Financial wellness encompasses the health and strength of your financial affairs, including your level of income, spending, savings, investments, and debt. One way to improve your financial wellness is by getting advice from a financial advisor. After all, you can’t manage what you don’t measure! A qualified financial advisor will help you track your progress toward achieving your financial goals and help you make better decisions along the way to ensure you reach them more easily. Here are some of the ways they can help
What is an advisor?
A financial advisor is someone who helps you with managing your finances. These people do everything from setting up budgets and investment plans to helping you fix problems you can’t handle on your own. They aren’t just for rich people, either; many companies offer free or low-cost services for their employees. And, if you have a 401(k) at work, chances are it comes with an in-house financial advisor that can help you manage your retirement savings.
A financial plan vs. a financial plan review
A financial plan and a financial plan review are similar, but there’s one thing that separates them. In addition to helping someone create or update their own financial plan, professionals can now offer something called a financial plan review. This is where an advisor can take a look at their client’s existing financial plan, often created by another advisor, and offer feedback on it. Depending on your situation, you might find that more helpful than jumping right into creating your own detailed financial plan from scratch.
Figuring out if one is needed
The most common warning signs that indicate it’s time to consult a financial advisor are:
- Significant debt.
- Not enough saved for retirement.
- Lack of confidence in one’s ability to handle short-term or long-term financial decisions.
If you answered yes to any of these three questions, it might be time to explore whether getting help from an expert is right for you. At MyStages, we believe everyone deserves unbiased guidance on their financial future—and our team is here for you! Our fee-only advice gives individuals more control over their hard-earned money. We work on your behalf and put you in control with objective, comprehensive advice from life events such as college graduation to planning for retirement and beyond.
Common misconceptions about advisors
Many people have misconceptions about financial advisors and think high-net-worth individuals or businesses only need them. That’s just not true. Whether you have $100 in your checking account or hundreds of thousands, seeking professional advice can benefit anyone looking to take control of their finances. Advisors who are trained and specialize in working with individuals and families will often provide personalized services at no upfront cost, which allows consumers to become educated about their own financial situation and make informed decisions for themselves.
Bias (can be added as a separate section)
A financial advisor can help you make better financial decisions by explaining all of your options and showing you how they’ll affect you now and in future years. An advisor, who is bound to act in your best interest, can help eliminate some of that bias. Be aware that there’s no such thing as free advice—your advisor will expect to be paid for their services. However, it is up to you how much value an advisor offers for what you’re paying.
Find the right person
Once you know what you’re looking for in an advisor, it’s time to find someone who can give you that. There are so many options available—advisors specializing in everything from insurance to specific types of investments and retirement planning—that it can be overwhelming.
These stages help you take stock of your financial picture, so you can see where you are and make better decisions about how to get there. It’s easier than ever to manage money on your own, but it’s just as easy to make bad decisions—and feel like there isn’t anything you can do about them. No one wants that. So don’t wait any longer. Take control of your financial wellness today with MyStages.