Eps 2: Proof That FINANCIAL ADVICE Really Works
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Host
Beth Cunningham
Podcast Content
These types of consultants usually charge you a percentage of the resources they actively manage for you. This type of financial advisor will develop a comprehensive financial plan for you and also invest and manage your money. Your consultant will manage your funds every day through the changes in the market, in your life and even as you age.
Consider how consulting fees can be offset by the financial benefits that a consultant can provide and your alternatives. The costs associated with a consultant may not be affordable for those with fewer resources but is likely worth hiring an asset consultant if you neglect your finances.
The time is money, and putting off good financial decisions or prolonging bad ones is costly, like holding onto too much money or delaying a real estate plan. We all have different financial situations and goals, and hiring a professional to help you navigate these specific circumstances can be invaluable.
Juan Carlos Cruz, founder of Britewater Financial Group in Brooklyn, NY, believes $ 250,000 is a good target - when you reach that level of financial resources, professional help is likely - and there is a growing number of consultants for those who feel they lack the resources.
A financial advisor can work for you during the ups and downs of the market and provide the advice and support you may need to avoid the sometimes costly mistakes that investors make during volatile markets.
Financial advisors can help you understand what you already have in the business, what options you might have for further investment, and what types of risk you might face when choosing an investment. They can also be trained in estate planning or be willing to work with your real estate attorney to determine what type of insurance you need, what financial products you might want to create , what to do with your investments, etc.
For most investors who choose to work with a consultant the advice is not only about investing, but many believe that investment advice is one of the main reasons for working with a financial advisor, and a good professional advisor will check the total portfolio allocation when making investment decisions. People who work with a financial planner who take their needs holistically beyond products and portfolios are probably in a better position than those who work with a planner using a transactional approach.
The decision to seek professional help with your money is very personal, but whenever you are overwhelmed, confused, nervous, or afraid of your financial situation, this may be a good time to look for a financial advisor. Ideally, a financial advisor should be willing to work with your accountant or tax lawyer to ensure that your financial plan keeps your tax liabilities to a minimum and does not affect your taxes.
A financial advisor can also help you to plan a real estate plan to ensure that your assets are managed as you wish after your death. Finally, you can entrust all your financial matters to a consultant who specializes in total wealth management. Once you and the consultant understand your current financial situation and your projections for the future, you are ready to work together on a plan to achieve your life and financial goals. The best advisors will illustrate scenarios and highlight the historical performance of funds and portfolios.