If you’re reading this blog, then you probably don’t have to reach far to assume what our answer will be about the benefits of hiring a financial advisor. At Western International Securities, any one of our certified financial advisors understands not only the importance of long term financial planning, but also the importance of a great client experience. We want to help you understand more about not only hiring a financial advisor, but how various aspects of long-term financial planning can benefit from a trusted advisor.
Why Hiring a Financial Advisor Can Help Secure Your Future
The older we get get, the faster time seems to go. Even early your career, you probably didn’t give a lot of thought towards long-term planning. However, before you realize it, you might be married, have a family, and suddenly the realities of financial security are on your doorstep. What should your approach to retirement be? What about putting away for your child’s college education? These are all fairly common questions, but the answers can be difficult to come across without proper guidance.
Start Your Retirement Planning
Retirement always seems like it’s a long way off until it isn’t anymore. That’s why any experienced financial advisor will tell you that the sooner you start your retirement planning, the better off you’ll be when that day finally comes. This is especially true if you’re in the Los Angeles area, since it has a relatively high cost of living compared to other places of the country. One of the most common starting points for anyone is a 401k plan. You will usually have a choice between two different types of 401K; the Traditional, or the Roth. A financial advisor will be able to clearly explain the difference between the two and how they both play into long term retirement planning.
Understanding Different Investment Assets
Outside of more ‘hands-off’ options like your 401K, there are also a number of different assets that you can invest capital into to help expand your financial portfolio. Two of the most traditional forms of investment that a financial advisor will present to you are stocks and bonds. Stocks give you the opportunity to purchase a percentage of a company through their publicly traded shares. Bonds provide investors with ways to help entities such as businesses and even the government fund large projects. Both of these are important components to your financial portfolio.
Don’t Forget About Taxes!
It’s fairly safe to say that not too many people are thrilled when tax season rolls around. However, taxes are integral to providing such a high-quality of life that many of us have become accustomed too. Another crucial service provided by a financial advisor is the planning of tax payments in the long-term. There is no way to predict with 100% accuracy how much you’ll need to pay year in and year out, but you can find ways to defer or reduce taxes placed on your existing financial portfolio.
See The Real Benefits of Hiring a Financial Advisor
Hopefully we’ve helped provide some more clarity about not only different investment and planning options, but how a trusted financial advisor can navigate you through the tricky waters of long-term financial planning. If you contact our offices at Western International Securities, we’ll work closely with you to find the ideal solution for your particular wants and needs.