facebook twitter instagram linkedin google youtube vimeo tumblr yelp rss email podcast phone blog external search brokercheck brokercheck Play Pause
The Importance of A Good Financial Advisor Thumbnail

The Importance of A Good Financial Advisor


Photo by Scott Graham on Unsplash

Article by Kaylee Wagner

At some point in our life we all need a little advice here and there. Finances are no exception. When it comes to investing, it can get complex quickly. There are so many platforms and investment options that for most the process seems a little overwhelming. This can cause a lot of unease when it comes to saving up for retirement and other important milestones in an individual or families life. Many try to manage things themselves, and there are plenty of people that are pretty good at it. But regardless of your financial literacy, it never hurts to have someone in your corner dedicated to keeping your portfolio in balance. 

Having a good financial advisor during times of prosperity, and especially market turmoil, can make you feel much more at ease. The current market situation proves this to be the case.  When the markets take a swing, as they do from time to time, you don’t want to be attempting to completely switch up your portfolio to minimize losses. When you have a good advisor, they take this situation into account when creating your portfolio and use your risk tolerance to ensure that your assets are fortified against downturns.

Not only can having an advisor help keep you sane during market turmoil, if you have a comprehensive advisor you can ensure that your estate and insurance plans are suited to fit your needs. Estate plans help ensure that your family is not left trying to sort out your needs in the event of serious illness or death. Working with your advisor you can work through how you want to go about your plans, and many can even refer you to a trusted lawyer to establish or alter your estate plans. Not only do you want to get your estate in order, it is also important to make sure you have quality insurance at a good price. With so many options available for various types of insurances and coverage levels, having a trusted source can help make the process less time consuming. Having an advisor to help evaluate the quality of your plans will ensure that you can make the changes needed without added hassle of researching it on your own. 

Advisors can also help navigate ways to save on taxes throughout the year and avoid penalties for not taking RMD's and even help navigate taxes with inheritance. Having an advisor can help anticipate or minimize big tax bills at the end of the year that can occur. Some financial advisors can even file your taxes for you. When it comes to choosing an advisor it's definitely important to weigh in what level of service you are looking for. While some only want investment advice, it is important to consider a more comprehensive plan.

Since there are so many different things that can influence your overall finances, less is not necessarily more. It's very important to choose an advisor that you trust that can help you navigate the ups and downs, leaving less room to worry about the what if's of life and more time to enjoy the ride.