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Why Now Is the Time To Hire a Financial Advisor

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Yahoo Finance | February 8, 2021

Whether you’re planning for a life milestone, like purchasing home or retiring, looking to be more strategic about your investments or are just in need of a financial checkup, a financial advisor can be an invaluable resource for you. However, many Americans are hesitant to hire one.

“When it comes to financial wellbeing, a skilled financial advisor brings experience and knowledge that most of us don’t have. But according to an eMoney survey, 63% of U.S. adults have never consulted with one,” said Matt Rogers, CFP, manager of financial planning at eMoney Advisor. “Additionally, more than half of Americans avoid talking about money altogether. Although some people may feel that their financial situation doesn’t require an advisor, working with a planning-led financial advisor can help encourage greater fiscal responsibility and improve money habits.”

If you’ve been toying with the idea of hiring a financial advisor, you might be looking for a sign that now is the time to actually do it. Here are a few reasons why you might consider hiring one right now.

You Don’t Have the Time To Devote To Financial Planning

“Time is a valuable and limited resource that you can’t borrow or purchase more of,” said Philip “Rusty” Ross, CPA, senior wealth advisor at Exencial Wealth Advisors. “An advisor can reduce the amount of time a person would spend researching and developing their own plan. This is crucial for highly successful entrepreneurs, executives and professionals with limited time to focus on their personal planning that they may want to allocate to their family, business or recreational endeavors. Advisors allow people to focus on the areas and expertise that drive or have driven their success, and alleviate much of their planning concerns.”

You Want To Feel Peace of Mind When It Comes To Your Finances

If thinking about your financial situation makes you anxious, hiring a professional to take the reins can alleviate that.

“Consulting a financial advisor will give you the confidence that you are making sound financial decisions and will likely lead to better outcomes,” said Mark Schoenbeck, CFP, executive vice president of advisor engagement at Kestra Financial. “Think of it this way: You could learn to change the oil in your car yourself, but do you have the time and ability to learn to do it well? Will the outcome be as good or as efficient as if an experienced mechanic did it? You enlist the help of professionals every day for work that is far less important than your long-term financial security. For the most important work in our lives, we should seek expert advice.”

You’re Facing a Transitional Period in Your Life

“Professional financial advice can help navigate life’s transitional moments, like getting married, buying a house, paying for your children’s education, or successfully navigating a leap from your working years to your post-working years,” said Mark Triplett, CEO and founder of Triplett-Westendorf Financial Group in Ankeny, Iowa. “A financial advisor can be a client’s financial first responder. If their house is burning down, they would call 911. If they are making a major financial decision, an advisor can help by stress-testing the situation before they commit to taking action, and provide guidance on how it could impact their long-term financial plan.”

Triplett especially recommends hiring an advisor if you are planning to retire soon.

“Although financial advisors come with a cost, they can assist with the complex aspects of retirement income planning, like tax planning and Social Security optimization strategies aimed at maximizing your retirement income, and may end up saving you money in the long run,” he said.

Mario Hernandez, principal and director of operations at Gemmer Asset Management, also recommends seeking out a financial advisor if you are getting married, having a child, are recently retired or have lost a spouse.

Times Are Particularly Volatile Right Now

“Investors need to ensure they are prepared to manage the unexpected,” said Rob Cavallaro, chief investment officer at RobustWealth. “A good financial plan allows individuals to endure events like COVID-19 that produce market volatility without having to make hasty, uninformed decisions to adjust their financial needs and goals. Having a financial professional in your corner who leverages digital advice solutions can be advantageous to investors when challenging conditions emerge.”

About author: Gabrielle Olya

Gabrielle joined GOBankingRates in 2017 and brings with her a decade of experience in the journalism industry. Before joining the team, she was a staff writer-reporter for People Magazine and People.com. Her work has also appeared on E! Online, Us Weekly, Patch, Sweety High and Discover Los Angeles, and she has been featured on “Good Morning America” as a celebrity news expert. 

