to accomplish your goals, you may need a skilled professional with the right licenses to help make these plans a reality; this is where a financial advisor comes in. a financial advisor will work with you to get a complete picture of your assets, liabilities, income, and expenses. the financial plan also recaps the goals you and the advisor discussed. keep a close eye on the fees you are paying—both to your advisor and for any funds bought for you.
finally, if you don’t have the time or interest to manage your finances, that’s another good reason to hire a financial advisor. working with a financial advisor means someone else can handle what you don’t have time for and make sure your money is being deployed in the best way. these same financial products may result in the advisor earning a high commission. a fee-based financial advisor is not the same as a fee-only financial advisor. finally, be aware that finding an advisor who is the right fit for your personality is key to developing a successful, long-term relationship.
the goal of having life insurance is to ease the burden on your loved ones after your loss. permanent life insurance is good for its ability to build wealth and as an investment tool during your lifetime using the cash value that accumulates over time. when it comes to investing, williams said you should be maxing out other investment plans such as your 401(k) before using permanent life insurance as an investment tool. if you don’t have access to a qualified plan like an employer-sponsored retirement account, permanent life insurance is a good tool to save for retirement. williams says you should have a reason to buy life insurance, because you’re paying for it. buying life insurance alone without a big picture outlook of your financial plan is not wise because your life insurance needs change as you age. have you developed a short-term and long-term budget and financial plan?
have you spoken to a financial advisor and accountant about the tax implications? do you understand the difference between term life and permanent life insurance and their different products? the goal is to make the best decisions for you based on your financial goals and budget. to maximize the benefits of life insurance, it’s wise to include a financial advisor, accountant, and estates attorney in your decision-making process to ensure you have proper coverage that adapts as your life changes. what you decide to do with your money is up to you. if you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. we operate independently from our advertising sales team.
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