4 Ways to Best Utilize Your Financial Advisor

What is the value of a financial advisor? The personal touch. Here are four stories of how flesh-and-blood advisors you meet in person (that’s opposed to a robo advisor, where your contact is digital or over a phone line) benefited their clients. These good advisors helped clients to overcome emotionally based decisions, stop them from making mistakes, figure out whether to make a big purchase and decipher arcane retirement plans. We’ll have separate articles throughout the summer describing in greater detail how they helped their clients. Planning is so very vital for your future. According to a study by insurer Northwestern Mutual, a large majority (72%) of U.S. adults believes that the economy will suffer future crises. But two-thirds of them don’t have a financial plan. Plans are not static. Once you have a plan in hand, ongoing contact with your advisor is vital to make the plan work. In …

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10 Tips for Small Business Owners

Small businesses owners should conduct an annual assessment of their personal finances. Owners of small businesses have much the same concerns as everyone else, except they are personally responsible for the fortunes of their enterprise. In a sense, a small business is like a family. And these are important families in American economic life. After all, small business is vital to the U.S. economy, employing half of private-sector workers and creating two-thirds of net new jobs, according to federal data. Here are 10 tips to follow in weighing a small business owner’s financial plan: 1. Budget/Saving. The general financial planning rule is that you should save AT LEAST 10% of your income on an annual basis. You should also review short-term and long-term goals to ensure you are saving enough to meet your objectives. 2. Maximize Contributions to Retirement Plans. Depending on the size of the company and number of …

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You Can’t Help Employees Achieve Wellness Without Talking About Money

A basic truth that wellness committees can embrace: People evaluate their well-being in financial terms before they do so in health terms. If they feel pain in the pocketbook, then the seemingly priceless details in your conventional wellness communication might be worthless to them. Money issues are dominating your employees’ brainwaves, so including simple financial perspective into wellness communication should be a no-brainer. Unfortunately, timely financial tips and messages about preventing financial stress are left out of most messages employees receive. Throughout your organization, workers feel worried about their bank accounts, credit card statements, and retirement plans. Many of them lack basic knowledge about savings, spending, debt, and investments. “A basic truth about finances is that everyone has concern, not just people who are struggling,” says Bill Russo, a certified financial planner and the principal of Concord Financial Planners in Solon, Ohio. “Those issues can begin to take on a …

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Focusing on Employees’ Personal Financial Well-Being Pays Off

Personal finances can have a huge impact on your employees’ overall well-being. When you care about your employees and your organization, it’s a no-brainer — you make sure you’re including financial well-being in all workplace well-being efforts. According to PwC’s 2017 Employee Financial Wellness Survey, financial stress is costing companies. 53% of all employees are stressed about their finances. Nearly 1/3 of all employees are distracted by personal financial issues while at work. Almost 1/2 of them spend 3 hours or more each week handling personal finances at work. Those who are stressed about finances miss work on account of their personal financial issues and often cite health issues caused by financial stress. “These findings are concerning and potentially significant for companies looking to evaluate the return on investment of a financial wellness program,” wrote Kent E. Allison, a PwC Partner and National Practice Leader. But, let’s be honest, there is more at …

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