Three Strategies to Make the Most of Your Financial Advisor Ties
In the pursuit of long-term financial success, working with a financial advisor can prove to be a valuable asset. Here's why:
A comprehensive financial plan is essential for a secure financial future. It encompasses cash flow management, budgeting, and tax planning, among other crucial aspects. Collaboration between your advisor and other key professionals can lead to more informed decisions and a more cohesive strategy.
Establishing well-defined goals and timelines is crucial in effective financial planning. Goals should be specific, realistic, and time-bound, and categorized by short-, mid-, and long-term priorities. Regular check-ins with your advisor help keep your strategy aligned with your objectives.
Your advisor is responsible for understanding the purpose behind your portfolio to align with your long-term vision. A holistic view of a client's finances is necessary for effective financial advisory services. This includes addressing both the obvious and frequently overlooked aspects of a client's financial life.
The information provided is not investment, tax, or financial advice; consult a licensed professional for advice concerning your specific situation.
Partnering with a financial advisor involves a collaborative relationship that balances thoughtful strategy with the personal aspects of your financial journey. Involving your advisor in significant decisions ensures that all financial implications are carefully considered. Consistently documenting financial goals can help measure progress and maintain accountability.
Americans who work with a financial advisor have saved twice as much for retirement compared to those who don't: $132,000 versus $62,000 (according to a 2024 Northwestern Mutual report). This underscores the potential benefits of seeking professional guidance in managing your finances.
Building a transparent, trusted relationship with a financial advisor is valuable. Advisors' conversations should be grounded in clients' personal aspirations, not just numbers. Regularly revisiting and adjusting a financial plan is important to keep it aligned with a client's goals and life circumstances.
Crafting a long-term investment plan that reflects risk tolerance is key to long-term financial success. A well-structured plan can help navigate market fluctuations and achieve financial stability.
Sean Gould, a Partner and Senior Wealth Strategist at Waddell & Associates, is one such professional committed to helping clients achieve their financial goals. His expertise and dedication to his clients' success make him a valuable member of the financial advisory community.
Forbes Finance Council is an invitation-only organisation for executives in successful accounting, financial planning, and wealth management firms. Members are typically invited based on their leadership roles and the value they can bring to the Council’s community of experts who share insights and collaborate on Forbes platforms.
Qualifications to join Forbes Finance Council generally include being a senior-level finance executive with significant professional achievements, industry experience, and a proven track record of impacting business growth. While the exact criteria for Forbes Finance Council membership are not publicly detailed, candidates must be established executives or experts in their fields meeting high professional benchmarks.
In conclusion, partnering with a financial advisor can lead to greater potential for long-term financial success. By understanding your goals, managing your finances, and providing guidance through significant decisions, a financial advisor can help you navigate the complexities of your financial journey and secure a prosperous future.
Sean Gould, a member of the Forbes Finance Council, is a senior wealth strategist at Waddell & Associates who can help clients achieve their personal-finance goals by providing expert guidance in business finance and personal-finance matters. Working with a financial advisor like Sean Gould can help manage and optimize your finances effectively, potentially leading to significant savings for retirement.
