Couple meeting with wealth advisor
Couple meeting with wealth advisor

4 reasons to work with a wealth advisor

Engaging with us to achieve your dreams

There is an idyllic future in every one of our imaginations. Perhaps it’s building a vacation home by the beach or turning your passion of a hobby into its own business. Maybe it’s going back to school or simply becoming debt-free by a certain age.

Whatever your future dreams hold, the quickest, most certain way to get there is with a plan and advice from someone who understands financial dream development.

1. Build a blueprint

Let’s use a vacation home as an example. You wouldn’t start building by having your contractor dump a bunch of lumber in the middle of an empty lot and then start designing. The same is true with your finances. Knowing what you want to accomplish and by when is key to getting there…and that means having a financial plan well in advance. This plan is your starting point and provides a comprehensive view of your financial picture including goals, cash flow analysis, retirement spending, and all relevant information in one location.

A 2019 CNBC article found that 75 percent of Americans “are winging it” when it comes to their finances, seeking no help from a professional.1  A wealth advisor is like an architect, providing you with a blueprint to reach your goals.

2. Learn from the professionals

If you were to build a house, you would likely contract with a team – the architect, electrician, plumber – to make sure you have all the expertise you need.

It’s the same reason to work with a wealth advisor. Financial planning takes time and experience. Imagine on top of your day job and life responsibilities, you’d have to become a master at investing and market-watching if you manage your own finances.

A wealth advisor’s job is to proactively guide you to the tools and strategies that will help maximize your assets and turn your financial dream into reality. Your advisor can also connect you with experts in other areas, such as accounting, real estate, and even legal, so you don’t have to assemble the dream team yourself.

3. Gain perspective

Managing personal finances can sometimes be emotional and stressful. How you were raised can have a significant impact on how you make financial decisions as an adult. Add a life partner on top of that and now you have two (sometimes competing) views on how to reach your financial goals.

A wealth advisor can put some emotional guardrails around finances and help you look at a situation objectively. You gain an unbiased opinion from an expert on how best to accomplish your goals.

During market volatility people tend to react emotionally. Having a plan in place helps reduce the emotional side. It gives wealth advisors the ability to review the plan during volatile times and adjust if your goals/objectives have changed. Being able to view a plan still on track during those times can help put your mind at ease.

4. Manage change

A financial plan is not a set-it-and-forget-it document. Changes in your life, whether big or small, can trigger an adjustment to the plan.

If you’ve changed jobs, you may want to consolidate retirement accounts. With the addition of a spouse or child, you may need to name new beneficiaries. Even changes in tax laws, market conditions, or federal economic policies can trigger the need for a plan alteration.

It’s your wealth advisor’s job to monitor these details and advise you as you go. That means reviewing your plan regularly, just to make sure it still fits.

With a firm foundation you can build dreams

Just like dream vacation homes, financial goals look different for each of us. But whether you’re building a three-room cabin in the woods or a luxury home on the beach, now is the time to start laying the foundation.

The longer you wait to start financial planning, the more difficult it becomes. A wealth advisor’s role is to remain objective and build upon whatever foundation exists (even if it has some cracks). A wealth advisor can look at your entire financial picture today and work with you over time to help see your dreams turn into reality.

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