Things All Financial Advisors Should Keep In Mind

Money management can seem pretty straightforward — customers set goals, and financial advisors help them meet those goals. But things aren’t always so simple. Emotions, family situations and the client’s financial standing can pose challenges for financial advisors if they’re not prepared. “Every individual is unique, and makes decisions about investing and wealth management influenced by their emotional makeup,” says wealth management adviser Chris White. “Financial advisors need to understand the emotional factors that drive their clients’ behavior, and their attitudes about risk-taking and money management. If they do, they will be better able to fashion wealth management plans that are suited to an individual client’s personality, temperament and risk-tolerance.” Here are some things to keep in mind. Plan for a Solo Life, as Well as Marriage Married couples who start financial planning generally don’t give any consideration to the chance of divorce, even as a remote contingency, says registered …

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It Pays to Educate Yourself About Retirement Savings

It Pays to Educate Yourself About Retirement Savings

When it comes to saving for retirement, you are your own best guide and advocate. Only you know what you want your retirement to look like, so you have to take responsibility for saving the money you need to make it happen just as you envision. A University of Michigan study found the average 401(k) account has one trade every four years, which researchers dubbed “inattentive” management. “The difference between a well-invested account and one that’s not can be substantial, as much as 2% or more per year according to some studies,” says Celia Rafalko, a financial planner and CEO of Piedmont Independent Fiduciaries. If you want to accumulate enough money by the time you’re ready to quit working, you need to educate yourself about retirement savings and avoid falling into a pattern of inattentive management. Consider tapping these sources of information. Your HR Department Your company’s human resources team …

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