Is It Time to Hire a Financial Advisor? | 5 situations when the answer could be yes

Is It Time to Hire a Financial Advisor? | 5 situations when the answer could be yes

 

 

A financial advisor is a professional who is in charge of guiding an individual or entity towards their financial goals in the most efficient way. At Merriman, we love taking on the burden of financial planning so our clients can get back to spending their time and energy doing the things they love.

 

Thrive Global describes the financial sector as complex and dynamic, with assets and trends changing and interdependent with other factors, and a financial advisor has the skills required to study these processes and trends. However, only 17% of Americans hire a financial advisor, with the rest either managing their own finances or simply winging it. But in a time where debt and living expenses are increasing, having and following a financial plan is more important than ever. If you find yourself in any of the following situations, you should consider hiring a financial advisor:

 

You’re starting a new business

Starting a new business can be a costly endeavor, as it involves expenses and procedures you wouldn’t immediately be aware of, such as filing for a certificate of formation and providing initial reports and paying their respective filing fees. A financial planner can advise you on the best structure to form your business in, taking into account startup costs, annual taxes, and filing fees. LLCs in Washington need to be aware of the taxes they need to pay at the federal, state, and local levels, as well as a sales tax and state employment tax. All of these can become overwhelming to keep track of, especially if you’re a budding business, and a financial planner can help you get it all sorted out.

 

You’re a DIY investor

A simpler investment plan is usually better; however, this isn’t true with financial planning. An overall financial plan should also consider factors such as retirement planning, tax planning, and insurance planning. Market Watch explains that DIY investors would still need a financial advisor in order to be sure that nothing is being missed out. Clients don’t realize that an advisor will do more than just manage their portfolio and help with investment plans. Financial advisors can take charge of a range of money-related management tasks, such as making a comprehensive saving and spending plan and guiding the client towards making sensible financial decisions.

 

You’re starting a family

Raising a child is not cheap: It costs an average of $233,610* to raise a child for the first 17 years of their life. Having a financial advisor can help you review your finances to see if you can actually afford being a parent. An advisor can also help you plan when to start saving for your child’s college expenses, while also keeping your retirement plan on track and leaving space for a growing family. They can help settle any future inheritance as well as ensure that your children will be taken care of.

 

You’re close to retirement age

Though you may have a retirement plan, the financial decisions you make in retirement might be more complex than the decisions you’ve had to make in the years leading up to it. A financial advisor can help you consider what you should do so you don’t end up outliving your money. Even when you’re already in retirement, a financial advisor can help you manage a spending plan. You might even consider an investment plan as well, and an advisor will help you make decisions that won’t sacrifice what you already have.

  

You’re financially illiterate

There is a financial literacy crisis in America, but financial advisors can help solve this problem. Americans would rather talk about anything else, such as religion, politics, even death, rather than personal finances. Aside from the embarrassment, another major factor that makes money talk taboo is that it is considered rude to talk about it with other people. However, talking about money is the first step to being a financially literate person. Advisors let their clients ask anything without judgment, creating a learning environment that empowers people to expand their knowledge about their own financial situation.

 

The circumstances requiring a financial planner aren’t just limited to the points discussed above. Overall, it’s important to plan for your financial future. Read our “Why Do I Need a Financial Plan?” for a deeper understanding of why a financial advisor is the right person to develop a financial plan for you. And to learn more about the value that a financial advisor can provide, check out the “10 Reasons Why Clients Hire Us.” If you would like to start looking for an advisor to help you with your plans, get in touch with us to discuss the necessary steps.

Article written by Ellie Hartwood
Exclusively for Merriman

 

Source: *https://www.usda.gov/media/blog/2017/01/13/cost-raising-child#:~:text=Middle-income, married-couple,Where does the money go?

Disclosure: The material is presented solely for information purposes and has been gathered from sources believed to be reliable, however Merriman cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. Merriman does not provide tax, legal or accounting advice, and nothing contained in these materials should be relied upon as such.

10 Reasons Why Clients Hire Us Recap

10 Reasons Why Clients Hire Us Recap

 

At Merriman Wealth Management, there’s nothing we love more than taking on the burden of financial planning so our clients can get back to spending their time and energy doing the things they love.

Over the past few years, we’ve been asking our clients—to hear it in their own words—about the value they gain from working with us. We’ve compiled the top ten reasons why clients hire us and showcased the responses in a ten-part blog installment. Here is a recap of the ten reasons why clients choose to hire us.

 

Reason #1: We Help You Weigh Your Options

Today, almost everyone has an iPhone in their pocket and a search engine, like Google, at the ready. Google is great for things like looking up baking recipes and movie trivia, but when it comes to personalized financial advice, Google isn’t great. Google won’t be able to formulate a financial strategy for you. At Merriman, we can. Read more…

 

Reason #2: We Cut Through The Noise

Financial planning comes with a myriad of components and sometimes we all need a fresh perspective to help make sense of what looks just like chaos to us.

