The Value of Professional Financial Advice

The Value of Professional Advice

By Joe Arndt  CLU, ChFC

I recently have been reading some interesting facts. Women live an average of 7 years longer than men, and make up 61% of the 74 to 84 age group. Of all people in the world 110 and older, 90% are female. 37% of women surveyed expect to financially support an adult child, while 38% agreed it is likely they will support aging parents. And, if you have ever toured a nursing home you will see that the majority of the residents are female. 

Although planning for a successful retirement can be difficult for anyone, high divorce rates, the high probability of widowhood, longevity, and reduced social security benefits can make planning an uphill battle for many women baby boomers. Also, many people don’t feel the need for marriage, and forego those financial benefits, if any. 

However, it seems there is a growing awareness and willingness to take action, which is good because the need is great. There are several things you can do to increase the chances that your non-working years will be as you envision. 

A recent OppenheimerFunds survey found that:

• 62% of women surveyed credit professional financial advice with making them feel more confident about having enough money for the future.
• 46% say working with an advisor makes them feel more knowledgeable and comfortable in general about investing.  

What can you do now to prepare for a successful and rewarding retirement?Contribute to your IRA, or your employer’s retirement plan. Sacrifice current income in return for a robust retirement plan. $10 or $20 a week can add up, especially if you are young.  Learn about your finances, don’t just sign your tax return, understand it.  Pay down debt, work up a personal balance sheet and plan a budget. 

The benefits of a professional advisor should include: 1) Planning-providing objective advice so you can make informed investment and financial decisions. 2) Implementing-construct your investment portfolio using risk-based asset allocation strategies and a financial plan using a holistic approach. 3) Managing-ongoing monitoring and adjusting to keep pace with life changes and world economics. Over time, every plan is modified to take into account the unpredictable changes that occur.  

As your personal and professional lives evolve, your financial advisor will help you determine the impact on your investment goals and other financial needs. Rely on your financial advisor to offer innovative solutions, recommend a plan of action, and help you maintain your confidence in the future. 

*Securities and investment advisory services offered through Sagepoint Financial, Inc., member FINRA/SIPC, and a registered investment advisor.Arndt & Associates is not affiliates with Sagepoint Financial or registered as a broker-dealer or investment advisor.                                                                              Registered Address: 8124 Big Bend Blvd. St. Louis, MO  63119