Using a financial professional can be beneficial
Regardless of your savings, a financial professional can help you make the most of your money.
One in five employees who do not currently use a financial professional believe they would need $100,000 or more in savings or investments to feel comfortable working with one, according to a survey from the 1st Quarter 2012 Principal Financial Well-Being IndexSM.
But the decision to seek assistance shouldn't be based solely on your savings. An hour or two spent with a financial professional could prove to be a worthwhile investment in your long-term plans.
The bottom line is, financial professionals aren't just for the wealthy. Enlisting the expertise of a trusted professional can make good financial sense for anyone. Among the benefits you could reap:
- Personalized assistance. Though many retirement planning tools are available online, most operate on assumptions. Contrast that with talking directly to a professional, who carefully considers your individual financial situation when strategizing with you. "A professional provides a sounding board to help you define goals and make decisions that can lead to other options," says Glen Young, director – retirement planning for Ashton Young, Inc. in Troy, Mich.
- Ongoing feedback. In addition to charting your goals, investment needs and risk tolerance, financial professionals can provide expertise to help you make the most of your money and stay on track with your retirement savings.
- Professional support. A financial professional is like a support system — one that can help lessen financial uncertainty. "We manage expectations, hold hands when markets are down and keep feet on the ground when markets are going up," says Young.
Ready to enlist the help of a financial professional? Create a lasting relationship by starting off on the right foot.
- Do your homework. Research the financial professionals in your area and learn about the types of assistance they provide. Ask friends, family and colleagues for recommendations.
- Find the right fit. Once you've narrowed your choices, schedule initial meetings with the top candidates. Get the most out of your interviews by asking the right questions.
- Be prepared. Before your meetings, gather as much information about your financial situation as possible. "Consider your short-term and long-term financial goals," says Young. "Thinking about this ahead of time will lead to a more productive conversation."
Once you've had your initial meeting, make financial reviews a habit. Plan to sit down with your financial/retirement professional every year to evaluate your plans.
Talk with a financial professional.
Take the first step toward building and protecting your wealth. Get assistance from a financial professional to help you map out your plan.