A financial advisor has many skills, but overall, it is their job to help you manage your finances. Advisors can help to organize your finances to implement a system of tracking your financial health moving forward, help you determine your financial goals and how to achieve them, build wealth management strategies, and even forecast the expected performance of your investments.
Personal financial planners are impartial third parties genuinely invested in your economic well-being. So, are you a good candidate for a personal financial advisor in Tennessee? Your business or personal finances need the support of a personal financial advisor if
- You need tax guidance
- You need help creating an investment strategy
- You make investments based on emotions rather than data
- Your financial situation is too complex to manage and research on your own.
Because every person and business is different, the individual support that a financial advisor provides will vary based on the client. If you’re still unsure whether to meet with a financial advisor, consider the following five factors.
5 Reasons To Use a Financial Advisor
Working with a financial advisor is the most thoughtful way to build and protect your assets and investments and protect the future financial health of your portfolio. Here are the top five reasons to engage a personal financial advisor in Tennessee.
1. Save Money on Taxes
After a financial planner assesses your risk and investment status, they will look at your taxes. Qualified financial planners can apply their in-depth knowledge of the tax code to maximize credits and rebates to ensure that you avoid taxes from which you are legally exempt. However, these mitigation techniques can be complicated and are best left to tax professionals to avoid illegal tax evasion.
2. Monitor Progress
Financial advisors will keep an eye on your investments after you agree on a portfolio plan. Then, as markets change and allocations need adjustment, your financial planner will be ready to make suggestions that maximize your investments while keeping your financial future secure.
2. Make a Plan to Save and Spend
Nothing is too basic for your financial planner, and that includes budgeting. By planning your spending, you can plan your savings, and that is where a financial planner can boost the contributions to your nest egg. Once you have a robust savings plan, you’ll benefit from the peace of mind that comes with knowing that you are ready for rainy days and unforeseen future expenses.
3. Manage the Mortgage
A financial planner can save you thousands by helping you secure reasonable mortgage rates, assess the most healthy borrowing levels for your individual circumstances, and make the most of your down payment.
4. Enhance Investments
As your assets grow under the eye of a personal financial advisor, you will have opportunities to adjust your initial financial goals. Whether you decide to move your retirement forward or create a trust for future generations, your financial planner will be on hand to guide you in the most prudent direction.
5. Risk Assessment
Though you may think that a personal financial advisor exists just to make you more money, the opposite is true. A personal financial advisor will protect you at every turn from overly risky investments that you cannot afford and from failing to diversify across accounts, individual funds, and asset classes.
The Most Important Reasons to Have a Personal Financial Planner in Tennessee
The health of your financial portfolio is an indicator of the comfort and health of you, your family, and your loved ones’ futures. A financial planner will help you plan appropriately for retirement, protect your family, and give you peace of mind. Outsourcing the complex and emotionally charged work of managing a family’s finances to a financial planner puts everyone in a position to succeed.
When you’re ready to discover what a personal financial planner can do for you, get in touch with Miser Wealth Partners, LLC.