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Reasons you may want to meet with a financial advisor

If you have ever taken it upon yourself to manage your own savings and investments, you know how time-demanding and complex of a project this can be. There is validity to managing your personal finances on your own.  However, as the stages of your career and life progress, you might begin to question whether you’re making the appropriate investment and savings decisions to meet your goals. Fortunately, there are professionals with expertise on the ever-so complicated world of finance who can provide you assistance with organizing and managing your personal finances. These individuals are called financial advisors, and there’s a plentiful list of reasons why working with one may very well become your smartest investment yet.   


What is a financial advisor? 

A financial advisor is a professional whose role is to help individuals lay out a roadmap to achieve their financial goals through effective investment and financial planning strategies. This is someone who has acquired an in-depth knowledge of the financial markets through extensive training and experience. Consider them your planning partner. They’ll provide assistance in nearly all aspects of your financial life. During your ongoing relationship with this professional, he or she will continue to monitor your progress towards your goals and make recommendations and adjustments as necessary.  


There are a number of reasons why people of all ages decide to seek professional financial guidance.  Below are some of the top catalysts that drive individuals to schedule a meeting with a financial advisor. 



Starting a family 

According to CBS News, the average American parents will spend an estimated $233,610 on raising a child for the first seventeen years proceeding birth. This breaks down to roughly $14,000 per year. Keep in mind this number doesn’t account for the price of college tuition. An advisor will work with you to help you understand how your cash flow will be affected by the increased expenses associated with raising a child, as well as the possible loss of an income if a parent stays home to care for the child.  After a thorough cash flow analysis, the advisor can help you establish a budget that allows you to provide for your growing family, while staying on track for meeting other goals. 


Being crushed by taxes

Often times individuals will begin the search for a financial advisor when they feel like they’re paying excessive amounts in income taxes. In this situation, an advisor will assess what is driving those taxes. Are they income taxes or taxes from investments? Once your advisor understands the source of your taxes, they can begin to evaluate appropriate investment and savings strategies to reduce tax implication. 



Selling a business

Often times when selling a business, you may receive a large influx of cash or proceeds from the sale of the business. The important question here is how you invest that money to meet your long-term needs. Will a portion of the proceeds be used for another business purchase, or are you looking to save the money for your retirement plans? An advisor will help you determine the most appropriate investment strategies to meet your long-term needs. 


Approaching retirement 

Retirement is an exciting milestone in one’s life, but a comfortable retirement requires long-term planning and preparation. Some of the important questions you should be asking yourself are: 

  • Does my employer provide a 401(k) option or a Roth 401(k) option, and if so, how much should I contribute to it?

  • Am I saving enough? 

  • What is the best account type to save in?

  • When should I begin collecting Social Security?  

  • Should I wait until Full Retirement Age, or begin collecting benefits sooner?


A financial advisor will help you answer all these important questions to ensure you’re on the right track for a smooth-sailing retirement. 


Is a financial advisor the right fit for you?

These are only a handful of reasons why people often make the transition from managing their own finances to working with an experienced financial advisor. However, the list certainly does not end here. Whatever stage in life you find yourself in, an advisor at Archstone Financial will work with you to develop a holistic financial plan that best aligns with your unique needs and goals.  



 


























Investment adviser representative and registered representative of, and securities and investment advisory services offered through Voya Financial Advisors, Inc (member SIPC)

Archstone Financial is not a subsidiary of nor controlled by Voya Financial Advisors.

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