You may think financial advice is just for rich people or investors with complicated portfolios and strategies. But the fact is that no matter where you are in your financial journey, you can benefit from the guidance of a financial professional.
Here are three scenarios in which a professional advisor can help ordinary families with their financial challenges and goals.
Mark and Lisa Stevenson are in their early 30s and have been married for four years. They have a toddler, Sara, in daycare and another baby on the way. Mark works in accounting for a local manufacturer. He has great health and retirement benefits that cover the whole family. Lisa runs her own occupational therapy business. She’s built up a steady flow of business by contracting with local retirement homes and making house calls.
Mark and Lisa are just getting started on their financial life together, but they can still benefit from consulting with a financial professional. An experienced advisor can help them with several strategies.
Comprehensive financial planning: The Stevensons can benefit from a customized financial plan based on their current income and savings, their goals, and contingency plans for unexpected life events.
Enhanced financial literacy: As an accountant, Mark understands basic financial concepts, but he’s not familiar with all the tools and strategies available to him. Lisa has even less experience with financial topics. An advisor can help get them up to speed, providing an overview of subjects like asset allocation1, tax deferral, and various investment strategies so they feel comfortable with the plan developed for them.
Retirement savings strategy: Mark is already setting aside money for retirement, but Lisa hasn’t yet begun to explore savings vehicles for self-employed entrepreneurs. A financial advisor can help her establish IRA, SEP-IRA, or Roth IRA accounts. They can also suggest ways to make the most of the couple’s combined retirement savings plans, helping them select investments best suited to their long-term goals.
Education savings for children: Sara has barely started on her ABCs, and her little brother hasn’t even been born yet, but it’s not too soon to start thinking about college. An experienced advisor can help the Stevensons estimate eventual college costs and evaluate savings vehicles such as 529 plans, Roth IRAs, and trusts.
Jane Reilly is 52 and just starting to build a life for herself after the end of her 25-year marriage. Her divorce left her reasonably well off. She owns the family home and receives a generous monthly alimony payment. She’s also been working again since the last of her kids left home for college. The two younger siblings are undergraduates, and her oldest daughter is in her second year of law school. Jane knows she is fortunate to have enough money to pay the bills, but she’d like more income for extras like travel. She is also concerned that she hasn’t put away enough for retirement. A financial professional could help her in a number of ways.
Budget and cash flow planning: Since her divorce, Jane often finds herself running low on funds at the end of her pay periods. A financial advisor could help her create a new, realistic budget based on her income and expenses so she has enough for essentials.
Maximizing income sources: Because she had a long employment gap while raising her children, Jane feels she may have been offered a lower salary than she was worth when she first took her job. A financial advisor can offer guidance on how she can increase her income understanding and optimize income streams including work income and spousal support.
Investment and retirement planning: Jane has a modest 401(k) account she started when she went back to work, and she also has a few thousand dollars in stock she inherited from her father. A financial advisor could show Jane how to incorporate these assets into a comprehensive investment strategy diversified across asset classes in a way best suited to her long-term financial goals.
Risk management for longevity and care needs: Jane worries about what would happen to her if she became seriously ill or disabled, and she doesn’t want to burden her children. Her financial advisor is helping her with solutions to manage costs for extended periods of care and other strategies for paying for care and ensuring financial independence later in life.
Harvey Stuart started by buying one hardware store 20 years ago. Now, he owns a chain of 68 shops across three states, and all of them are financially successful. But at 56, he’s looking for a break from the constant stress and activity of managing his business and wants to start planning his retirement. He’s also had enough of Michigan winters. He’d like to sell his family home and move to Florida, but he’s not sure he wants a complete break from work. He’d like to stay involved in the business at some level, and he’s concerned about his health and retirement benefits, which all come from the company.
A financial advisor can help him prepare for the next phase of his life in many ways.
Retirement lifestyle planning: Is Harvey really going to be happy playing golf for the rest of his life, or can he continue to funnel his passion into the business he’s built while no longer overseeing day-to-day operations? A financial professional can show Harvey how to clarify and prioritize his goals for retirement and make sure he has the financial means to achieve them.
Retirement plan selection: Harvey has plowed nearly all of his company’s profits back into the business, maximizing its value but shortchanging his own retirement savings. A financial professional can help him catch up on retirement planning, choosing from among an array of plans available to small business owners including 401(k) and traditional, Roth, and SEP-IRAs.
Business exit strategy development: A sale of his business would take care of most of Harvey’s retirement income needs, but he wants to make sure his son, now 30, continues to have a role in leading the company. His financial professional can work with him to craft a comprehensive plan for transferring ownership to his son while providing him with the resources to retire comfortably.
Business valuation and asset management: Harvey isn’t even sure how much his closely held business is worth since it’s been years since he’s had it evaluated professionally. His financial advisor calls in a business appraiser to value the company and integrate that value into a comprehensive picture of Harvey’s business and personal assets.
These three examples illustrate how financial advice can make a difference for people at various stages of their lives, but they’re just the beginning. Financial advice can benefit people in almost any situation, from the young college graduate just starting out to an older couple fine tuning their retirement strategy. If you’re wondering how a financial professional could help you with the financial challenges you face, make an appointment with an advisor today to learn more.
1 Asset Allocation does not ensure a profit or protect against a loss, but is intended to help you manage your goals and risk tolerance.
This article is provided for general informational purposes only. Neither New York Life Insurance Company, nor its agents, provides tax, legal, or accounting advice. Please consult your own tax, legal, or accounting professional before making any decisions.
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