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| Capitalstars Investment Advisor |
It may have occurred to you just how complex and vital 'getting it right' is when it comes to saving, investing, maximizing the value of your wealth and planning for a safe, comfortable retirement. If so, you've probably asked yourself if you should employ a financial planner or advisory.
Similarly, if you've felt the pressure of deciding on a big investment, such as a home or education—or felt overwhelmed with the financial details after a wedding, the birth of a child, divorce, death of a spouse, or major illness—you've probably wondered about finding someone to advise you.
KEY TAKEAWAYS
* Many people seek out professional financial advice from a professional, but with so many options to choose from it may seem overwhelming to find an advisory.
* First, determine what level of advice and service you require and how much autonomy you'd like to give away to a professional.
* Look for professional certifications and designations after an advisor's name, such as CFA, CFP, or CIMA.
* Determine the fee structure you're most comfortable with - fee-only, commission-based, or based on assets managed.
* Ask for referrals and then run a background check on the advisors that you narrow down such as from FINRA's free BrokerCheck service.
Types of Financial Advice
Not all financial advisors are the same. Some specialize in certain practice areas, types of clients, income levels, investment strategies, and products. Some work with clients all over the country, while others focus on clients in their town. Some can help you with your taxes, insurance needs, or estate planning and others will focus on retirement planning. There are advisors for the younger client and some specialize on retirees. You can find a planner to help with life stages planning, estate distribution strategies, and business planning.
From managing every aspect of your personal or business financial life to simply suggesting directions, there are specialized professionals available to help.
Reasons to Seek Financial Advice
You may need an advisor for many reasons. For example, perhaps you just received a considerable sum of money from a relative who died or a windfall from the state lottery. As a person goes through different stages in life, their need for a financial professional will change.
Perhaps you just had a baby and want to ensure their future in case the worst happens. Many parents seek help for college savings for children and setting up estates that can convey wealth to future generations.
The approach to investing at or during retirement is different than that of a young worker. As you near retirement your risk tolerance level will change, and your style of investing should change as well. Perhaps your company is offering a too-good-to-resist early-retirement package, and you want to make sure the money lasts.
Any of these events could naturally trigger the desire for some professional help in managing your financial affairs.