When people don’t know where to start because there is simply too much to analyze, we call this “analysis paralysis.” Oftentimes, it’s not getting started at all that is the biggest hindrance to financial progress. Read more…

 

Reason #3: We Help You Get Your Time Back

If you could adequately choose investments, decide on a savings plan, and develop a strategy for your family, would you be able to make these hard decisions without ever second guessing yourself? How much research would it take to feel confident you are making the right choice? The amount of research you’d need to do in order to make a single financial decision could eat into the time you spend with your family or traveling the world. Read more…

 

Reason #4: We Provide Validation

In the grand scheme of wealth management and investment policy, you may already have a sense of what you’d like to build and which direction you want to go. There may be certain investments you’d like to make or strategies that match your lifestyle. Even if you are someone who has an innate sense of financial strategy, teaming up with an advisor gives you a certain confidence that you’re on the right track and making the best decisions. Read more…

 

Reason #5: We Increase Confidence

If there is only thing you could do right now to feel more confident in your financial future, sitting down with a professional to develop a financial plan is it. Determining goals, setting priorities, and deciding on a course of action for reaching those goals provides a sense of clarity. There’s also an increased sense of confidence. Read more…

 

Reason #6: We Offload the Tougher Tasks

If you’re not someone who lives and breathes number crunching and financial planning like us, there are probably things you don’t want to spend your time doing. Read more…

 

Reason #7 Why Clients Hire Merriman: We’re Encouraging

In the same way a personal trainer helps you get into shape, a financial advisor encourages and motivates you towards financial health. If you’re looking for a little encouragement, we’re here to help you find just that. Read more…

 

Reason #8: We Hold You Accountable

Staying accountable is a powerful tactic that works well whether you’re trying to eat more vegetables, show up to 52 yoga classes per year, or finish the first draft of your novel. The same applies in financial planning. You’re much more likely to stay on track when you’re regularly checking in with someone. Read more…

 

Reason #9: Family Continuity

Life is about living! At Merriman, we get that. We’re here to help you gain control of your finances and get your money to work for you and your family, while you’re here and even after you’re gone. We find having a plan in place and knowing that everything is under control makes things crystal clear. It’s like preparing for the worst. When there’s a plan in place, there’s less room for stress. There’s more freedom. Read more…

 

Reason #10: Someone Else to Blame

No matter their knowledge, years of expertise, or well-advised insight, there’s no advisor who can single-handedly control market movements. Markets fluctuate. They always will. If, or when, a market is down, it’s easier for you or your partner to blame an advisor than each other. What we’ve heard from our clients is that ability to lay blame on a third-party eases relationship tension that could surface during those stressful times. We find this “safeguard feature” means a lot to our clients. Read more…

 

If you’d like to feel more confident about your financial future, leverage one of our financial advisors as a resource. We’ll get to know you, your goals, and your values, and then devise a plan. To learn more about how we can help, reach out to us. There’s nothing we love more than helping people get back to living their lives fully!

Reason #10 Why Clients Hire Merriman: Someone Else to Blame

Reason #10 Why Clients Hire Merriman: Someone Else to Blame

Our work at Merriman is all about empowering our clients to live their lives fully. Having a financial plan in place and professional investment management provides peace of mind that allows people to focus on what they love to do most.

We conducted a survey to see why our clients chose Merriman and why they’ve continued to work with us throughout the years. We compiled their top ten reasons why—in their own words—and decided to showcase their responses in a ten-part blog series. This is part ten, our final installment. We hope you have enjoyed this series.

Reason #10 Why Clients Hire Merriman: “If something does go wrong, there’s someone I can blame.”

No matter their knowledge, years of expertise, or well-advised insight, there’s no advisor who can single-handedly control market movements. Markets fluctuate. They always will. If, or when, a market is down, it’s easier for you or your partner to blame an advisor than each other. What we’ve heard from our clients is that ability to lay blame on a third-party eases relationship tension that could surface during those stressful times. We find this “safeguard feature” means a lot to our clients. Not everything is predictable, but you can feel safe and confident with us.

Since this is still the start of a new decade, this is a great time to get organized and chart a new way forward. Working alongside an advisor takes the pressure off of having to know what to do first, how to be right about everything, and gives you a back-up opinion you can trust. If anything does go wrong, it’s not your fault. (Feels good, right?)

If you’d like to feel more confident about your financial future, leverage one of our financial advisors as a resource for your family. We’ll get to know you, your goals, and your values. There’s nothing we love more than helping people get back to living their lives fully. Contact us! We’re looking forward to hearing from you!

Check out the previous installment in the series.

Reason #9 Why Clients Hire Merriman: Family Continuity

Reason #9 Why Clients Hire Merriman: Family Continuity

Our work at Merriman is all about empowering our clients to live their lives fully. Having a financial plan in place for even the most unpredictable aspects of life provides peace of mind, allowing people to focus on what they love to do most.

