A financial advisor is not just about investments and helping to grow your portfolio. They help you with your bigger financial outlook.
Portfolio Growth – This is an important goal of financial advice and it is all about risk level, asset allocation and a financial comfort zone. One size definitely does not fit all. Generally, older people like the idea of income while younger people with many working years ahead may be more interested in growth. And everyone likes the idea of preservation of capital.
Insurance – This is something you have to at least consider.
- Long Term Care: Some day most of us will probably need SOME sort of care via family members or a special facility. The big question is… if this care is going to cost anything…who is going to pay for this? Options can be Long Term Care insurance or “self pay”.
- Whole Life Insurance vs Term Insurance: This is kind of like owning a house vs renting. There is no right or wrong answers, but there are many options.
- Other insurance: Home, car, disability, personal property, liability. Most of us have these things in varying degrees.
Minimize Taxes – How do we help minimize taxes? No one likes to pay taxes.
Estate Planning – Wills vs Trusts – Who will get what when you die? Very important and taxes are a big factor.
Budgeting – Do you have a budget? Do you have more money going out than coming in?
College Funding – Is that in your future and what are the options for funding college?
Medical Expenses – They can bite of a sizable amount of money. How much help is Medicare?
Real Estate – Owning vs renting vs investing. What might be the best type of mortgage for you?
Bottom line is that a financial advisor should be helping with many aspects of your financial life…not just investing your assets.
*Vitucci & Associates does not offer legal services or advice.