A financial advisor Washington DC trusts is a professional who provides financial advice to clients. Whether you are just starting out in the working word or ready to retire, hiring finance professional can do you a lot of good. Here are five good reasons to consider working with a financial advisor:
You’re Too Busy to Handle Your Finances
If you work a full-time job and have a family to take care of, you might just not have enough time to devote to your finances. After a long day, the last thing you probably want to do is look at your financial and investment needs. That is where a qualified financial advisor Washington DC respects comes in. He or she can look out for your financial future while you tend to your job and family. A financial advisor can treat your money like his or her own and won’t make any major decisions with your finances without your consent.
You Come Into Sudden Wealth
Sudden wealth sounds like a dream come true to most people, but handling large amounts of money is more complicated than you think. If you aren’t used to having a lot of money, you can make mistakes and lose that money. An experienced financial advisor in Washington DC can give you advice on how to manage your money and prevent you from spending too much of it. For example, if several family members come to you asking for a loan, your financial advisor may advise against it.
You Want to Leave Your Estate to Your Loved Ones
If you plan on leaving your estate to your children or other family members, working with a qualified financial advisor Washington DC counts on is in your best interest. Developing an estate plan can be quite complex and you don’t want to make any mistakes. A financial advisor knows all the estate laws and can help you devise an estate plan that can ensure the comfort of your loved ones.
You Aren’t Sure How to Save for Your Retirement
By now, you probably know the importance of saving for retirement. However, simply putting away money in a company sponsored retirement plan might not be enough. In order to live comfortably years past retirement, it may be necessary for you to have additional savings and investments. A skilled financial advisor Washington DC relies on can assess our current financial situation and help you create a plan on how to meet your retirement savings goals.
You’re Taking Care of an Aging Parent
Looking after an aging parent can wind up costing you more money than you think. If you’re struggling to figure out how to pay for your parent’s care, a Washington DC financial advisor can help. A financial advisor Washington DC offers can go over all your options with you and help you determine the most affordable way to take care of your elderly parent’s needs.
What to Expect During Your First Meeting With a Financial Advisor
If this is your first time meeting with a financial advisor Washington DC residents recommend, you may feel a little nervous and unsure of what to expect. Here is a general idea of what your conversation with a financial advisor might focus on:
Financial Overview: Before a financial advisor Washington DC offers can give you advice, he or she must learn more about your current finances. He or she may ask you about your checking account and savings account balances as well as other assets you might own. Your financial advisor may inquire about the current debt you are carrying such as credit cards, a mortgage, vehicle and students loans.
Cash Flow Analysis: The next step is discussing your monthly cash flow. A financial advisor in Washington DC may want to know how much money you earn every month, how much money you spend, and how much money you put into a savings account on a regular basis. During this conversation, your financial advisor can get a general idea of your spending habits and if you can should cut back on anything. Don’t hesitate to tell your advisor where you’d like to reduce spending, whether it’s disposable income or monthly bills.
Establishing Goals: In order to get a better handle on your finances, you may need to set goals. A financial advisor Washington DC respects may ask you about which financial goals are the most important to you. Perhaps you want to save up to buy a home, or maybe you want to build an emergency savings account. Whatever your goals are, your financial advisor can help you create a plan to achieve them.
Written Plan: Your financial advisor Washington DC relies on may create a written plan for your financial goals and review with you how you can achieve them. This plan may outline how much money you should save every month and where to invest your savings.
Questions to Ask a Financial Advisor
In order to get a general grasp of a financial advisor’s skills and experience, consider asking these questions during your first meeting:
What Licenses and Certifications Do You Have? Finding out about a financial advisor’s license and certifications can give you insight about his or her experience. Many of the best financial advisors in the industry have various certifications and licenses such as certified financial planner, certified public accountant, and certified fund specialist.
How Much Do You Charge for Your Services? Before you hire a Washington DC financial advisor, it’s important to find out about his or her fees. You may also want to ask an advisor if he or she gets a commision from selling a certain product.
What Type of Clients Do You Specialize in? If you are a newlywed and trying to save money for your first house, you might not want to choose an advisor who strictly works with retirees. It may be in your best interest to hire a financial advisor Washington DC depends on who has experience working with clients who are in similar situations as yours– call us at (202) 759-2695 to find out more how we can help you reach your financial goals.