Andrew Sampson, Investment Advisor Representative, Wilde Wealth Management Group, Phoenix
2020 has been a year unlike any other in recent memory. For many Americans, it has placed a renewed emphasis on the importance of smart financial planning and money management. Unfortunately, many are still struggling when it comes to understanding and saving money. That’s where a financial advisor can assist, helping individuals to stay disciplined and on track during a challenging time.
According to Charles Schwab’s latest Financial Literacy Survey, 89% of Americans believe that lack of financial education contributes to social and societal problems such as poverty, joblessness, wealth inequality and race relations
Despite this desire for financial knowledge, a CNBC/Acorns Invest in You Savings Survey released late last year revealed that about 75% of Americans refuse to seek out professional financial advice, preferring instead to manage their own finances.
Andrew shares tips to help ensure a successful relationship with a financial advisor:
- DO YOUR RESEARCH: A financial advisor is a deeply personal choice. You need to find someone with whom you feel comfortable sharing the full details of your financial situation. Finding the right fit requires a bit of research. Your own network of friends and family may be able to recommend someone who is right for you.
- BROKER VS. FINANCIAL PLANNER: A broker tends to handle only your investments while a financial planner will look more holistically at your financial life, including insurance, estate planning, tax planning and investment management.
- PUT YOUR PANDEMIC SAVINGS TO USE: For many, the pandemic has had a silver lining—staying at home has allowed many to save money that would have normally gone to restaurants, shopping and other discretionary purchases. An advisor can help decide how to put that unexpected surplus to use.
- USE DEBT WISELY: Many people hit rough times or simply make mistakes when faced with unexpected expenses. There is no shame in carrying debt, but there is a right way and a wrong way to use credit. A financial advisor can assist with how best to manage debt in a challenging time.
Where can viewers go for more finance tips?
For more information please visit: www.cetera.com
