If you are like many successful individuals, you already work with a financial advisor. You may even have relationships with several. If you feel completely confident that your financial plan will meet your short term and long term goals, congratulations! Sometimes, however, you may feel unsure about your plan. This can happen when market conditions or family situations change. Like with medical advice, it may be a good idea to seek a second opinion from time to time.
Where Should I Go?
The financial landscape has become confusing for consumers as the lines between various financial professionals have become blurred. Many experts suggest seeking help from a Registered Investment Advisor. These professionals must follow a “fiduciary standard” when it comes to giving financial advice. This means that, by law, they must only operate in their client’s best interest.
How to Choose
Once you have a few candidates in mind do your detective work. Visit their websites to check their qualifications and areas of expertise. During your interview process be very specific about what you are looking for and prepare some questions. Be honest and open about your objectives. Find out what their process is, how they are paid and what makes them different from their competitors.
Remember things change and when they do, it’s always a good idea to make sure you are on the right track with your financial plan.
1.The cost of a college degree is high, second only to a home mortgage.
“College has never been more expensive–over the last three decades, tuition at four-year colleges has more than doubled, even after adjusting for inflation,” according to the Department of Education.
For the 2015-16 school year, the College Board estimated the average tuition and fees to be $9,410 per year at four-year, in-state public institutions, plus room and board at about $10,000 annually. When you total various scenarios, the average cost of a bachelor’s degree ranges from $52,000-$130,000 or more!
2.There’s a student debt crisis—student debt is at its highest point in history.
The average class of 2016 graduate with a student loan will owe more than $37,172, the highest level of debt yet. Almost 71% of bachelor’s degree recipients will graduate with a student loan, compared with less than 50% two decades ago according to the Wall Street Journal.
3.In terms of job prospects, college is more necessary than ever.
According to the Department of Education:
College graduates with a bachelor’s degree typically earn 66% more than those with just a high school diploma and are less likely to face unemployment.
The average bachelor’s degree recipient will earn about $1 million more in their lifetime than those without a postsecondary education.
By 2020, an estimated two-thirds of job openings will require postsecondary education or training.
If you have any questions about your financial, estate or retirement plan, call 800-313-Plan (7526), contact us, or email firstname.lastname@example.org.
Wealth Preservation, LLC in San Diego.