Enjoy this guest post on a topic from an expert in the field of investing and money advice.
You’ve worked hard for many years putting a lot of effort into getting yourself and your family to the point of having accumulated the wealth you’ll need for a secure future. Now you realize that you need good, sound financial advice to preserve that wealth for the rest of your life and for a happy, successful future for your children and grandchildren.
Sound financial advice during the time you’re accumulating wealth is important to help you to reach your goals faster. It’s also crucial when you are facing a major life change like impending retirement. Good advice can help you make the smartest decisions to continue to grow your wealth, and to manage what you’ve already earned the best ways you can in your remaining years.
Financial Advisors Can Help with Stumbling Blocks
Everyone will have times in their life when unexpected stumbling blocks arise due to things like economic changes, unexpected downward turns in the market and even political events that could affect a person’s financial stability. A good financial advisor can help you get through these times by providing a balanced, outside perspective and expert advice based on their education and experience.
They can help you to keep a clear head even when you are emotionally distressed and considering measures that could potentially lead to financial losses. A good example is the desire to sell a particular stock for emotional reasons, where hanging onto it may be the better option, or in the opposite case, wishing to hang on to a stock or an investment for emotional reasons when selling it would be a better choice.
Other Reasons to Hire an Experienced Financial Advisor
A financial advisor with experience can help you with things like:
– Creating and formulating necessary documents like directives for health care, wills, living trusts and any powers of attorney or other legal documents you may eventually need. They can also help with updating existing documents so everything is current.
– Assisting you with making wise, prudent investments instead of trying to do it yourself by picking individual stocks, bonds or other investments. It pays to have someone educated and experienced in investments giving you solid advice when it’s time to invest.
– Helping you draft and put into place a written investment policy to always ensure that you and your financial advisor are on the same page as far as investments go. This can help to quell or to prevent disputes later.
– Go through all your insurance policies with you to be sure they’re going to give you the exact coverage you want and feel you need. This is critical so there are fewer or no arguments or obstacles once the time comes to cash in on the policies. This is one tool to help with estate planning that can easily be overlooked unless you have good financial advice.
– If you own a business or are a partial business owner, it’s crucial to have plans in place to help you leave the legacy you wish to leave. Good advice can also make it possible for family members and loved ones to pay fewer income and estate taxes and to keep more of the wealth for their needs.
– Can help you with smart retirement planning, so things will go well for you in your retirement years and you can live the way you hope to live out your remaining years, with fewer financial worries.
– Financial advisors can help you communicate your wishes and desires with family members, and to keep them informed about the exact state of your wealth and investments. Too often, family members in grief can be taken advantage of by less than stellar insurance agents, bankers and brokers if they are not aware of how much is at stake and the amounts of assets that will be available to them. Keeping family members informed helps protect them.
– Can give you advice on things like selling life insurance policies instead of letting them lapse, and advise you on the nuances and potential tax liabilities of your chosen investments to help you keep as much of your money as possible.
Enter Retirement Years in Confidence
Smart advice from an advisor like Patrick Dwyer Merrill Lynch or any financial advisor you’ve chosen, interviewed and feel that you can work well with can go a long way towards giving you the extra confidence you need as you go into your retirement years. You’ve worked hard and you want those years to be as enjoyable and free from financial strife and worries as possible.
When you feel you have issues that could create complexities when it comes to investments and inheritance, it’s always smart to consult a financial advisor to come up with the best ways to handle these issues. Peace of mind for you and for your loved ones makes it well worth obtaining smart financial advice. You’ll be able to rest assured knowing that loved ones will be able to keep as much of the hard-earned family wealth as possible.
Do you use a financial advisor for this stage of life? Why or why not?