The Road Map to Your Financial Future | AG Company

A financial advisor is a partner in your financial planning. Assume you want to retire in 20 years or send your child to a private university in ten. To achieve your objectives, you may want the assistance of a competent expert with the necessary licenses; this is where a financial advisor comes in.

Together with your advisor, you will discuss a wide range of topics, including how much money you should save, the types of accounts you should maintain, the types of insurance you should have, and estate and tax planning.

They are not only financial advisors but also teachers. Among the advisor’s responsibilities is providing guidance on how to achieve long-term financial goals. A variety of financial topics may be discussed in detail during the educational process. Early in your relationship, budgeting and saving may be discussed. As your expertise grows, you will be able to understand more complex tax, investment, and insurance issues.

Prior to providing you with financial advice, it is essential that they first understand your financial situation. You cannot prepare for the future if you do not know where you are today. In most cases, you must submit a detailed written inquiry with your financial details. Providing this helps the advisor better understand your situation and ensures that important information is not missed.

Your financial advisor will gather information about your assets, obligations, income, and spending. In addition, the information provided should include future pensions and income sources, estimate retirement needs, and outline any long-term financial obligations. Simply put, you will create a list of all of your existing and future assets, pensions, gifts, and sources of income.

By providing investment information, an advisor can examine more personal matters, such as risk tolerance and risk capacity. When it comes time for your investment advisor to determine your asset allocation, knowing your risk can be helpful. It is also important that you make sure you explain your investment preferences to the advisor.

Financial advisors combine all of this preliminary information into a comprehensive financial plan that serves as a road map for your financial future. The initial assessment consists of reviewing the most important findings from the information you provided, followed by assessing your current financial situation, including your net worth, assets, liabilities, and cash or working capital. Additionally, a financial plan summarizes the objectives discussed with your advisor.

If you wish to learn how a financial advisor can help you with your financial goals, please contact us today. Our Baton Rouge CPA team is here to help you.

Apple Guerin Company LLC
Phone: (255) 767-1020
Url: https://appleguerin.com/
6421 Perkins Road, Bldg. A, Ste. 1B
Baton Rouge, LA 70808