Depending on your personal or business financial situation and long-term goals, working with a financial advisor is not always necessary. However, certain milestones throughout your life will warrant talking to a financial advisor.
Many people fail to see the value of talking to a financial advisor and may even misunderstand what they do. In fact, most assume that financial advising only deals with investing. While this is a large segment of their role, a good quality advisor will also learn and understand your financial goals, examine the state of your finances, and help you create and implement strategies to help accomplish both short- and long-term goals.
Below are several situations in which it would be wise to speak to an advisor.
Your First Job
Getting your first job is one of the first big milestones that you’ll face financially, no matter how much you are earning. In this scenario, talking to a financial advisor can help you determine how to start saving for retirement (or saving in general) and maximizing your employee benefits.
Working with a financial planner when getting your first job is likely a one-off event and you might not need to engage with one for another few years. However, it is smart to have an initial consultation to kickstart your financial roadmap.
Change in Marital Status
If you are getting married or divorced, that is also a good time to speak with a financial advisor. An unbiased third party can help prevent people from making emotional decisions whether entering or leaving a marriage. This could involve combining or separating assets, income decisions, tax changes, retirement savings, etc.
Owning a Business
If you are a business owner or are considering becoming one, talking to a financial advisor can be a huge help in mapping out finances, investment accounts, retirement, and more. Owning a business can also provide many opportunities for different (sometimes better) benefits that an individual may not have access to.
The more you grow as a business, the more complicated financial planning becomes, not to mention different tax laws based on what type of business entity you run. A financial advisor can help you stay on track to reach your business goals in all areas and are investing wisely.
Planning for Retirement
Ultimately, you shouldn’t wait to plan for retirement until the last second. Retirement planning should be on the to-do list as soon as you feel you have the stability to do so. You can even set aside little by little — the sooner you start, the better. Financial advisors are typically very versed in retirement planning and will help you understand different investment strategies, identify what details you might not be considering, and so on.
Need Help? Ask Us!
Republic Bank offers an investment services program through Ameriprise Financial Institutions Group, a channel of Ameriprise Financial Services, LLC. Through on-site financial planning and investment solutions, Republic’s partnership with Ameriprise Financial can help you reach your financial goals.
Through an ongoing, collaborative relationship with a financial advisor, plus secure anytime access to your accounts online, you can track your progress toward your goals and receive timely advice when you need it. Whether you’re looking for a business or personal services, we’ve got your back at Republic Bank. Reach out to us at 800-526-9127 or visit our website to learn more!
We have a partnership with Ameriprise Financial Services to provide financial planning services and solutions to our clients. We are not an investment client of Ameriprise, but we have a revenue sharing relationship with them that creates a conflict of interest. Details on how we work together can be found on ameriprise.com/sec-disclosure.
Investment products are not insured by the FDIC, NCUA, or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.
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Ameriprise Financial, Inc. and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation.
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