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Sound Advice: February 19, 2025

How can a financial adviser be most helpful: 

Financial advisers can be most helpful in several key areas:

  1. Creating a comprehensive financial strategy tailored to your specific needs and goals. This includes assessing your current financial situation, identifying areas for improvement, and developing a plan that covers various aspects of your financial life.
  1. Retirement planning. Advisers can help determine when you can retire, optimize Social Security claiming strategies, and create sustainable withdrawal plans to ensure your money lasts throughout retirement.
  1. Investment management. This involves designing an appropriate asset allocation, optimizing asset location for tax efficiency, and rebalancing your portfolio to maintain the desired risk level.
  1. Tax planning. Advisers can review your tax returns, suggest tax-efficient investment strategies, and help with decisions like Roth conversions or tax-loss harvesting to minimize your tax burden.
  1. Estate planning. They can assist in creating or reviewing estate plans, ensuring your wishes are properly documented, and implementing tax-efficient strategies for wealth transfer.
  1. Cash flow management. This includes budgeting, planning for major purchases, and developing strategies to maximize credit card rewards and cash holdings.
  1. Providing discipline and emotional support. A good adviser will help you stick to your long-term financial plan, especially during market volatility or economic uncertainty.
  1. Offering expertise in complex financial matters. This can include employee stock options, business owner planning or navigating significant life changes such as career transitions or inheritance.

By providing these services, financial advisers aim to help clients achieve their financial goals, reduce stress, and optimize their overall financial well-being.

N. Russell Wayne

Weston, CT  06883

203-895-8877

www.soundasset.blogspot.com

 

 

 

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