Most adults who don’t work with financial planners feel anxious
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Managing your personal finances is easier said than done, especially when you’re trying to achieve multiple financial goals simultaneously, like building an emergency fund while paying off debt. For this reason, it can often be helpful to get a second opinion and seek advice from a financial professional on your next steps.
According to Northwestern Mutual’s 2022 Planning & Progress Study, 58% of respondents who said they did not work with a financial advisor said they felt somewhat or very anxious about their finances. The survey polled Americans ages 18 and older between February 8 and February 17, 2022, and also found that 66% of millennials and Gen Z — along with 54% of all American adults over the age of 18 – felt the same.
With that in mind, Select takes a closer look at the potential benefits of talking to a financial planner and when it’s time to start having those conversations.
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How can a financial planner help you?
Financial planners don’t just help you learn how to manage your budget and save money – they are meant to provide advice on any life event that may impact your finances. This means they are able to help everyone from young families just getting settled to those who need help with tax and estate planning.
Here’s a look at some of the other areas where financial planners can help:
When is a good time to talk to a financial planner?
If you need a fresh perspective on your finances, now might be the time to seek the help of a financial planner. It is also possible to benefit from a one-time consultation, so an ongoing long-term relationship may not be necessary for everyone, depending on your needs.
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Cost
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Standout Features
Shows income, expenses, savings goals, credit score, investments, net worth
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Categorize your expenses
Yes, but users can modify
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Links to accounts
Yes, bank cards and credit cards
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Availablity
Available in the App Store (for iOS) and Google Play (for Android)
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Security functions
Verisign scanning, multi-factor authentication and Touch ID mobile access
Personal capital
On the Personal Capital secure site
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Cost
The app is free, but users have the option to add investment management services for 0.89% of their money (for accounts under $1 million)
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Standout Features
A budgeting app and investing tool that tracks both your spending and your wealth
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Categorize your expenses
Yes, but users can modify
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Links to accounts
Yes, bank cards and credit cards, as well as IRAs, 401(k)s, mortgages and loans
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Availablity
Available in the App Store (for iOS) and Google Play (for Android)
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Security functions
Data encryption, fraud protection and strong user authentication
If a triggering event such as a marriage, death or divorce occurs, it’s usually a good time to talk to a financial planner about how best to manage these changes in your current finances.
Another good time to arrange a call with a financial planner is if you are nearing retirement, as it might be helpful to consult a professional and come up with a plan on how you are going to earn the money you have accumulated while throughout your life. your professional life lasts the rest of your days. It can feel like a weight has been lifted from your shoulders, as you won’t have to figure it all out on your own, and you can rest assured that you’re making the best financially feasible decisions for you and your loved ones. .
A financial planner can also help you better analyze your lifestyle expenses and savings so you can decide on a safe amount of money to withdraw each year. They can also spot gaps in your retirement plan that you may have overlooked, which could help you regain some peace of mind and ease some anxiety.
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Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.
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