The 3 Primary Benefits Of Retirement Planning With A Financial Advisor
The current reality is that simply contributing a portion of your monthly income to a 401k is not going to provide sufficient funds for your retirement needs. Your retirement plan is going to require additional investments and other ways to ensure that you will be able to retire at your desired age while avoiding the shortfall that so many retirees experience.
A financial advisor can be provide immense value to your investment portfolio to ensure your financial future. After all, financial planning is all about your future and retirement is therefore a key aspect of your financial plan.
3 Primary benefits of planning your retirement with a financial advisor include:
1. Expertise And Experience
A financial advisor has the education, expertise and experience that most of us lack when it comes to financial matters in general – never mind the complicated nature of financial and retirement planning. Finance is a full-time career that gives them access to skills and expertise through years of experience and working with and around other experts in their field.
There simply is no value that can be placed on the solid reputation of a financial advisor. You wouldn’t leave your physical health in the hands of someone who is not a qualified physician – neither should you leave your financial health and future up to someone who does not have the expertise and experience to help you achieve your goals for retirement.
It is therefore advisable to choose a financial advisor who is experienced and that comes highly recommended. A referral should always be backed up with recommendations from colleagues and peers to ensure that your financial advisor has the expertise to provide you with top financial advice. And living in North Carolina gives you many options to choose from, as financial services is one of the fastest growing sectors in North Carolina with the State being the third largest center for finance in the US. You only have to consider doing a search for say ‘financial advisor Cornelius‘ and you will find a plethora of quality financial and retirement planning advisors located in and around the Lake Norman area.
2. Defining Retirement Goals
One of the primary reasons that retirement plans often fail to provide sufficiently is the lack of goals. A financial advisor will help you define the specific goals that you have for your retirement in order to design an investment portfolio and financial plan that is best suited to achieve these goals.
Of course the primary goal of any retirement plan is to meet your basic needs. Additional goals may be a vacation home, travelling the world or a coveted spot in a retirement resort or village. These additional goals are going to cost you extra during retirement and therefore need to be factored into your plans.
It is also important to be realistic about these goals. A financial provider will give you an objective view of what goals are realistically achievable by the time you reach your desired retirement age and which goals are not. Prioritizing your future needs relative to what you want to do when you retire should be the focus of your retirement plan.
3. The Personal Touch
Like so many aspects of life, investment and financial planning apps and tech have been designed so that you can take care of planning for your retirement on your own and with ease and simplicity. However, just because you can, does not mean that you should. There are a number of disadvantages to using this type of digital technology.
Firstly, it lacks the personal touch that a financial advisor gives you. You simply cannot trust technology in the same way that you can a personal financial advisor. An app also simply cannot take into account who you are, your future goals and needs during retirement.
To top that off, it is easy to stray from your retirement plan when you are going it alone with just an app as your backup. Your financial advisor is not just their to provide you with the best financial advice but will also provide you with the support that you need to see you plan through to the end so that you reach your retirement goals.
Most importantly, there is no guarantee of success with online investing and retirement planning apps.
Always keep in mind that a financial advisor is there to offer you the best advice for your retirement plan. Whether you choose to follow that advice is however entirely up to you. You have the say in exactly how much input you have in designing and managing your retirement plan or if you would like to leave the entire process in the trusted hands of your expert financial advisor.