Coaching Decision

March 16, 2023 |
Article | 3 min
|

Consider working with a financial professional to help improve your financial health

A financial professional can help you not only make key financial decisions, but also identify your priorities and guide you toward achieving your financial goals — including retirement. Here are three reasons why seeking professional advice about your financial future may be a smart move.

Objectivity

Sometimes your emotional biases can make it difficult to look at your own financial situation with clear eyes. A common example: people may know they need to save for retirement, but they often have difficulty sacrificing present consumption because of a lack of self-control. A professional advisor can help provide an outside perspective, objective accountability and recommendations for changes in behavior that may be necessary for you to achieve your goals.

Personalization

Each person has their own unique set of circumstances, and general financial advice (like the kind you get in this newsletter) cannot possibly consider all of your unique variables. A financial advisor can help you recognize when you may need to adjust your spending, balance personal needs versus wants and identify ways to be more mindful about your finances.

Address Specific Questions You Have Now

A professional advisor can help answer questions you have right now, such as:

  • Is the amount I’m currently saving enough to manage my retirement income needs?
  • Should I be making Roth contributions or pre-tax contributions?
  • How can I manage things like inflation, market volatility and other risks in my investment strategy?
  • What can I expect from Social Security benefits?
  • How can I best plan for healthcare expenses in retirement?

Finding a Financial Advisor

Your current plan advisor may be able to work with you or refer you to a colleague. In addition, you can:

  • Ask friends, family or colleagues for recommendations
  • Visit www.cfp.net or https://www.letsmakeaplan.org/ to research Certified Financial Planner® professionals in your area
  • Do a background check on your potential advisor through Investor.gov
  • Create a shortlist of potential candidates and ask each one the following questions:
    • What services do you provide?
    • What types of clients do you work with?
    • How often do you meet with clients? How often will we communicate?
    • How are you compensated? Fees (hourly or a percentage of assets)? Commission? Both?

Heartland Retirement Plan Services are offered through Dubuque Bank and Trust Company. The information provided herein is general in nature and is not intended to be nor should be construed as specific investment, legal or tax advice. The factual information has been obtained from sources believed to be reliable, but is not guaranteed as to accuracy or completeness. Heartland Retirement Plan Services makes no warranties with regard to the information or results obtained by its use and disclaims any liability arising out of your use of, or reliance on, it. Products offered through Heartland Retirement Plan Services are not FDIC insured, are not bank guaranteed and may lose value, unless otherwise noted.