8 Questions a Financial Representative Can Help You Answer

Navigating your finances is a full-time job that requires strict attention to detail. But do you really have the time, energy, and knowledge to keep your finances in order; everything from a monthly budget to retirement savings and more? Probably not.

That’s why you may want to consider  a financial representative. A good financial representative handles financial futures on a daily basis and they understand a diverse range of incomes, lifestyles, and personalities. They can help you adjust your budget to a diverse range of financial needs that life inevitably throws at us.

Before you can trust someone with your precious money, however, you need to know how a financial representative can help you. Here are some important questions they can help you answer.

8 Questions a Financial Representative Can Help You Answer

It may seem a bit overwhelming to consider professional financial services but it’s one of the best decisions you can make for yourself and your family. Not to mention the people you leave behind when you die. It may sound morbid, but we will all die someday and what we leave behind must go somewhere.

Besides, a financial planner can keep you on track with your spending and help you prepare for big expenses like college tuition, a wedding, or travel.

Of course, you’ll have a lot of questions in the beginning. Use these questions as a guide while working with your new financial planner so you can feel more confident about what’s happening with your money.

1. How Do I Manage My Investments?

One of the most common questions to ask a financial advisor has to do with investments. The market fluctuates rapidly and it can be difficult to determine what the best investments are without the advice of a financial professional that is versed in the market.

Financial planners are familiar with the ups and downs of the market and have the skill of remaining emotionally neutral. They can help you make more sound decisions by offering a level of professionalism that you can’t offer yourself.

2. How Do Taxes Impact My Finances?

No matter what stage of life you’re in, taxes are a financial and overwhelming burden. This is especially true when you begin accruing more wealth. A financial representative can help you construct a tax-efficient financial plan that involves all of your investments and finances.

3. How Do I Prepare for Retirement?

A financial planner can help you build wealth for retirement. Whether you just plan to stay home and cater to your grandchildren or you want to open a small business and thrive, you’ll need plenty of savings for at least three decades.

Not only does  your financial planner aim to help you get those savings, but also help protect them until it’s time to access them. There may be times when you need to withdraw from your retirement as well. Your financial planner can guide you as to when is the right time so you can avoid penalties.

4. Debt Management: What Should I Pay Off?

Debt management is a key factor in not only your monthly budget but also for your long term financial goals.

They can help you create a plan that aligns with your budget so you can breathe easier in the process. They can also advise you on which debts to pay off first so you can save the most money in the long term.

5. How Do I Manage My Budget?

A financial planner can figuratively help you make your biggest dreams come true, like buying a house or traveling to another country. Your financial advisor will have just as much interest in your budget as you do and they’ll be there to cheer you on along your financial journey.

6. Health and Long-Term Care Planning: How Much Will I Need for Retirement?

Social Security and Medicare likely won’t cover all of your medical and long-term care needs as you get older. It is estimated that American retirees currently pay about $275,000 toward medical expenses in their retirement. That’s not to say what the costs will be when you retire.

A financial representative can explain long-term care insurance options and help learn how to save for medical bills. Most representatives can also sell you the policy.

7. What Happens If I Receive an Inheritance?

There are tax implications associated with inheritances. Not to mention that it can be difficult to know where to allocate the funds for the best returns. A financial representative will advise you about how to adjust your financial goals and strategies.

They can help you navigate the tax process and walk you through the most practical steps to take when you do receive the inheritance.

8. Estate Planning: What Happens to My Assets When I Die?

One of the most important questions to ask your financial advisor revolves around estate planning. A financial advisor can help you detail a plan for your assets and final wishes. Additionally, they can help you secure the proper insurance policy.

Final Thoughts

Don’t ever hesitate to ask your financial representative for a clear explanation of their charges. Many financial planners are compensated in various ways that include hourly rates, flat fees for specific projects, quarterly or annual retainer fees, or a combination of both fees and commissions. Yours should provide you with a disclosure document that details these charges up front.

If you have further questions or would like to speak to a financial advisor, feel free to contact us. We look forward to earning your trust.

2019-83141 Exp 7/21

This material was prepared by an independent third party. Guardian nor any of its subsidiaries offer Medicare or Long Term Care Insurance. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation.

Scroll to Top