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    6 Reasons to Only Take Fiduciary Financial Planning Advice

    6 Reasons to Only Take Fiduciary Financial Advice

    6 Reasons to only hire a Fiduciary Financial Adviser. Do you ever ask yourself: Do I need a Fiduciary Financial Adviser?  Los Angeles Wealth Manager David Rae shares 6 Signs you may need to hire a Fiduciary Financial Adviser.

    By David Rae Certified Financial Planner™, Accredited Investment Fiduciary™

    How do you know you may need the help of a professional fiduciary financial adviser or planner? A Fiduciary Certified Financial Planner, to be exact? Recognizing if you could benefit from professional financial advice may be a pretty good indicator you could use the help.  Here are a few more things to consider.

    I often get asked the following questions: Do I need a Fiduciary Financial Adviser?  How can a Financial Planner Help Me? Or I hate dealing with my finances; who can help me? Is my financial advisor a fiduciary? (Probably not). 

    Here are 6 signs you may want to consider getting professional guidance from a Fiduciary Financial Planner.

    1. If you have no idea where all your money goes, a financial adviser may be able to help.

    We all know what comes in on our paycheck. However, where it all goes is another story. You may have good intentions to live within your means, but somehow, the pleasure of having or trying new things gets the best of us. For some, what comes in is barely enough to cover the basics, yet we continue to live in this fabulous manner.

    If you have no idea where your money goes or are living above your means, it is a sign you may need to consult a fiduciary financial planner to help guide you and your money.

    1. All that money you earn seems to disappear every month; a fiduciary financial planner can help you decipher the mystery or where it all goes.

    You are smart and have a great job, but somehow, all that money you earn seems to disappear every month.  No one intends to rack up credit card debt or live beyond their means, but it happens to a lot of people.  If you have had trouble getting your spending in line with your income or are not able to save enough to get on track for your financial goals, it may be time to hire a fiduciary financial adviser.

     

    1. You have no idea how to prepare for a fabulous retirement.

    Saving for retirement is a long marathon, not a sprint.  All the investment choosing, saving, 401(k), and tax nonsense can be very confusing and stressful for even the most number-loving among us.  If you have no idea how to get started or what to do next, you may want to contact a fiduciary financial adviser.

    Simply, there are 2 ways to go here: Plan for retirement or pray to win the Powerball jackpot (ok maybe do a little of both).  If you want to make a smart choice, I’d recommend planning for retirement.  30 years of retirement working at McDonald’s is not appealing to me in the least.

    If you make this choice as well, you should consider working with a trusted fiduciary financial planner to help you map out what you need to be contributing to your retirement accounts to have enough money to live off in your golden years. They can also help maximize your tax deductions and employee benefits and pick investments appropriate for your situation.

    David Rae the top fiduciary financial planner Los Angeles
    6 Reasons to hire a Fiduciary Financial Adviser

    1. You Have no idea what all that stuff on your investment statements means, or worse, you haven’t even opened your statements in forever.

    It’s not as simple as “is this a good or bad investment?”.  The real question is: are these investments appropriate for your time frames, type of account, time horizon, and risk tolerance?   Likewise, will your investment with an estimated return and with appropriate contributions get you to your financial goals and ultimately help you achieve financial independence?

    If you aren’t 100% sure, it may be time to find a fee-based financial coach to help you create a financial plan to help you get on track for all of your specific financial goals.

    1. You have insurance policies that you don’t understand, or you know you need to have an insurance policy, but don’t know where to start.

    Getting all the Life insurance you may need is not as easy as checking off a few boxes or copying what your friends are doing.  Appropriate coverage is dependent on your situation, health, and family situation.  When disaster strikes, you want to know you will be OK. Understanding your policies helps to know what you might expect if you end up disabled or your house gets robbed.

    By no means do you need to have all of your policies memorized, but it’s a good idea to have a general idea of the type of things they cover and if that coverage is adequate. It’s also good to work with a financial planner who handles insurance to use as a resource when things go awry.

    1. You have no plan in place in case you die or become incapacitated.

    Death. By far the least fun topic on this list, which may be why so many people skip this step when left to their own devices.

    Basic estate planning can help you plan for where your assets will go when you are no longer around.  Also, it allows you to choose how you will be cared for if you are incapacitated. I’d rather choose myself and take the pressure off my loved ones to decide whether to pull the plug or not.

     These are just a few glaring examples of people who may need a fiduciary financial planner.  There are hundreds of other reasons a person could benefit from working with a financial planner.  These include the peace of mind that comes with having a comprehensive financial strategy. Saved time.   Reduced stress by having an experienced professional who has helped others before in analyzing difficult financial situations.

     Live for Today. Plan for tomorrow. 

    Top Financial Adviser David Rae
    Giving expert advice about what to do if you win the Lottery

     

    DAVID RAE, CFP®, AIF®  is a Wealth Manager in Los Angeles with DRM Wealth Management, a regular contributor to the Advocate Magazine and other fine publications as well as a financial planner proudly serving friends of the LGBT community for over a decade. He regularly appears as a Financial Expert on CBS, ABC and KTLA News. Too old to be a millennial, too young to be an average (aka boring) financial adviser.

    Follow him on Facebook or via his website, www.davidraefp.com.

    You might also enjoy more Fiduciary Financial Tips.

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    Top Financial Advisor Los Angeles David Rae

    Connect With David Rae, Financial Planner LA

    David Rae, CFP® AIF®

    President / Founder DRM Wealth Management LLC

    1(323) 905-4380

    david.rae@financialplannerla.com

    "6 Reasons to Only Take Fiduciary Financial Planning Advice"

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