Is It Worth Using a Financial Advisor for Retirement?

Posted by Greater Midwest Financial Group on Sep 29, 2023 9:50:00 AM

couple on a park bench

The path to retirement can seem very daunting and entirely overwhelming. With numerous investment options, volatile market conditions, and the constant worry about the unknown and planning sufficiently for the future, it’s easy to get lost and not know where to go next. 

A financial advisor provides you with the advice and guidance you need. Let’s dive into what you could expect out of working with a financial advisor to plan for your retirement.

Expertise and Knowledge

Financial advisors spend years training and accumulating the knowledge and experience to help you make sound financial decisions. This includes efforts like maintaining their Certified Financial Planner® (CFP®) designation and specializing in retirement planning. 

Any qualified financial advisor should be able to give you direction and insights on maintaining a balanced portfolio, tax strategies and retirement options that the average person might not be aware of or fully understand. 

⇾ Read Now: What to Know Before Hiring a Retirement Financial Advisor

Personalized Strategy

Every person, family and business has a unique financial situation, goal, and risk tolerance. Your financial plan for retirement should take all of those factors into consideration, and it is your financial advisor who has the acumen to understand those variables and provide you with a personalized strategy to meet your financial goals.

Financial advisors take the take to understand your circumstances and craft a tailored plan to ensure your retirement strategy aligns with your long-term objectives.

Avoiding Common Pitfalls

While every situation is unique, the problems you tend to encounter are often very similar. It is easy to fall prey to bad advice online or make decisions based on emotion.

Your financial advisor can not only help you keep an eye out for these common hiccups but can also build your plan with avoiding these pitfalls in mind. They can especially help you when it comes to maintaining discipline in a volatile market.

⇾ Read Now: How to Build Wealth in a Volatile Market

Time and Stress Reduction

All of that expertise and knowledge takes time to build - not only the initial understanding of financial principles, but staying up to date with market trends, regulatory updates and investment opportunities can be incredibly time-consuming, especially if that is not your daily job. 

Luckily for you, that is the daily role of a financial advisor, to ensure they can provide you with the best possible advice, they will handle the bulk of the research and management, letting you focus on your personal goals and priorities instead.

Comprehensive Financial Health

There is a lot more to retirement planning than making investment decisions. It also involves estate planning, tax planning and more, all of which would be another area of expertise for you to build on your own without the help of a financial advisor. 

Instead, when you work with a financial advisor you are provided with a holistic approach to meeting your long-term objectives and ensuring your entire retirement is planned properly.

Ongoing Reviews and Adjustments

Your investments do not exist in a bubble and the financial landscape is prone to change. As your life changes - with births, marriages, new businesses, and more, your plan needs to be monitored and adjusted accordingly. 

A financial advisor will review your strategy regularly and make the necessary adjustments to keep your plan on track and meet your financial goals.

Practical Retirement Advice with Greater Midwest Financial Group

Work with our experienced financial advisors and get the chance to:

  • Explore the amount of risk you should take for returns you can potentially expect
  • Ease the transition during pre- and post-retirement years
  • Plan for a lifetime of income stream
  • Arrange for liquid cash to travel or make major purchases
  • Prevent inflation from destroying your purchasing power in the second 10 years

You can depend on GMFG to periodically monitor your retirement plan and make necessary adjustments so you can keep enjoying retirement.

Contact a Retirement Strategist

Greater Midwest Financial Group is a financial advisory 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.