Do I need a Financial Advisor on My Team?

Perhaps fewer things in life are understood less than the work that is performed by a financial advisor. This is, no doubt, due to the fact that the term is used in a variety of ways to describe a myriad of activities. Understanding what an advisor does is essential to determining whether you should be working with one. Consider the following scenarios.

If you need help prioritizing your goals, developing a personalized financial strategy, and customizing solutions to pursue them, then you might need a financial advisor. Often the decision to consult with an advisor is triggered by a life change, such as buying a home, inheriting money, starting a family, or caring for elderly parents. A good advisor always starts by identifying your values and goals, including your hopes and dreams, and then turns that understanding into a customized financial strategy that can help you make those dreams come true.

If you need help reviewing your plan and making appropriate changes periodically then you might need a financial advisor. Once you’ve worked with an advisor to create a strategy that makes sense for you, you’ll want to meet periodically to make any needed adjustments based on market activity or changes in your goals. Life changes such as divorce or a new job, or unforeseen economic events, may necessitate making changes to your plan. In these types of situations, information is king, and an advisor can help you gather the facts that will ground your decisions well.

If you need help managing your emotions and keeping your plan on track, then you might need a financial advisor. Emotions are a wonderful thing. The ability to experience them enriches life. At times, however, following our emotions can cause us to make questionable and even harmful decisions. This is especially true when it comes to finances. In an article entitled, How to Avoid Letting Emotions Control Financial Decision Making, Peter Daisyme gives several suggestions for avoiding letting emotions control financial decision-making. Among them is the suggestion to surround yourself with the right people. The objectivity provided by a financial advisor might be just the right person1. If you need help considering the tax consequences of your investment strategies and withdrawals, then you might need a financial advisor. Checking in with a financial advisor and a tax professional before making key financial moves throughout your life could save you money. Buying or selling a home, paying for healthcare, selling stocks and bonds, or saving for education are just a few examples of the situations in which you can benefit from being more tax-aware.

If you answered “yes” to one or more of these situations, then you should consider adding a financial advisor to your financial team!

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1 https://due.com/avoid-letting-emotions-control/

Investment advisory services offered through Brookstone Wealth Advisors, LLC (BWA), a registered investment advisor.  BWA and Brookstone Capital Management, LLC are affiliated companies. BWA and R&R Financial Advisors, LLC are independent of each other.   Insurance products and services are not offered through BWA but are offered and sold through individually licensed and appointed agents.