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Many people think of confidence as a bit of a fuzzy concept, or at least a soft skill. Certainly not something that will actually add zeros to your net worth. So a recent headline stating that improving financial confidence could boost net worth by up to £142 billion instantly caught my attention.

The article was based on a study from UK money management app Moneybox, known as the Moneybox Financial Confidence Index, and the claim was not — obviously — about any individual increasing their net worth by such an elevated sum, but rather about how the UK population could increase collective net worth, by increasing collective financial confidence.

The study surveyed 4,000 adults to assess their financial confidence and how it impacted other behaviors such as investing, planning for retirement and even things like monthly budgeting. While it was a UK study the concepts are fairly universal, and what the researchers discovered is that there’s a strong link between increased financial confidence, financial behaviors (particularly investing strategies), and ultimate net worth.

This is hardly surprising. Financial confidence is one of the important factors behind why the rich get richer, and the poor often fail to increase their net worth long term, even if they are blessed with a big lottery win or other windfall. It’s about having the knowledge to handle money, but also the confidence to invest more advantageously, which often means more aggressively.

Survey respondents who identified as being confident about their ability to manage their personal finances had a significantly higher net worth — by about £86,000 ($114,800) overall — compared to those who expressed that they don’t feel financially confident. This held true regardless of personal income, indicating that financial confidence and knowledge is more important when it comes to building wealth than income level.

In particular, the survey found a powerful link between financial confidence and investment. Among the financially confident respondents, 44% reported having current active investments, with an average of £111,702 (around $149,000) invested, while among those who stated they are not financially confident only 15% said they currently held investments, with an average investment value of £27,957 (about $37,325).

It could of course be argued that this correlation works the other way: That those who have managed to invest and see those investments growing are more confident as a result. The truth is probably a combination of both. Financial confidence leads to better investment decisions, and better investment decisions ultimately pay off and lead to higher financial confidence.

Either way, it seems fair to conclude that increasing financial confidence is an important factor in boosting net worth, especially considering that this difference persisted across groups with very similar salaries or personal income, with those professing confidence having a much higher net worth on a similar income.

So how should we increase our financial confidence? The organization that ran this survey had some suggestions.

  • Know your goals — and commit to them. Write them down and maybe share them with friends and family.
  • Find the right financial products — based on the above goals, so you make the best investments for your circumstances.
  • Spend 30 minutes a day on managing your finances, tracking your goals, and improving financial literacy.

I would add a few more:

  • Make education a top priority — there are a ton of resources for learning about personal finance out there. Find the best ones for your life stage and spend time on them each day.
  • Make education fun — because we all learn better when we’re having fun. Find reputable financial influencers you love. Follow them on social media, watch their YouTube or TikTok channels.
  • Consume financial education in a way that works for you — whether that’s reading books, watching documentaries or signing up for an online course.
  • Don’t go it alone — find a financial advisor or coach to help you along the way, or seek out a mentor among your own family, friends or acquaintances.

Your net worth is the result of a lot of different factors, including of course your actual income, but if confidence really is making the difference between a higher and lower net worth — even when two individuals have the exact same income — it’s definitely something worth cultivating.

About the Author

Karen Banes is a freelance writer specializing in entrepreneurship, parenting and lifestyle. She writes articles, website content, ebooks and the occasional award winning short story. Her work has appeared in a range of publications both online and off, including The Washington Post, Life Info Magazine, Transitions Abroad, Brave New Traveler, Natural Parenting Group, and Copia Magazine. Learn More About Karen

Are you an Oregon PERS member?

Get expert insights from financial advisors who specialize in helping Oregon PERS members make the most of their compensation package and benefits.

Looking for a financial advisor who specializes in working with Oregon PERS members? You’re in the right place. Below, you’ll find advisors who understand Oregon PERS benefits and compensation — along with their answers to common financial questions from Oregon PERS members.

Whether you’re early in your public service career or approaching retirement, making smart decisions about your income and Oregon PERS benefits can have a lasting impact on your financial future. For example:

✅ Do you know the right moves to get the greatest value from the Oregon PERS benefits available to you?

✅ If you’re thinking about leaving public service for another job or planning to retire in a few years, are you taking the right steps today to receive all the retirement benefits you’ve earned?

