Free financial advisor options are available if you prefer not to pay them directly out of pocket. No fee financial advisors can provide the same quality advice as fee based options but they instead work on a commission basis instead of by charging you directly. No matter which option you choose, you should be completely clear on which type of investment advisor you have selected to avoid any confusion with future investment assistance. Here are a few common financial goals a free expert can assist with.
Planning for retirement is a major financial goal that should be well thought out with the help of free financial advisor advice. Although there are ways to establish retirement accounts without the assistance of certified financial advisors, this is often not recommended. You will want the assistance of an expert for retirement planning because there are many decisions to make in setting up your account and these decisions will directly impact how much money you will retire with.
Free financial advisor services are available to help you establish a nest egg account and begin building the funds you need to take an early retirement. The first decision in this process is choosing the type of account to create. Many types of accounts exist including the 401k plan, traditional IRA, and Roth IRA. If you are an employee, you may already be contributing to a 401k plan. These plans are great because they have high contribution limits and many employers match the funds contributed by their employees up to a certain percentage.
However, free financial advisor advice often suggests you also open either a traditional or Roth IRA to bolster your savings. Additionally, if you switch to self employment, you will want assistance in switching the 401k plan over to either a Roth or traditional IRA. The type of IRA plan you choose will depend on several factors, the most important of which is the tax bracket you will be in during the retirement years. Of course, you don't have to stress about these decisions because your free financial advisor can help you make all of them correctly.
Apart from saving the money you will need to retire at a young age, you will also want to begin saving as soon as possible for other financial goals. These goals can include anything from buying a home to saving for a college education. However, the process of building wealth isn't just about saving for individual finance goals. Rather, financial advisor investments are an all-encompassing process that includes eliminating debt and investing wisely.
Free financial advisor services are available to assist you in learning the basics of wealth building so you can make sure your future is secure. When you meet with the free advisor, they can evaluate your situation to determine if you have any debt that must be paid off so you will be in the position to begin saving more money. The debt reduction process will be uniquely tailored to your situation. For example, free financial advisor recommendations are based on if you can cut out unnecessary spending and redirect the extra funds to paying back the bills or if you can find new ways of making more money.
Once you have begun repaying the bills, financial advisors can also help you begin building an emergency fund to safeguard against falling into debt in the future. An emergency fund should include anywhere from three to eight months of living expenses and the money in the account should only be used for emergency situations such as a job loss. From this point, you will be in the position to seek free financial advisor advice to beginning saving for buying a home, parenthood, or other life plans.
The best way to find a free advisor is to search online for options in your area. Using the Internet, you can research the advisor options in your area for free to learn about each option's certifications, experience, and services. When you find a few options you think will work well for your needs, you can schedule initial meetings with each to determine which one is best for you. During these meetings, you will want to be up front and ask if each advisor charges any fees.
At this point, they should tell you how they make their money off of the services they offer, whether it is on a commission basis or through fees charged to you. When a free advisor works on a commission basis, this most often means that they receive compensation for recommending that you invest in certain things. If you are certain you want to find a free financial advisor, then the one that says they work on a commission basis will likely be the option for you.
Our specialists will conduct a custom search to find local planners and advisors who meet your specific requirements.
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Kevin A, Jacksonville FL