A recent survey showed that more than 1/3 of all Americans do not have a financial plan, and 58% of Americans believe that they need to improve their financial planning. Still, 40% of American adults over the age of 40 utilize the services of professional financial planners. What does this prove? It proves that finances are a very important topic, and most people’s financial plans are malnourished. It also proves that most people realize the need for a financial advisor. But how do you know when you need to hire one?
Typically, it’s around a person’s major life events that they realize their need for a financial advisor. These life events could include a birth, a death, a marriage, or a divorce. Whether you have had a major life event or not, you can speak with a trusted financial advisor in Metairie, LA, by contacting First Security Financial Wealth Manager.
What Should I Do Before I Hire a Financial Advisor?
There are some basic things that you can do on your own before hiring an advisor, and that might include creating a budget, living more within your means, paying down your debt, establishing your emergency reserve fund, and putting money into retirement. Whenever you’re ready, give us a call.
Once all of this is completed and you have your insurance needs covered, this might be about the time when you start to consider the services of a trusted financial advisor. With that said, you may wonder if you need to have a certain amount of money to hire a financial advisor and what they can do for you.
Do I Need to Be Wealthy to Hire a Financial Advisor in Metairie, LA?
No. Our financial advisors are capable of doing a wide range of things for our clients, and you don’t necessarily have to have a lot of money or own a lot of assets to use the services of a financial advisor. For example, you may have a very complicated problem around an estate issue. You may not have a lot of money yet, but your parents do, and you want to start planning for the inevitable now. It is true that different financial advisors do lots of different things, but you don’t need to be rich to work with a financial advisor.
What Can a Financial Advisor Do?
Some financial advisors do comprehensive financial plans, some specialize in taxes, some specialize in company stocks, and some specialize in divorce. As you can see, financial advisors do more than just selling financial products, and that is why you need to ask each advisor whom you speak with exactly what they specialize in.
There are a lot of people who will tell you that they are a financial advisor or consultant. There is one big question that you should remember to ask anyone whom you’re considering hiring for these tasks – “Are you a fiduciary?” This means that the person has to put your needs before their needs or their company’s needs. A fiduciary must disclose any potential conflicts of interest and act honestly.
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