{"id":15891,"date":"2023-09-25T09:04:37","date_gmt":"2023-09-25T14:04:37","guid":{"rendered":"https:\/\/johnsonwim.com\/?p=15891"},"modified":"2023-09-25T09:04:37","modified_gmt":"2023-09-25T14:04:37","slug":"how-to-choose-the-right-financial-advisor","status":"publish","type":"post","link":"https:\/\/johnsonwim.com\/how-to-choose-the-right-financial-advisor","title":{"rendered":"How To Choose The Right Financial Advisor"},"content":{"rendered":"
October is Financial Planning Month, a perfect time to look at your financial future and to see if you\u2019re on the right track for retirement. To help you achieve this goal, finding the right financial advisor is a great first step.<\/b><\/p>\n
An experienced financial advisor can help ease anxiety around planning for your retirement years. If you\u2019re looking for an advisor who can truly provide you with real value, it\u2019s important to explore your options. Here’s all you need to know about financial advisors and how to find one that’s perfect for you.<\/span><\/p>\n A financial advisor offers advice and guidance on various aspects of your financial life, including investments<\/a>, savings, and retirement planning<\/a>. When it comes to planning your retirement, an experienced advisor<\/a> can be extremely beneficial in helping you secure your financial future.\u00a0<\/span><\/p>\n According to a recent Northwestern Mutual Retirement Study,<\/span><\/a> roughly two-thirds of Americans say their financial planning needs improvement (66%). This feeling isn’t going away soon as it has seen a 4 percentage-point uptick from the previous year. This could be attributed to the rising inflation we have faced throughout the year.\u00a0So why do only 37% of Americans work with a financial advisor?\u00a0<\/span><\/p>\n Working with a financial advisor can help you by consistently monitoring your finances, even with the ups and downs of the market<\/a>, to provide you peace of mind as you work towards a comfortable and financially secure retirement.\u00a0 <\/span>To get started on your search for the right financial advisor, you first must determine your desired retirement lifestyle.<\/span><\/p>\n Is your financial house in order? The first step in determining your chosen advisor is to understand your financial goals and needs. Once you understand where your strengths and weaknesses lie, you can identify gaps of knowledge and determine the best advisor for you. Times when you may need to enlist the help of a financial advisor, include:\u00a0<\/span><\/p>\n Life Events: <\/b>As you grow older, circumstances may change. Such as getting married, expanding your family, and starting a business. These are all events that might prompt you to reevaluate your financial situation.<\/span> A financial advisor who focuses on lifestyle management can<\/span><\/a> help you manage these events to help you stay on track with your retirement plan.<\/span><\/p>\n Lack of Experience: <\/b>If your monetary needs are more complex than you thought, or you need help understanding finances in general, hiring a professional can clarify those unfamiliar concepts. Many retirees benefit from extra assistance, and personalized help from a financial advisor can positively impact your financial well-being.<\/span><\/p>\n Creating a Robust Retirement Plan: <\/b>A financial advisor is like a goal-setting partner who can assist you in figuring out what you want and how to get there. Whether it\u2019s investing, looking for passive income opportunities, saving for emergencies or managing retirement income, they can help you make a customized plan to help reach your financial goals.\u00a0<\/span><\/p>\n What kind of advisor do you need? Some financial advisors are solely focused on selling annuities for instance, but what if you need to dial in your other retirement needs such as planning your estate or refining your retirement tax strategy?\u00a0<\/span><\/p>\n Advisors should explain their services and procedures clearly for your full understanding. If an advisor makes you feel judged for asking questions, it\u2019s best to move on. You can\u2019t have a lasting relationship with someone you can\u2019t fully trust. Always aim for clarity and transparency in your financial dealings. Here are a couple of points to keep in mind:<\/span><\/p>\n Having a retirement planning advisor in your area can be critical for ensuring a successful retirement. Here are some reasons why:<\/span><\/p>\n While the advent of technology has made it feasible to work with advisors from anywhere in the world, there are undeniable benefits to having a retirement planning advisor in your area. They offer a personalized, tailored approach that takes into account local nuances, which can be essential for retirement success.<\/span><\/p>\n Retirement planning<\/a> is not a one-time event but an ongoing process. Your advisor should help you stay on course as your life circumstances and financial goals evolve.<\/span><\/p>\n Stay Connected:<\/b> Make sure your advisor conducts regular check-ins to review your financial plan, assess progress, and make any needed tweaks. A great rule of thumb is to rebalance and review your retirement plan every six months. These check-ins are crucial and can help align your plan with your adapting needs and goals.<\/span><\/p>\n Goal-Centered Strategy:<\/b> Your advisor should assist you in setting precise financial goals and charting a path to reach them. Whether saving for a dream vacation home for the family to enjoy, protecting your hard-earned legacy, or simply looking for advice on how to create a steady stream of retirement income, having clear objectives provides a sense of direction and motivation as you set off on your retirement journey.<\/span><\/p>\n Ongoing Support:<\/b> Seek an advisor who can navigate you through emotional decisions during market ups and downs or major life transitions. They\u2019ll help you maintain discipline and help prevent hasty choices. For example, during market volatility,<\/a> your advisor can remind you of your long-term goals and the importance of staying the course, reducing the likelihood of impulsive decisions that could harm your retirement outlook.<\/span><\/p>\n Investment Strategy: <\/b>Additionally, your advisor should work with you to develop an investment strategy<\/a> that aligns with your risk tolerance<\/a> and long-term goals. They should help you diversify your portfolio and select suitable investments<\/a> to help optimize your returns while helping to manage risk.<\/span><\/p>\n Your financial advisor should be a trusted partner in your financial journey, offering ongoing support during calm and turbulent financial times. This comprehensive approach can help you achieve your financial objectives and help secure your future.<\/span><\/p>\n Are you looking to grow your wealth and save for retirement? Consider hiring a Fiduciary advisor<\/a>. Fiduciaries are legally committed to putting your financial well-being ahead of their own. At <\/span>Johnson Wealth and Income Management,<\/span><\/a> our Fiduciary financial advisors work to help you navigate retirement planning and investment management while making sure every step taken is in the right direction for your financial future. We simplify the complex world of financial planning, helping your money adapt to economic changes and your evolving personal situation.<\/span><\/p>\n Here are just a few of the areas<\/a> in which we excel in:<\/span><\/p>\nWhat Does a Financial Advisor Do?<\/b><\/h4>\n
Why You May Need a Financial Advisor\u00a0<\/b><\/h4>\n
Search for Clarity<\/b><\/h4>\n
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Benefits of a Local Retirement Income Advisor<\/h4>\n
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Find an Advisor Who Keeps You on Track<\/b><\/h4>\n
Find a Real Fiduciary<\/b><\/h4>\n
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