Three Things a Financial Advisor Can Do…That You May Have Forgotten Script: (0014)
As you build your net worth, a life event can often cause you to seek the counsel of a financial advisor. Whether it's an illness or disability, a substantial financial need for a parent or child, or a significant life change, it's not uncommon to feel that your financial decisions are becoming more complex. Here are three things a financial advisor can do that you might have overlooked…or taken for granted.
Advisors can help you begin with the end in mind. Imagine flying a plane from Los Angeles when the only objective is to go "east." You will find it a lot easier to get there if you know you want to go to Boston vs Tampa. Advisors can help provide the GPS to reach your preferred destination.
Advisors can remind you of "Known Unknowns." Although your financial status might have solved many problems for you in the past, it can also create a blind spot of exposures that make you vulnerable. The earlier you plan for the known unknowns, the easier it is to navigate.
Advisors can act as your financial quarterback. At some point in your financial life, you may need a team of professionals to work together. A financial advisor typically knows the most about your finances and is well-positioned to act as the point person to help navigate the best path forward with your CPA or Attorney.
These three tips are simple, I know…but often forgotten in a noisy and sometimes complicated financial world.