Key Takeaways

1

Oregon PERS Members Get the Most From Their Benefits by Planning the Pension, IAP, and OSGP Together

Tier 1, Tier 2, and OPSRP members each follow their own rules for the PERS pension and the Individual Account Program (IAP), and many can also save in the Oregon Savings Growth Plan (OSGP) 457(b). Brenna Baucum, CFP®, says many clients struggle to see how these pieces interact, so she builds projections and tax planning around all three.

2

Requesting a Formal PERS Benefit Estimate Is the First Step Toward Retirement

A formal estimate prompts PERS to review your file, including salary reporting and years of service, so errors surface before you retire. From there, compare pension options such as Single Life, Joint and Survivor, and Lump Sum Settlement, and ask whether a service purchase like waiting time could raise your benefit.

3

Vet a PERS Financial Advisor on Education, Fee Structure, and Service Model

Look for experience with Oregon PERS and the CFP® designation, understand how fee-only, fee-based, and commission-based advisors are paid, and decide whether hourly, project-based, or ongoing wealth management fits your needs. Fee-only advisors generally present the least potential for conflicts of interest.

Why Oregon PERS Members Work with a Specialist Financial Advisor

Oregon’s Public Employees Retirement System provides members with a pension through PERS and the Individual Account Program (IAP), and eligible members can also save in the Oregon Savings Growth Plan (OSGP), a 457(b) deferred compensation plan — along with access to retiree health insurance. While PERS offers many useful resources and access to knowledgeable staff who can assist with questions, you’ll also find financial professionals not affiliated with Oregon PERS who specialize in helping members make the most of their retirement benefits.

Oregon PERS is headquartered in Tigard, Oregon, and serves employees and retirees of the state, school districts, and hundreds of cities, counties, and other public employers across Oregon. Wherever you work in the state, you may have questions about your retirement benefits better suited for a financial professional who can offer unbiased advice and guidance.

Sensitive topics — like the steps you should take before leaving a PERS-covered job, choosing among pension payout and survivor options, or deciding when you should plan to retire — are all conversations that may be more comfortable with a trusted financial advisor.

Should You Hire an Oregon PERS Specialist or a Local Financial Advisor?

You’ll likely find dozens of nearby financial advisors well-suited to help you reach your money goals with a personalized plan. But it can be harder to find a financial advisor who specializes in serving Oregon PERS members. Fortunately, many financial advisors offer virtual services, so you can meet online no matter where you (or they) live — which means you can hire a specialist financial advisor who lives hundreds of miles away if their knowledge and experience working with Oregon PERS members is the better fit for your unique needs.

💡 In the Q&A below, you’ll gain insights from financial advisors who work with Oregon PERS members to help them make smart decisions, get the most value from their compensation and benefits, reduce their money stress, and prepare for a comfortable retirement.

🙋‍♀️ Have a question not yet answered? Use the form below to submit your question. You can also contact financial advisors directly to set up an introductory call or contact them with your questions.

Q&A: Financial Planning Tips for Oregon PERS Members

In this section, you’ll learn how you can make the most of your Oregon PERS benefits and gain valuable tips from financial advisors who specialize in working with Oregon PERS members.

Financial Advisor Q&A  ·  Oregon PERS Members

Brenna Baucum, CFP®, Financial Advisor for Oregon PERS Members at Collective Wealth Planning

Brenna Baucum, CFP®

Collective Wealth Planning  ·  Salem, OR

Tax-Efficient Retirement Planning for Oregon Public Employees and Retirees
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Brenna Baucum is a financial advisor based in Salem, Oregon who specializes in tax-efficient retirement planning for Oregon PERS members and retirees. Brenna helps her clients get the most value from their Oregon PERS pension, Individual Account Program (IAP) and Oregon Savings Growth Plan (OSGP) benefits so they can enjoy life and feel confident about their financial future.

QWhat is a common financial planning challenge unique to Oregon Public Employees that you frequently encounter when working with your clients? How do you work with them to overcome this challenge?

One common financial planning challenge unique to Oregon Public Employees is understanding the intricacies and maximizing the benefits of the Oregon Public Employees Retirement System (PERS). PERS members are either Tier 1, Tier 2, or OPSRP; each membership level comes with its own set of rules and benefits. Each one has a pension benefit and an Individual Account Program (IAP) they contribute during their working years. While employed, members receive an annual statement from their IAP account, but it can be difficult to infer relevant and helpful planning details. If you’ve had that issue in reviewing your annual statement, check out our blog, How to Read Your Oregon PERS Statement – A Step-by-Step Guide.

