4 Telltale Signs that You Need a Financial Advisor
By Kathleen Monday May 15, 2018 No Comments
While virtually all Americans can benefit from meeting with a financial advisor, the majority of the population manages financial matters on their own. If you’re currently a do-it-yourself financial planner, it may be time to consider seeking the advice of a professional, especially if you notice these four signs.
1. You’re starting a family.
Getting married and having kids present some of the biggest financial challenges. Between joining finances, managing the cost of raising a child – which is about $233,610 per child (Time, 2017) before factoring in college – and considering life insurance, estate planning, college savings and more, this exciting time in your life can also be massively overwhelming. At this juncture, a financial advisor can help put you on the right track.
2. Your savings are all in cash.
While a rainy day fund and emergency savings are absolutely crucial, having more than you actually need in cash can be counterproductive. That’s because cash kept in your extremely low-interest savings account isn’t being aggressively invested to maximize its worth. Working with a financial advisor, you can learn how to allocate your funds that aim to generate income and build your net worth.
3. You’re unsure about your insurance needs.
Do you really need life insurance? What about disability insurance? Financial advisors are often well-equipped to assist you with choosing life insurance, disability insurance, long-term care planning, health insurance and more, helping you understand how insurance will affect your cash flow situation and assisting you with making a cost-effective insurance decision.
4. You’re nearing retirement.
As you edge closer and closer to retirement, the three primary questions you probably have are: am I financially ready to retire, when should I file for Social Security and how can I make my money last for as long as possible? An experienced financial advisor can answer these questions, helping devise a strategy that works towards a comfortable retirement that lets you spend time doing things you love and focus less on your finances.
Serving Syracuse, NY, HighPoint Advisors, LLC helps Central New Yorkers create comprehensive strategies to pursue their financial goals. Learn more about our financial services by contacting us today at 315-627-0474315-627-0474.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. No strategy can ensure success or protect against loss.
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