Waiting Until Near Retirement for Financial Advice Can Stunt Your Investment PotentialFinancial Advisors
Most People Consider Financial Assistance Too Far Down the Road
In fact, they are more likely to seek financial advice when they are approaching retirement, than any time earlier. Realizing that their impending change is about to occur, they are now concerned about the performance and momentum of their retirement accounts.
They spent all of those career years socking away thousands of dollars to their 401(k), Traditional IRA, and Roth IRA. The last thing they want is to be responsible for making poor investment choices.
With their ears tuned to a new frequency, they look for ways to keep their money working for them far into the future. Soon, it will become their main source of income. They are now ready to let a professional handle it, especially for those whose investments are considerable.
Getting Serious Today Can Help the Return on Your Investments In The Future
Since you may find yourself in this situation someday, why wait for the inevitable? Some day you, too, may find yourself searching for financial advice. If you are one to put some good effort and due diligence into this, the process of finding the right financial advisor can take some time.
However, by seeking financial advice earlier on in your investment journey, you are doing yourself a favor. As investments grow over time, so should your relationship with your advisor. There are short-term, mid-term, and long-term goals to consider, and there are investment tolerance levels to weigh. There is plenty of advice saying that diversity is the key, but the actual divisions in your portfolio are a personal matter that only you and your advisor can determine.
Finding an Advisor That Is Best for You
The search, when complete, can be very rewarding. Some of the basics to look for in a good advisor is making sure that they have the proper credentials (Certified Financial Planner), they look out for your best interests (“fiduciary”), and that their compensation method is right for your investment level.
Narrowing It Down
It’s not a bad idea to ask about your advisor’s past performances, in general terms, with their client portfolios. Get familiar with the types of opportunities available within their firm. During this interview process, ask for their financial assistance, and have them propose a general plan that will suite your investment goals.
Once you find the right advisor, you will be glad you were thorough in your search.