In addition, Oregon PERS members also have the option to participate in the Oregon Savings Growth Plan (OSGP) 457(b) plan for more tax-deferred savings. Many clients struggle to see how these elements interact with each other and the best strategies to maximize their retirement benefits. I work closely with my clients to educate them on their specific PERS tier, analyze their IAP and OSGP options, and develop a comprehensive retirement strategy tailored to their unique circumstances. This involves detailed projections, tax planning, and personalized investment advice to ensure they can achieve a comfortable and secure retirement.

QHow do the services you offer Oregon Public Employees distinguish your firm from other advisory firms?

When you show up to the Collective Wealth Planning site, you’ll see my services are uniquely tailored to meet the specific needs of Oregon Public Employees. With over a decade of experience advising Oregon PERS members, I have developed a deep understanding of the language and myriad of acronyms that can often be confusing. I offer expert guidance on service purchases, including waiting time, which can have a big impact on pension benefits. My thorough understanding of the various pension options available at each membership tier ensures that clients receive personalized, accurate advice. Additionally, I emphasize proactive tax planning within the various retirement accounts to ensure tax flexibility while working, and into retirement. This includes strategies to optimize withdrawals, manage tax liabilities, and balance tax-deferred growth with taxable investing.

QFor Oregon Public Employees approaching retirement age, how do you recommend they prepare to make the transition from living off their salary to relying upon other sources of income?

For Oregon Public Employees approaching retirement age, a strategic and informed approach is crucial to ensure a smooth transition from living off a salary to relying on retirement income. The first step is to request a formal benefit estimate from PERS once you hit retirement eligibility. It’s the first time PERS is forced to dust off your file and ensure salary reporting, years of service, and other key elements are accurate. Check out our detailed guide on How to Read Your Oregon PERS Benefit Estimate to help make sense of what you see.

Carefully comparing the various pension options available is also vital to making the best decision for your unique situation. This includes understanding the implications of each option, such as Single Life, Joint and Survivor, and Lump Sum Settlement options. Our comprehensive blog post, Deciding Which Oregon PERS Pension Benefit is Right for You, provides valuable insights to help in this decision-making process.

Determining the most appropriate pension strategy is informed by a comprehensive financial plan. I work with clients to co-create a plan that integrates what they have with what they want to achieve and chart a path to get there. Income planning to replace the paycheck, proactive tax planning to ensure tax flexibility, and enough cushion to shift as life inevitably does. By simulating various retirement scenarios, I help clients visualize their financial future and make informed decisions to secure a comfortable, stable, and joyful retirement.

Transitioning from the accumulation phase to the decumulation or distribution phase can be an emotional experience, often bringing anxieties about outliving savings and adjusting to a new financial mindset. Understanding and addressing these emotional aspects is just as important as the financial planning itself. I discussed these topics in detail on a podcast, The Three Anxieties and Four Opportunities in Retirement, where I explore common concerns and strategies to embrace the opportunities that retirement brings. This holistic approach ensures that clients are financially prepared and emotionally confident as they enter this new chapter of their lives.

QWhat questions do you recommend Oregon Public Employees ask financial advisors they’re considering hiring to help them decide if they’re a good fit?

When considering hiring a financial advisor, Oregon Public Employees should vet potential advisors for three key aspects: education, fee structure, and service model.

Education: Look for advisors with experience navigating the Oregon PERS system and consider working with a Certified Financial Planner™ (CFP®). A CFP® designation indicates a high level of expertise and adherence to a rigorous code of ethics, which everyone wants when working with someone handling financials.

Fee Structure: Understand the different fee structures: fee-based, commission-based, and fee-only. Fee-based advisors may charge a combination of fees and commissions, commission-based advisors earn through the products they sell, and fee-only advisors charge solely for their services without earning commissions from product sales. Fee-only advisors generally present the least potential for conflicts of interest, as their compensation is tied directly to the advisory services they provide, ensuring their advice is unbiased and in your best interest.

Service Model: Assess the advisor’s service model to determine if it aligns with your needs. Advisors may offer services on an hourly basis, project-based engagements, or ongoing wealth management. Hourly and project-based services are suitable for specific advice or financial planning needs, while wealth management provides ongoing, holistic financial oversight.

Lastly, it is important to assess the qualitative skills of a potential advisor. Regardless of titles or the fee structure you decide is best for you, choosing a financial advisor may come down to finding one who believes in libertarian paternalism: they sincerely believe it is both possible and legitimate to positively impact your actions while respecting your freedom of choice. This includes your choice of whether to become their client and the countless choices you would face should you work together. (The concept of libertarian paternalism comes from behavioral economist Richard Thaler and legal scholar Cass Sunstein, authors of an excellent book called Nudge: Improving Decisions about Health, Wealth, and Happiness.)

