It’s common for people to think that wealth management is something only the very wealthy can benefit from, but in reality, financial planners are becoming more beneficial for average middle-class Americans. But why exactly are there so many benefits of hiring financial planners — and what exactly are those benefits, anyway? Here’s a quick look at the top advantages of working with financial advisors today:
- If you’ve previously worked with an advisor who was a little less than trustworthy, you may still be trying to recoup your losses and regain financial stability. Although you may be hesitant to work with other financial planners after a bad experience with one, it’s something that shows your dedication.
- It’s no secret that the domestic and international economies are incredibly unpredictable; stocks can be worth hundreds of dollars per share one day and drop under $1 in less than a week. When you’re working with financial planners, you’ll have people who can stay on top of sudden market changes and alert you to anything that seems troubling.
- Another benefit related to investing is that you’ll have more opportunities to invest your money, and possibly even in markets that you weren’t aware of before. Simply gaining more knowledge about investment opportunities is a major advantage of working with a professional financial planner.
- Got tons of credit card debt? Maybe you’re up to your eyeballs in student loans? The bad news is that a financial advisor can’t make these debt magically disappear, but the good news is that you’ll receive plenty of help with repayment schedules in order to stay on track and pay off your debts within a reasonable time frame.
- Last but not least, retirement! You’d be surprised by the number of people who don’t have anything saved up for retirement (often through no fault of their own). A recent survey found that 41% of Millennials ages 18-29 haven’t even thought about saving up for retirement, so if the words “savings plan” makes you break out in a cold sweat, you definitely aren’t alone. The important thing is to make smart investments when you can so that you don’t end up in a major, long-lasting financial crisis if there’s an emergency.
So now it’s time for you to think about it — what exactly can a financial planner do for you?