that can benefit your long-term financial planning strategy. 

Do you have a legacy plan?

All too often we hear people say they have a will and don't have enough money for an estate plan. If you have assets - bank accounts, investment accounts, real estate - no matter how small you may think they are, your assets may need the protection of an estate plan. As a financial advisor I do not assist in legal document preparation but I have a network of professionals including estate planning attorneys who can do that for you. 

Before planning your next vacation, take time to speak to a financial advisor. Schedule a complimentary consultation today!