The benefits of working with a financial advisor to develop personalized wealth management strategies
When talking with people interested in investing, we often get the question, “Why do I need a financial advisor?”
Having a financial advisor as your coach can help you maintain focus. In good times and bad, an advisor can help you stay on track or show you how to recalibrate to reach your goals. He or she can guide you in creating actionable financial strategies to reduce debt, save for specific goals (such as college), and plan for retirement.
Trying to go it alone may be likened to working as your own mechanic. While you may be able to fix the one problem you noticed, a mechanic will often identify what else the car needs to keep it humming, to stay the course over many miles to come. He or she may even prevent a fatal error you would have made, using the wrong fluid, or ignoring a telltale steering wobble.
A financial advisor will thoroughly examine your overall financial situation, determine the risk level you are comfortable with, create a plan to help you reach your goals, and then recommend an asset allocation with products appropriate for your unique situation.
Fee-based advisory relationships have become more and more popular over the past decade. Since fee-based advisors are paid based on a percentage of the assets they manage, an advisor has a personal stake in the success of the portfolio he or she manages; both client and advisor stand to win if the portfolio grows in value.
In addition to financial planning and ongoing advice, many fee-based advisors provide portfolio management. They watch changes in the economy, the markets, and the world. They then employ up-to-the-minute and historical information to locate opportunity investments, as well as to control risk in the managed portfolios.
These managed portfolios can provide tax efficiency, flexibility, and convenience few other investment options can. These features have made fee-based investing widely used among tax-sensitive investors.
If you are looking for an independent fee-based advisor, with the additional oversight of a Registered Investment Advisor, and if you have at least $100,000 to invest, let’s explore working together. Stratos Wealth Partners are a group of professionals who provide financial guidance and impartial strategies to help you address the challenges of wealth accumulation and management.
Call us at 928.460.5507, visit www.prescottwealthmanagment.com, or stop by our office at 100 E. Sheldon Street, Suite 105, in Prescott to schedule an appointment.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Securities offered through LPL Financial, member FINRA/SIPC. Investment advice offered through Stratos Wealth Partners, Ltd., a registered investment advisor and a separate entity from LPL Financial.