You always hear people referring to those with a knack for gardening as having a ‘green thumb.’ You don’t however hear anyone making a similar statement about those people who have an uncanny ability to grow wealth. But you might reconsider when you find a professional financial advisor who can help multiply your savings substantially.
A Wealth Of Knowledge Required
Growing wealth to provide a substantial and comfortable retirement requires a breadth and depth of knowledge and understanding of a variety of factors. In gardening you have to know when and where to plant. You have to know the kind of soil different plants require in order that they will flourish. You need to know whether the plants you want to grow require sun, shade, or a combination. In addition, you must know the water requirements of each type of plant. If you are not aware of all of these factors you will probably end up with lackluster results.
Likewise, when it comes to investing, a financial advisor/wealth counselor must know how to adjust to a variety of factors. For instance, the politics of the day tend to affect the market. So, knowing where to put money for the best return in the long run, despite the ups and downs of the market, is integral.
Before you hand over the management of your assets and/or savings to just any financial advisor/planner, do your due diligence. Dig into their background. Talk to long-term clients to find out how they have fared with the advisor you are considering.
One place to start is to look for a financial adviser who is a Chartered Financial Consultant (Ch FC) or Certified Financial Planner (CFP). They're licensed and regulated, plus they take mandatory classes on different aspects of financial planning. When interviewing financial planners, read the code of ethics they adhere to. Look for the word "fiduciary" and language that requires planners to look after your best interests.
What You’re Not Looking For
Be very clear that you are not looking for a stockbroker. People are often fooled into thinking that stockbrokers are financial planners. Nothing could be further from the truth. Brokers are simply people who trade stocks. They are commissioned sales people and are typically not fiduciary advisors. Financial planners also differ from accountants. While accountants can help you lower your tax bill, they are not trained to plan and grow wealth. Another caution is to beware of confusing an insurance agent for a financial planner. Most insurance agents are trained in selling various insurance products and may not be a fiduciary advisor.
A Green Thumb Indicates The Ability To Grow Something Successfully
Financial planners advise clients on how best to save, invest, and grow their money. They can help you tackle a specific financial goal—such as readying yourself to buy a house—or give you a macro view of your money and the interplay of your various assets. Some specialize in retirement or estate planning, while some others consult on a range of financial matters.
The fiduciary advisors at Retirement Resources operate on the following four core values: Always do the right thing; Make a difference; Truly care about people; and, Surround ourselves with successful people. We’ve been successfully growing wealth for our clients since 1982. If you would like to schedule a review with one of our advisors, call our office today.
This content is provided for informational and educational purposes only. The information, analysis and opinions expressed herein reflect our judgment as of the date of writing and are subject to change at any time without notice. They are not intended to constitute legal, tax, securities or investment advice or a recommended course of action in any given situation. All investments carry a certain risk and there is no assurance that an investment will provide positive performance over any period of time. Information obtained from third party resources is believed to be reliable but not guaranteed. Past performance is not indicative of future results.