We conducted a survey to see why our clients chose Merriman and why they’ve continued to work with us throughout the years. We compiled their top ten reasons why—in their own words—and decided to showcase their responses in a ten-part blog series. This is part nine, out of ten.

Reason #9: “I know my family will be taken care of even after I’m gone.”

Life is about living! At Merriman, we get that. We’re here to help you gain control of your finances and get your money to work for you and your family, while you’re here and even after you’re gone. We find having a plan in place and knowing that everything is under control makes things crystal clear. It’s like preparing for the worst. When there’s a plan in place, there’s less room for stress. There’s more freedom.

Are you confident that your other family members will be taken care of even after you’re gone? An advisor who understands your values, wishes, and financial standing will often be an asset to other members of your family or business partners. Your personal advisor can provide family continuity. Plus, an advisor will help you think about how you want to prepare for the unpleasant aspects of life, like death or the idea of dementia, and work to provide a continuation of whatever plan you put into motion.

We’ve each got our own passion about living. Our Chief Operations Officer and Chief Investment Officer Kristi de Grys proudly owns a flag that flew in one of the space shuttles. Paresh Kamdar, one of our Wealth Advisors who loves to travel, could eat Vietnamese soup, ramen, and tacos for the rest of his life. Michael Van Sant, another one of our Certified Financial Planners, took his family abroad last year for the first time and has slowly been getting back into music, thanks to the inspiration and encouragement from his thirteen-year-old daughter. We’re all about being here and being present for the lives we’re living. Once you join our Merriman family, we take care of the financial aspects and you take care of the rest: you can get back to living.

If you’d like to feel more in control about your finance future, contact us! We’ll get to know you, your goals, and your future plans, so you can start focus on living life fully. We’re looking forward to hearing from you and having you join our family!

Check out the previous installment in the series.

Reason #8 Why Clients Hire Merriman: We Hold You Accountable

Reason #8 Why Clients Hire Merriman: We Hold You Accountable

Our work at Merriman is all about empowering our clients to live their lives fully. Having a financial plan in place and professional investment management provides peace of mind that allows people to focus on what they love to do most.

We conducted a survey to see why our clients chose Merriman and why they’ve continued to work with us throughout the years. We compiled their top ten reasons—in their own words—and decided to showcase their responses in a ten-part blog series. This is part eight, out of ten.

Reason #8: “I’m grateful you guys hold me accountable. Otherwise, I probably wouldn’t do it.”

Staying accountable is a powerful tactic that works well whether you’re trying to eat more vegetables, show up to 52 yoga classes per year, or finish the first draft of your novel. The same applies in financial planning. You’re much more likely to stay on track when you’re regularly checking in with someone. That’s where we come in.

An advisor will help you take decisive action and hold you accountable to your plan, keeping you on track to achieve everything that’s important to you. Think of your financial path forward as something that’s all yours. We make a plan to mirror the life you’re hoping to live. This is about what you want and what you’re striving for. Then, we hold you to it.

If you’d like to feel more confident about your financial future, take the first step: contact us. We’ll get to know you, your goals, and your values, so you can start living life fully. We’re looking forward to hearing from you!

Check out the previous installment in the series.

Reason #7 Why Clients Hire Merriman: We’re Encouraging

Reason #7 Why Clients Hire Merriman: We’re Encouraging

Our work at Merriman is all about empowering our clients to live their lives fully. Having a financial plan in place and professional investment management provides peace of mind that allows people to focus on what they love to do most.

We conducted a survey to see why our clients chose Merriman and why they’ve continued to work with us throughout the years. We compiled their top ten reasons why—in their own words—and decided to showcase their responses in a ten-part blog series. This is part seven, out of ten.

Reason #7: Merriman gives me encouragement when I need it most.”

Working out. Eating right. Making a financial plan. If any of us are going to transform healthy habits into a lifestyle, we all need support and encouragement along the way.

Last year, Aimee Butler, one of our Merriman Wealth Advisors who is also a certified Financial Planner, had a new year’s resolutions to focus on growing her yoga practice from attending 100 yoga classes per year to 150. You can read her whole story here: “Why Downward Dog is Greater Than Wine.

Whether it’s getting to a yoga class three times a week or scheduling a time to review your financial plan, Aimee found that it’s easiest to transform a small goal into a lifestyle when you find an accountability partner who keeps you on track and motivated. In the same way a personal trainer helps you get into shape, a financial advisor encourages and motivates you towards financial health. If you’re looking for a little encouragement, we’re here to help you find just that.

This year may be about spending more time with your family and less time in front of a screen. Or, it might be about booking that dream vacation or volunteering for a cause you care a lot about. If sitting down with a financial advisor is on your list, call us. We love being encouraging financial guides so you can get back to living your life to its fullest.

To learn more about how we can help you unlock financial freedom or to schedule a discovery meeting, contact us via our website or call 206-285-8877.

Check out the previous installment in the series.