Do I Need a Financial Advisor?
- Larry Alderson, CFP®, CTFA®
Everyone’s financial situation is unique. While many people receive financial advice from a trusted friend, family member or online resource, it won’t compare to the kind of customized, expert guidance a professional financial advisor can provide.
If you think financial advisors are just for the super wealthy, think again. Financial advisors like the ones at C&N can help you make smart money decisions—whether you’re saving for retirement, experiencing a major life change or starting a business. Read on to learn more about how you might benefit from working with a financial advisor.
Four Reasons You Should Hire a Financial Advisor
1. You’re Approaching a Major Life Change
A major life event is a great reason to hire a financial advisor. Financial advisors can help you navigate key milestones, like graduating from college, getting married, buying a house, starting a family, death of a loved one, and approaching retirement - all of which can result in significant financial changes.
If you’re getting married and thinking about having children, you may need help joining bank accounts with your spouse, purchasing life insurance or managing the added expense of raising a child. If you’re getting ready to retire, a financial planner can help you formulate a strategy for budgeting and withdrawing from your retirement accounts. Regardless of your stage of life, having a plan provides direction and comfort.
2. You Have a High Income or Net Worth
If you are a high earner or have a high net worth, you may benefit from the expertise of a financial planner or advisor. A financial planner may save you time and money by recommending an individualized investment plan, tax-savings strategy or estate plan. Asset management can be complicated, especially if your investments are diversified. Professional guidance will allow you maximize your financial growth without having to strategize and monitor your portfolio all on your own. C&N Wealth Management uses a variety of solutions, many of which provide constant monitoring within a specified strategy to keep you disciplined and on track toward your goals.
If you have a high income or net worth but don’t take steps to protect that position, you run the risk of watching your good fortune slip away. A good financial advisor will discuss more than investment portfolios. He or she will discuss options for protection against life’s uncertainties, as well.
3. You Work for Yourself
Self-employment can be incredibly rewarding but comes with a unique set of financial considerations. A financial advisor can help you choose the right retirement account, manage your employees’ salaries and navigate your variable monthly income. The help of a financial advisor can be vital if you’re self-employed, allowing you to focus on managing your business rather than managing your finances.
Also, a financial advisor should raise your awareness to risks you may not have considered. What happens to your business if you die or become disabled? How would those unfortunate realities affect your business associates, your employees, your family, or the operation of your business? This discussion is more than a gimmick to sell insurance. A professional financial advisor will help quantify these risks, think through myriad solutions, and work with your other advisors as warranted to implement an appropriate plan.
4. You Have Unique Financial Needs
It may be wise to enlist the help of a financial advisor if you find yourself in a complicated financial situation, or if your circumstances have suddenly changed. For example, if you have multiple loans, you may consider meeting with a financial advisor who specializes in repayment options. If you are recently divorced or widowed, you may seek the help of a financial advisor who can help you manage your money as a newly single person, especially if there are children involved.
Find a Financial Advisor in Pennsylvania or New York
Interested in learning more about the benefits of a financial advisor or financial planner? Contact C&N today or visit one of our branches in Pennsylvania or New York to find out more about how our experts can help.
Disclosure: This information is for general educational purposes only and doesn’t constitute legal, tax, investment or accounting advice. Please consult with your accountant or lawyer before making any transactions.
Larry is a local industry veteran with extensive knowledge and expertise in all facets of financial planning. With over 20 years in the financial services industry, he has been with C&N since 1999 and is currently a Regional Wealth Management Executive, a role in which his personal goal of helping people is fulfilled day in, day out. He believes that “superior service” means getting to know our clients, understanding what is truly important to them, and helping them put a plan together to accomplish those very personal desires.
Larry is an Honors Graduate of Cannon Financial Institute, Trust Schools 1, 2, & 3. He has also completed the College for Financial Planning Professional Education and the American Bankers Association Private Wealth Management School. In addition to holding the designation of both Certified Trust and Financial Advisor (CTFA) and Certified Financial Planner practitioner (CFP), he also holds Security Licenses Series 7 – General Securities Representative and Series 63 – Uniform Securities Agent, as well as Life, Accident, Health and Property Casualty Insurance Licenses. Larry served as a member of the Pennsylvania Bankers Association Advisory Committee on Financial Planning from 2002 through 2004.
Larry is known to be an exceptionally active member of his community. He was appointed and/or elected to Pike Township Board of Supervisors from 1992 through 2011. He is also an active member and Sunday School teacher of the Rome Presbyterian Church, Past President of Athens Rotary, a member of LeRay Lodge #471 F. & A.M., a member of the Financial Planning Association, and has been a member of the Finance and Investment Committee for the Community Foundation for the Twin Tiers since its inception in 2002.