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When it comes to strategies to reach financial goals, many people look to hire a financial advisor. Oddly enough, this is the one area where most people don’t know what to look for in the person they are hiring or what type of financial advisor to hire.
It’s super important to take an active role in your total financial picture. This goes beyond investing; it includes mindset, intentional spending and options for increasing income using your skills and talents. This is where a money coach comes into play.
But when it comes to investing your money in more traditional ways, many people want to hire a financial advisor. While a simple index investing strategy can make great sense for a lot of investors, some people feel much comfortable with a financial advisor.
Many independent financial advisors can also give valuable advice on more complex topics such as insurance and tax planning.
Fee only financial advisors are my favorite type of advisor for a lot of reasons, outlined in an excellent article from Marc Miller of Retirement Revised that sums them up beautifully. The article references one of the top sites to find independent financial advisors, Garrett Planning Network and Alliance of Cambridge Advisors.
But remember, understanding the results that you get for your money (and with your money!) is paramount to hiring the right person for the job.
At a time when retirement security has eroded, a plan for retirement has never been more important–especially for middle-class families who might be facing deficits in retirement savings, sharp declines in the value of their homes, and unforeseen loss of income from employment.
Do-it-yourself planning certainly is an option, but a little help from a professional advisor can be well worth the time and money. The rationale for hiring an advisor is simple:
And remember, no one cares as much about your financial goals as much as you do.