The Importance of Professional Advice
Many individual investors simply do not have the time, patience or persistence to deal effectively with their investments over the long term. In addition, you will be able to avoid some common mistakes that individual investors make, by working with a financial advisor who can:
- Calm fear-based revisions at the first sign of market volatility
- Understand the risks and rewards associated with various products
- Emphasize the value of the overall portfolio instead of individual securities
- Set a course to help maintain a specific lifestyle in retirement
- Explain how insurance can protect and contribute to retirement income.
When to Seek Professional Advice
There will be times when you can handle most of the management of your financial affairs. However, there will be other times when you should seek the help of a professional advisor. The list below examines some of the situations when it makes the most sense to seek the help of a financial advisor.
- When confronted with complicated financial products and strategies
Most of us have heard of disability, liability umbrella, and long-term care insurance, but do we really know the basics, let alone what type of coverage to select? People with employment stock options or business owners with limited family partnerships can also benefit from the help of an advisor.
- When getting married
Combining your money, and debt, with your spouse can pose significant challenges. These challenges range from deciding to file a joint tax return or single tax returns to taking advantage of all child-related tax benefits. Financial planning advisors and tax advisors may provide you with the appropriate strategies.
- When buying or selling a business
The complexities of buying or selling a business can be quite significant if not downright grueling. A financial advisor can help with capital gains and proper wealth transfer.
- When getting divorced
Simply dividing assets could be a cumbersome and very problematic issue. In addition, new financial plans such as wills and insurance policies will probably need to be revised.
- When you inherit money
Although coming into a substantial amount of wealth is generally a good thing, people who have little experience managing money may run into challenges. An investment advisor can help you allocate your inheritance to ensure it lasts for a prolonged period of time.
- When considering IRA or 401(k) distribution options
Although this task may not be especially difficult, a financial advisor can help you understand all your options.
- When saving for college
There are many people who do not know how much money they should be saving each year and what the best investment vehicle is. Since tax codes, especially those targeted at saving for college, seem to change each year, working with a financial advisor could prove very beneficial.
- When planning and managing your retirement
Planning your retirement is only half the battle. Managing your retirement is just as important. A good financial advisor can create a plan for you that will help give you a chance to pursue the lifestyle you hope to have during retirement. In addition, they can help you to plan out how best to manage your finances when you are enjoying your retirement.
- When planning for wealth transfer (e.g., estate planning*)
This area can often be the most complex of all financial matters. Designing a legacy consistent with your values is a personal often intricate process. After giving some thought to your wishes, including the needs of family members you may want to consider, a professional advisor can help you value your estate by taking into consideration: your current income and likely future income, your annual expenses, your current assets and debts, estate and gift tax rules and regulations. Personal guidance is available at no cost and no obligation with TTIS. Contact us today to schedule a consultation.
*Tax and legal services are not offered by TTIS.
Call us 615-780-7804, Monday-Friday 8:30 am-4:30 pm (CT) or email us at Bethel.Coleman@cunamutual.com.
For your protection, TTIS does not accept trading instructions via voice mail, text messages, instant messaging, or facsimile. Please speak directly with your Financial Advisor if you need to give instructions related to your account.
Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CBSI is a registered broker/dealer in all fifty states of the United States of America. The Tennessee Investment Services' Advisors are registered representatives of CUNA Brokerage Services, Inc. The representative may also be financial institution employee that accepts deposits on behalf of the financial institution.