Not everyone has the inclination or time to learn about personal finance, and thankfully, mastery isn’t always necessary. Just like a homeowner can call an electrician without understanding home wiring, they can consult a Financial Advisor in Marysville CA to get their finances in order. Below are a few situations in which it makes sense to consult a financial planner.
A Look at the Big Picture
The most important task a financial advisor can help a client with is to develop a comprehensive picture of their finances. As an advisor would explain, personal finance is a collection of concerns: investments, savings, estate planning, retirement planning, tax prep and more. For financial success, a client needs a plan that addresses all of these issues in a responsible, intelligent manner.
Setting Savings Goals
A good advisor will tell clients that savings should form the basis of a financial plan. When a person has savings, they have options-;they can start a business, put a child through college or take a dream vacation. However, advisors also know that saving for a particular reason is more motivational than simply putting money aside. Therefore, they will help clients develop both long- and short-term savings goals.
Building a Portfolio
Most experts say that 90% of investment returns are a function of asset allocation, or how much of the client’s money is in mutual funds, bonds and stocks. Unfortunately, there’s so much misinformation out there that many people don’t know how to set up their own asset allocations. A Financial Advisor in Marysville CA can help clients set up portfolios and automatic bank transfers, so money is invested at regular intervals.
Estate Planning
Despite common assumptions, estate planning involves more than the client’s home. An “estate” is the sum of a person’s assets: their legal rights, property interests, investments, businesses, insurance policies and the like. Without a plan in place, a person’s heirs are left to deal with the lengthy probate process. A financial planner can provide estate planning advice, regardless of the size of the estate. Clients can learn more about Ryan Wealth Management by calling or visiting the website.
