Can a Financial Advisor Help with Benefits Planning?

Posted by Greater Midwest Financial Group on Jun 10, 2022 12:11:44 PM

a person holding a piece of paper

Benefits planning is a confusing process, clouded in dense, highly technical language and seemingly contradictory choices. Many people need a little extra help deciphering their options to choose the best option. They usually turn to an insurance broker for aid.

However, many people don’t realize that a financial advisor can also help you with benefits planning.

Financial advisors are well-versed in the world of benefits and can offer a unique insight since they also have more knowledge about the rest of your finances.

⇾ Read Now: What Does a Financial Planner Do?

Financial advisors can aid both individuals and businesses in their benefits planning.

Benefits Planning for Individuals

Whether you’re considering options through an employer or other benefits, a financial advisor can offer insight and advice.

Receive support with choosing these benefits and more:

  • Health insurance
  • Life insurance
  • 401K/403b
  • Stock options
  • Deferred compensation
  • Long Term Disability Insurance
  • Employee Stock Purchase Plan (ESPP)
  • Health Savings Account (HSA)
  • Flexible Savings Account (FSA)

Planning for Business Owners/Executives

For business owners, benefits planning requires additional considerations and paperwork.

Work with an advisor and get answers to your biggest executive benefit questions:

  • What are the different types of stock options available to me and what are their tax consequences?
  • Should I use my deferred compensation plan? How much of my compensation should I defer?
  • How do insurance and fringe benefits impact my need for other insurance outside my company?
  • How can I best navigate tax and planning issues?

Free Guide: Planning for Long Term Care

GMFG - Long Term Care eBook - Image

Every year costs increase much faster than inflation, and with an aging baby boomer generation the need for long term care planning is crucial. This guide outlines the basics of long term care as well as your options for financing long term care.

  • How much will care cost and what types of care is available?
  • What are your financial options for long term care?
  • Planning now for parents and siblings, or for your own care later.
  • The Benefits of consulting an independent wealth management group on your care options.

Download the Guide

Greater Midwest Financial Group is a financial advisor firm serving St. Paul, Minneapolis and the wider Twin Cities area. We specialize in wealth management, retirement planning, asset management and other personal finance needs.

Photo by RODNAE Productions

Topics: financial advisor, benefits planning