4 Reasons Why People Choose to Work with Financial Advisors

Do you ever feel like you’re handling your finances all alone? Trying to budget for the month while also juggling retirement funding? 

Sometimes it would be nice to have someone in your corner to help make the big decisions and parse through all the financial jargon (what’s the difference between a Traditional and Roth IRA anyway?).

A financial advisor could be the addition to your team you’ve been searching for – but before you dive in, let’s explore why people choose to work with advisors in the first place, and what benefits you can expect from a partnership with a financial professional.

Why Do People Choose to Work with Financial Advisors?

Some people are under the impression that financial advisors are for the ultra-wealthy, when in reality, anyone can benefit from working with a financial professional! Here are four of the top reasons why an individual might seek the services of a financial advisor.

1. To uncover their top priorities

You probably know that you need an emergency fund, but what else should you save toward? Should retirement planning trump saving up for that first home? What about your student debt?

The truth is that your financial priorities should align with your life priorities – and that could look vastly different from one person to the next. Many people choose to work with a financial advisor to help uncover those goals.

Plus, individuals with a written financial plan are more likely than those without to save at least 10% of their income toward retirement. It’s definitely worth your time to sit down and think about your financial goals (and put pen to paper).

2. To set specific goals

Once you uncover your priorities, it’s time to flesh out the reality that goes into reaching those goals. Writing down “save for retirement” is a great first step – but what does that number look like for you and your family? 

An advisor can look at your finances as a whole and help you set specific goals that are realistic for your life plans.

3. To build a plan to reach your goals

What’s right for you: a Roth IRA or a traditional 401(k)? What’s a Roth rollover? How much can you even contribute to your retirement accounts each year?

Financial advisors have a huge benefit: they know investing inside and out. With that expertise on your side, you can have peace of mind knowing that your investments reflect your goals and individual risk tolerance. 

Advisors also know all the other tips, tricks and strategies to get you started. From diversified portfolios to tax planning, an advisor can help you make the most of your money.

4. To stay on track

Setting goals is an entirely different game than consistently working toward those goals. A financial advisor can help ensure you’re on track to meet your financial goals in the long-term as well as the short-term. 

Plus, regular check-ins with your advisor can help you keep your finances top of mind.

How to Connect with a Financial Advisor

Financial advisors vary based on their fees, legal obligations and experience. There are also many different titles for advisors, like RIA and CFP®. Advisors also tend to have specialities, like international planning or even financial advice catered just toward tattoo artists

To start narrowing down your search, it’s a good idea to think about what you value most. Think about the kind of interactions you’d like to have with your financial advisor – do you want their number on speed dial, or would you prefer an annual check-in? Do you like old-school, in-person interactions or a simple text? Whatever your communication style, chances are there’s an advisor who can deliver it.

Once you have an idea of who you’re looking for, Lasso can help you narrow down the search

Check out this video of our own Becca Long walking through how to find an advisor in Lasso:

All you have to do is download the (totally free) app, build a plan based on your financial goals, and you’re all set to anonymously browse hundreds of advisors. Filter them by gender, experience, location and specialty to make sure you find an advisor you’re comfortable with. Once you find one you like, you can send them your plans and see what they’d do to help improve upon them. 

There are many reasons why you might choose to work with a financial advisor. The best part? You don’t have to wait! 

Learn More with Lasso

An advisor can help you reach your money goals faster (and answer all your questions along the way). Click here to download Lasso today and work with financial advisors today.

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