According to the CNBC Invest in You survey, the majority of Americans are making financial decisions about their future without the experienced guidance of a professional. For some, their approach to financial management may be based on a misunderstanding about the services that a financial advisor can provide.
“They think it’s specifically about managing money and not about receiving financial advice and financial planning,” said Douglas Boneparth, author of the book “The Millennial Money Fix” in a statement to CNBC.
In reality, financial advisors are trained to take a holistic look at your financial situation. That means they consider where you are today, where you want to be in the future and your current finances to create a plan or approach designed to help you meet your goals. Your financial advisor can even help hold you accountable, ensuring you remain on track regarding budget, savings, purchases and investment decisions.
To help you make the most of your money now and into the future, your financial advisor may be able to guide and assist you in many areas related to financial management, not just retirement or investing. This may include:
In the end, whether you are just starting out in life or have already built a sizable legacy, a financial advisor has the tools, training and experience to help you make the most of your funds today, while planning for a secure future.
When it comes to selecting a financial advisor, the number one criteria for most, according to a survey conducted by Qualtrics, is trust. However, people also look for an advisor with a good investment track record and one who offers personalized customer service.
Before you decide on a financial advisor, be sure you’ve chosen someone who understands your future goals. You should also be comfortable discussing personal matters. Ideally, your financial advisor should be with you for the long haul, so it’s important to find someone who is compatible, knowledgeable and skilled in all aspects of financial planning.
The articles in this blog are for informational purposes only and not intended to provide specific advice or recommendations. When making decisions about your financial situation, consult a financial professional for advice. Articles are not regularly updated, and information may become outdated.