Today’s financial climate is drastically different than it was 50 years ago. Now most households are run on two incomes, people have to take out second mortgages to put their kids through college, and future generations fear Social Security won’t exist when they’re ready to retire. So, how do you face these challenges? You may already be working with a financial professional such as an accountant or estate planner, but in order to get a comprehensive financial plan you should tap into the expertise of a financial advisor. This is NOT the same as visiting a broker or brokerage firm.
Many people have reservations or misconceptions about financial advisors and what they do. Even if you have a good grasp of what it takes to manage your finances, the fact is that the financial world grows more intricate every day, and a financial advisor can be there to help you navigate the unsteady waters to your financial goals.
Are All Financial Advisors the Same?
You may think that all financial advisors are the same, but that could not be further from the truth! Overall, financial advisors are not covered by uniform state or federal regulations. So, there can be sizable differences in their qualifications and business practices. However, if you choose to work with a Registered Investment Advisor (RIA), you can rest assure that they are there to work in your best interest. RIAs, by law, are held to a fiduciary standard of care. Under the Investment Advisers Act of 1940, RIA's must make all investment recommendations in your best interest, and inform you should a conflict of interest arise. By the way…McBeath Financial Group IS a Registered Investment Advisor firm. TD Ameritrade has a great article on the subject matter of RIA's versus Stockbrokers. Here is the link: What You Need To Know About Financial Advice
What Can a Financial Advisor Do For Me?
So, what specifically can a financial advisor do for you? A good advisor will, first and foremost, get to know you and your personal financial goals. They will then take a look at your current financial state, evaluate your insurance coverage, investment portfolio and assess your tax obligations. Then they will create a plan that will help you meet your goals by addressing any financial weaknesses and highlighting the strengths. The greatest service a financial advisor can provide to you is the monitoring and periodical evaluation of your plan and its progress. Your advisor should be there with you every step of the way to help you make any adjustments that will enhance your current plan to help you reach your goals.
When Should I Seek the Help of a Financial Advisor?
Now that your interest is piqued, you may be wondering when you should seek out your very own financial advisor. While you don’t have to wait for a major life event to start planning your financial future, the following may be good times to reach out to someone who can help you make an objective decision, instead of an emotional one:
- Planning for your retirement
- Developing a Supplemental Income Plan for retirement
- Developing an estate plan
- Coping with the death of a loved one
- Receiving an inheritance or a financial windfall
- Having a child
- Paying for college
- Buying or selling a family business
We Listen, We Act, We Care!
Why Work With McBeath Financial Group?
People work with financial advisors for many reasons. What is most important is that you have confidence in your advisors game plan and that they really understand you and your goals. So, why work with me? My clients are like family to me. I've learned over the years that most of them feel the same way too. This past year when my husband and I adopted our baby girl I sent out a birth announcement to all of my clients. Not only was I overwhelmed by the number of cards and gifts that we received from my clients, but one client shared a great story with me. She was at a social engagement and was telling her friends about her advisor's recent adoption. Her friend smiled and said, “You're talking about Krista!” Apparently, she worked with me too. Another one of my clients mentioned that our announcement is still hanging on her refrigerator, and one more on her dining room hutch. How important do you think it is to have that kind of relationship with the person that is managing your financial future? Does your advisor treat you well enough that you would hang a picture of his/her children in your home? If you are well taken care of, that is great! If you feel like your relationship is lacking, give us a call and come feel the difference!