As you build your net worth, a life event can often cause you to seek the counsel of a financial advisor. Whether it's an illness or disability, a substantial financial need for a parent or child, or a significant life change, it's not uncommon to feel that your financial decisions are becoming more complex. Here are three things a financial advisor can do that you might have overlooked…or taken for granted.
- Advisors can help you begin with the end in mind. Imagine flying a plane from Los Angeles when the only objective is to go "east." You will find it a lot easier to get there if you know you want to go to Boston vs Tampa. Advisors can help provide the GPS to reach your preferred destination.
- Advisors can remind you of "Known Unknowns." Although your financial status might have solved many problems for you in the past, it can also create a blind spot of exposures that make you vulnerable. The earlier you plan for the known unknowns, the easier it is to navigate.
- Advisors can act as your financial quarterback. At some point in your financial life, you may need a team of professionals to work together. A financial advisor typically knows the most about your finances and is well-positioned to act as the point person to help navigate the best path forward with your CPA or Attorney.
These three tips are simple, I know…but often forgotten in a noisy and sometimes complicated financial world.