When the COVID-19 pandemic hit, it caused millions of Americans to lose their jobs and file for unemployment. With a significant number of people without an income, many are turning to financial advisors as a way to plan for retirement or save for college tuition. But how do you know who is right for your needs? This article will discuss what exactly a financial advisor does and why they're important during times of economic uncertainty.
A financial advisor should be willing to meet with you virtually. If you are unable to attend virtual sessions, ensure that they are following proper COVID-19 safety protocols so that everyone can stay healthy.
A financial advisor should be willing to make adjustments to your budget if necessary. An unexpected change in income will lead you to needing a new monthly budget, and it's important for your financial advisor to provide the tools needed.
A financial advisor can help you find guidance when you're in a difficult time. Whether it's because of an emergency or not, they can show you how to use your money best for the situation at hand. For instance, if there is no more work available and unemployment benefits are depleted, they can help guide you to find resources and areas in your budget to cut out if you are struggling.
A financial advisor can help create a blueprint to recover financially. They are trained on how to find the best ways for you and your family to spend less, save more money or make better investments that will grow in value over time. When it comes down to cutting expenses, there is no shame in asking someone who knows about finances what they think. They'll take a look at your discretionary spending and find ways that you can cut down until your financial situation becomes more secure.
With a financial advisor, you can also see how your estate plan is performing and update it to make changes now instead of later. Your will may need to be updated in order to withstand COVID-19's potential impact on the economy. The death of one person creates chaos for their loved ones without all they need to survive financially or emotionally.
Where do you find an advisor? Your best bet is to be matched with an advisor who is experienced in helping people like you with situations similar to yours. Senior Finance Advisor can match you with up to three financial advisors who can help you through the current economic crisis caused by the COVID-19 pandemic. All you have to do is answer a few questions, get matched, and you’ll be contacted within a day to get a free consultation. Come with a list of questions and see if they’re the right choice for you.
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With our trusted network of advisors, we’ll connect you with up to three established planners in your area.
With our trusted network of advisors, we’ll connect you with up to three established planners in your area.
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