What Can a Dallas Financial Advisor Do for You?
There’s no better time than now to begin working with a Dallas financial advisor.
These days, rising living costs and recession worries have many people feeling stressed about their finances and the state of the economy. According to a recent study, more than 6 in 10 adults recognize that their efforts toward financial planning aren’t quite up to par, yet only a third turn to a financial advisor for assistance.
If you’re among the many people in the Dallas-Fort Worth metroplex area who haven’t sought the advice of an experienced local financial advisor, doing so now may be in your best interests.
Age and Wealth Aren’t Factors
Think that you’re too young or not wealthy enough to warrant hiring a financial advisor? You’re certainly not the only person to have either opinion, but the truth is, anyone can benefit from the financial advice of a skilled and knowledgeable professional.
For Dallas residents on the younger side, building a relationship with an experienced financial advisor early on puts you on the right monetary path to achieve your personal goals. They’ll work with you as your life situation changes, helping you navigate financial hurdles and take advantage of opportunities in ways that make sense for your lifestyle.
As far as wealth is concerned, many financial advisors don’t have minimum income or asset requirements. If your salary is near the average in Texas or you only have a small amount in savings, you won’t get turned away – and a seasoned advisor will be able to develop strategies to improve your financial picture.
The Role of a Dallas Financial Advisor
Financial advisors offer a sense of well-being about money management in a world that’s constantly changing. They help people deal with financial concerns while working toward their goals – and while you could research strategies and solutions on your own, objective advice from an experienced professional, someone who isn’t emotionally invested in your net worth, can be invaluable.
The exact responsibilities of your financial advisor will depend on your specific situation, but generally speaking, the process of working with an advisor involves the following steps:
Groundwork – At the start is an information-gathering session, with a review of basic information about your finances, your life and your future goals.
Insight – For a greater understanding of your needs, your advisor may want to discuss what you’d like to accomplish and why in greater detail.
Analysis – After learning how you’d like your financial future to look, your advisor should offer honest advice about what it will take to make that happen.
Planning – Ultimately, you can expect a solid plan, and in the longer term, your advisor can monitor your situation and make new recommendations as needed.
In working toward the creation of a financial plan, risk assessment is an important consideration. For that reason, developing a long-term relationship with a Dallas financial advisor – rather than scheduling a one-time consultation or trying out a robo-advisor – is a smart move. A single conversation can enable you to get feedback on your goals, but you won’t have assistance with risk management. And robo-advisors? With an automated investment platform, an algorithm manages your risk over time, and that may not be suitable, given the nuances of your financial situation.
How Can a Financial Advisor Help You?
A skilled professional can assist with many different aspects of your financial life. The services offered by financial advisors in and around Dallas, Texas, may vary, but most provide guidance on the following:
Goal-setting – Your short- and long-term goals form the basis of your financial plan, and an advisor can help you identify what matters most and choose investments that fit with those goals.
Budgeting – Whether you’ve only recently started to earn a decent living or you’re more established, an advisor can help you construct a spending plan and suggest strategies for boosting your savings.
Investing – An experienced advisor can answer your questions about mutual funds, stocks, bonds, exchange-traded funds and other investment products, and provide you with advice on asset allocation.
Retirement planning – With a skilled advisor, you’ll have an expert who can protect your cash flow, help you grow your money and guide you in coping with life events that have consequences on your finances.
In addition, while Dallas financial advisors may not handle annual income tax filings, most can provide advice that takes tax considerations into account. You should know, too, that some advisors receive commissions on the insurance products they sell. This may not affect the quality of their advice, of course, but it is something to think about in the event an advisor strongly recommends a specific life insurance or annuity product.
Also, some local professionals that serve northeast Texas – like the team at Schultz and Kellar, PLLC – offer both financial planning and comprehensive estate planning services. With us, you can get expert assistance with money management and maximizing your wealth, while also getting peace of mind about the legacy you’re leaving for future generations.
Would you like to know more? For a free, no-obligation consultation with a friendly and knowledgeable financial advisor serving the Dallas-Fort Worth metroplex area, contact our office in Southlake, Texas, today.
