Retirement Planning and Wealth Management

A financial advisor can be a valuable resource for any investor, depending on their unique situation. Financial advisors can help by creating long-term holistic wealth plans based on your individual goals. The basis of the wealth plan is a long-term view of decisions made today and what they can mean in the future—a wealth plan can be a valuable resource when considering any significant life change.

In addition to an overall wealth plan, financial advisors can help clients create a suitable asset allocation strategy. Financial advisors can then implement the unique portfolio cost-effectively, rebalancing periodically and considering tax implications throughout, known as asset location. Lastly, a financial advisor can be an invaluable resource offering behavioral coaching during tough economic times and planning a sustainable spending strategy once clients reach retirement or other goals.

According to a study from Vanguard, the worth of any financial advisor is very subjective, and the value is virtually impossible to quantify. However, they did determine that working with a financial advisor to create a suitable asset allocation, cost-effective portfolio implementation, ongoing rebalancing, behavioral coaching, asset location considerations, and a sustainable spending strategy can all add up to or even exceed adding 3% in net returns.

Choosing the right financial advisor is a serious decision with significant ramifications.

You have a dizzying array of options, fee structures, and qualifications from which to make your selection.

Financial advisors help knit together all strands of your financial life. The CFA designation is a rigorous 3-part examination often requiring over 300 hours of study o pass each level.

An accountant, on the other hand, is more accounting related. Most think of a tax preparer. However, an accountant can provide valuable insight into your investments, estate, retirement, and education issues. A CPA must satisfy rigorous education, experience, and testing requirements to earn their license.

Which is Better – Financial Advisor or Accountant?

Choosing to hire a financial advisor is a big decision. Considering your needs and the skillset of the financial advisor is important. There are many considerations to go over.

In general, much like having a professional medical doctor to consult, you can do it yourself or rely on a professional with your future retirement. At AIW, we offer an initial conversation with anyone at no charge to learn more about our services and how we can help.

How to Choose a Financial Advisor and Questions You Should Ask

The answer ultimately comes down to you and your financial situation and level of comfort investing. Choosing suitable investments can be complex, and putting multiple investments into an appropriate portfolio can be a significant challenge. On top of that, trying to create a sustainable retirement spending plan and all the tax implications surrounding each withdrawal makes things even more complicated. However, you may be comfortable doing both.

Considering the type of financial advisor and their skill sets that best provide you and your family value is important. Some advisors take on a more full-service role, while others may offer to help on an hourly or as-needed basis.

Advisors can have a plethora of financial designations and licenses depending on their area of focus. There is no mandatory requirement to pursue various designations over and above the licenses mandated by law. However, pursuing an advanced designation shows commitment to the career path and demonstrates proven expertise.

Keep in mind that there are wide varieties, but some of the more widely recognized designations to look for or consider are:

Chartered Financial Analyst (CFA)

Certified Public Accountant (CPA)

Certified Financial Planner (CFP)

Choose the advisor that best matches your needs and goals.

Like a doctor-patient; lawyer-client relationship, your advisor at AIW will place your best interests first.

We utilize LPL Financial, one of the largest global custodians. LPL holds your assets in trust on your behalf, always held in your name.

Being truly independent means we are not tied to any company. Organized to utilize only the best for our clients. If a mutual fund is not performing as promised, we have no sales or other incentives to stay with them. That means we are always on our toes looking for innovative solutions, products, and technology to best help our clientele.