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The Triplett-Westendorf Financial Group Difference

Commitment & Discipline

When you work with us...

we help you structure a retirement income plan that reduces stress and anxiety so you can enjoy life in retirement. Through your commitment and discipline and the Triplett-Westendorf Financial process, we’ll help you identify any weak areas, define priorities, and build a stronger, clearer, more precise plan to achieve financial success.

We introduce you to financial strategies...

that you need but may not have heard of from other firms. Then we show you how to use those strategies to effectively maximize your retirement savings because you deserve the clarity, transparency, and comfort of owning a guaranteed retirement income that lasts as long as you do.

Income You
Can Count On

Ways You Benefit

Get your arms around your financial life...

once and for all when you work with us. After we take an inventory of your resources and goals, you’ll have clearer picture of where you are, which is essential to achieving the retirement you’ve worked so hard for. Along the way, we’ll answer your questions, educate and empower you to take charge of your financial affairs. Together, we’ll take the worry out of your money.

We Always Place You, the Client, First.

Organization

With us, you’ll get your arms around your financial life. We’ll do this together by taking a detailed inventory of your resources and goals.

Partnership

Our team gets to know you, and you get to know us. We work together every step of the way to make sure that your future is financially sound.

Objectivity

Hope is not a strategy. We work to clearly understand your goals and craft a plan that focuses on realistically meeting those goals.

Education

We find that informed clients are successful clients. You get answers to your questions and an education that will empower you to take control.

Proactivity

We are always looking forward to find and implement new strategies for you. We feel the best results are when we are ahead of changes, not reacting to them.

Accountability

We give you the clarity and transparency you deserve. We build your plan with your goals in mind and keep you involved and informed at every step.

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You Should Know How
Triplett-Westendorf Financial Group Is Compensated

Folks seeking financial planning and investment advice from a fee-based client-first fiduciary advisor may choose to engage with Triplett Wealth Management*, a division of the Triplett-Westendorf Financial Group. These folks would pay an annual fee deducted quarterly from their accounts, and in return receive conflict-free investment advice about their securities investments like equities (stocks for example), and fixed income (bonds for example), and any other securities-related investments.

Folks who are a good fit for this engagement are those who might feel good knowing that their advisor receives no commission or financial incentive to recommend one investment over another and that our firm does well financially when they do well.

Folks seeking this type of relationship pay a fee based on the assets managed within their plan. The fee covers the fiduciary management of market-based investments within their portfolio, as well as the ongoing maintenance of their personalized PT5 Written Retirement Income Plan designed to guide them to and through their very own vision of a successful retirement.

PT 5 Retirement Income Plan Screening – $2,400 – One Time Initial Planning Fee

  • Initial Comprehensive Plan Design – Steeped in our 6 cores values
  • Listen to, and take a record of, the vision you have for your future Establish written goals & organize your retirement resources
  • Evaluate social security & pension claiming options
  • Produce a comprehensive analysis of your current path projected forward
  • Included: Customized Social Security Analysis, Comprehensive Investment Analysis, Personalized Retirement Income Plan Examination.

PT 5 Retirement Income Plan Screening – $2,400 – One Time Initial Planning Fee

Includes Investment Supervisory Services & Ongoing Financial Planning & Advice – We Become Your Financial First Responder

  • $100,000 – $499,999 = 1.5%
  • $500,000 – $999,999 = 1.25%
  • $1,000,000+ = 1.0%

*Royal Fund Management doing business as Triplett Wealth Management

We believe every financial product is a tool. Each tool was designed to perform a specific job. Some tools are better quality or perform their intended job better than others. Freedom to choose the appropriate tool based on quality and effectiveness at getting the job done is important to our team. Sometimes insurance products like life insurance, fixed annuities, or long-term care insurance may be the right tool for the job. However, they are not all created equal, and specific manufacturers of these contracts are better at certain things than others.

When we have determined that it is in our clients’ interest to use an insurance contract issued by an insurance company to transfer specific risks away from them and their family, to an insurance company specifically specializing in handling such risk, those companies who we do business with pay our representatives a commission. Our insurance licensed representatives are completely independent, and therefore capable of representing a broad spectrum of companies. That means that they are free to choose the tool that they believe will provide the most economic value to our clients, from a quality manufacture, based on a specific job that needs to be accomplished.