When you think of a financial advisor, terms like “investing” or “retirement planning” may come to mind. While those are areas that a financial advisor can help with, there are many other services an advisor can provide. In this article, we’ll talk to Brian Kent, Vice President and Program Manager of Wealth Management at FAIRWINDS, to break down how you could benefit from the help of a financial advisor on your financial freedom journey.
Why connect with a financial advisor?
“A financial advisor is a person employed to provide financial services or guidance to a client. It’s important we don’t make cookie-cutter recommendations with our members. We tailor each meeting, each plan to the unique member that sits before us or meets with us virtually,” explains Brian. “We create plans and assist with goal setting: budgeting, reviewing current investments, helping with 401(k)s, IRAs, and Roth IRAs.”
Additional financial services or guidance can include:
Experience and Knowledge:
Even if you already invest on your own, financial advisors stay up to date on market trends, investment opportunities, and tax regulations, providing you with valuable insights needed to make informed financial decisions.
Goal Setting:
A financial advisor can help you define your financial goals, whether it's buying a home, saving for college, or planning for retirement. They work with you to create a realistic plan to help you reach these goals.
Review Investments:
A financial advisor can assess your current investments and tailor an investment strategy that aligns with your comfort level, implementing a balanced approach to growing your wealth.
Budgeting and Saving:
They help you understand where your money goes and how you can allocate it wisely to help you reach financial goals.
When should I connect with an advisor?
“Now!” says Brian. “It’s never too late to start planning. It’s always a good time to speak to a FAIRWINDS CFS* financial advisor, even if you already have one elsewhere, for a second opinion.” After you meet with a financial advisor, it’s a good idea to set a schedule for when you will meet in the future. Brian says, “Some need to meet quarterly, others annually, others on a needs basis.” Talk with your financial advisor for what schedule works best for you and your goals.
Financial advisors can also help during big events in your life, such as:
Life Transitions:
Major life events, such as marriage, the birth of a child, or a career change, often mean adjustments need to be made to your financial plan. A financial advisor can help you navigate these changes and help you make adjustments as needed.
Inheritance:
If you receive a significant sum of money, a financial advisor can guide you on how to manage and invest these funds for your financial future.
Approaching Retirement:
As you near retirement age, meeting with a financial advisor is crucial. They can help you determine if you're on track to meet your retirement goals, analyze your investment portfolio, and plan for a financially stable retirement.
Before you make an appointment to connect with an advisor, we recommend completing the Money Milestone Assessment first. Once you’ve achieved the first key Money Milestones, it’s important to connect with an advisor to help you continue on throughout your financial freedom journey.
To schedule a complimentary consultation with a FAIRWINDS financial advisor, schedule an appointment online.