How do you answer the question “Do I need a financial advisor?” Here are some warning signs that we see when new clients come to us:
- You don’t seem to be getting anywhere. Money comes in and goes out, you don’t save, and your credit card balances never go down.
- Your employer offers a 401k or other tax-favored retirement savings plan, but you don’t contribute.
- You contribute something to your employer’s plan, but have no idea what you are invested in.
- You have multiple retirement accounts at former employers and don’t know what to do with them.
- You’ve inherited a much larger amount of money and investments than you are used to dealing with.
- You aren’t sure how much money you’ll need to generate an adequate retirement income. Or, even worse, you think Social Security will take care of all your needs.
- You aren’t sure how your family will get by if you die or become disabled prematurely and your paycheck vanishes.
- You are within five years of retirement.
- You worry about someday needing long-term care in a nursing home, but, so far, worrying about it is all you’ve done.
- You haven’t made any provisions to pass on your money and possessions at death.
Are you still asking yourself “do I need a financial advisor?” Many of these warning signs are characterized by confusion, worry, dread, and foreboding. That’s where financial advisors come in: we help to solve complex problems by breaking them down into a series of component actions that can be addressed over time. Just as importantly, we help you build a unique, long-term strategy to meet your particular needs over time and that will give you a sense of forward, directed purpose. You should find that your worries will diminish and you will feel more confident in your ability to meet future challenges.
Richard Schroeder, CFP®
Chief Investment Officer