You can pick up other tips on finding the right advisor for you by exploring our blog, How Do You Find a Financial Advisor.

Considering a financial advisor who specializes in working with Oregon PERS Members?

Are you a financial advisor who specializes in working with Oregon PERS members or other public employees?

✅ Join Wealthtender and get featured as a specialist financial advisor based on your knowledge and experience working with Oregon PERS members or other public employees. (Subject to availability and terms.)
✅ Sign up today and join financial advisors attracting their ideal clients on Wealthtender

Ask a Financial Advisor Your Oregon PERS Benefits & Career Questions

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About the Author

Brian Thorp, Founder and CEO of Wealthtender and Editor-in-Chief

Brian Thorp

Founder & CEO, Wealthtender  ·  Editor-in-Chief

Brian Thorp is the founder and CEO of Wealthtender and serves as Editor-in-Chief. With over 25 years in the financial services industry — including nearly 22 years at Invesco, where he led strategic partnerships with wealth management firms representing more than $100 billion in assets — Brian founded Wealthtender to help people find financial advisors they can trust and make more informed money decisions.

A member of the National Society of Compliance Professionals and its SEC Marketing Rule Working Group, Brian was recognized by WealthManagement.com as one of its “Ten to Watch in 2024” for his work reshaping how financial advisors market their services. He holds a B.B.A. in Finance from The University of Texas at Austin.

Brian and his wife live in Austin, Texas.

Read Brian’s full bio →   ·   Connect on LinkedIn →

Two men are shown side by side in a split image. The man on the left is bald, wearing a suit and tie, and stands against a light background. The man on the right has short hair, a beard, and wears a dark sweater in a modern indoor setting.
Institute Founding members Daniel Kenny, Chief Executive Officer, and Kristian Borghesan, Chief Marketing Officer, of FutureVault | Image Credit: Institute for Innovation Development

[The ardent reporting on the $84.4 trillion Great Wealth Transfer now underway needs to specifically underline that there is much more at play here than just a repositioning of money. It requires thinking beyond assets, into relationships. It also comes with differentiated generations of investors, an evolutionary shift in the framework of financial planning and advice, and addressing the evolving expectations of how clients want to engage with advisors and wealth professionals.

This investor marketplace pressure will continue to fashion and evolve the modern financial advisor business model into what some call the emergence of “Advisor 3.0”. This business model acknowledges and prepares advisors to engage clients on different personal, family, and business challenges embedded, and deeply rooted, in not only financial, but also unique life situations.         

The Advisor 3.0 model will need to integrate specialized technology to efficiently manage extensive client data, deliver unique digital client experiences, and drive client engagement that will pave the road to success for the modern advisory relationship.

To better explore this advisor business model evolution and how it can transform the “Great Wealth Transfer” into the “Great Relationship Transfer”, we reached out to Institute Founding members Daniel Kenny, Chief Executive Officer, and Kristian Borghesan, Chief Marketing Officer, of  FutureVault –  an award-winning white-labelled, AI-Powered Digital Vault platform for financial institutions and the pioneers of the Client Life Management Vault™.

We asked them to share their unique perspectives on what they see as a shifting advisor service model and how FutureVault positions its Digital Vault and AI technologies into a strategic enterprise advantage for advisors and wealth managers in competitively positioning themselves to deliver comprehensive Client Life Management services and capture the “Great Relationship” Transfer. They see this as becoming a driving force in accelerating the financial services industry into a new era of cross-generational relationships and holistic, integrated wealth management services.]

Hortz: Can you share your perspectives on what you see as the evolving Advisor 3.0 service model and what you term as Client Life Management?

Kenny: Many advisors are gradually moving towards a new business paradigm that is no longer limited to investment-only advice and that many in the industry are referring to as “Advisor 3.0.” This evolution comes as a response to the growing demands of clients for a more comprehensive, personalized, and integrated service that addresses all facets of their financial and personal lives.

McKinsey & Company analysts suggest modern financial advisors will become “more like integrated life/wealth coaches who advise clients on investments, banking, healthcare, protection, taxes, estate, and financial wellness needs more broadly.”

We prefer the terminology of “Client Life Management” as it is more descriptive of what an Advisor 3.0 does versus just the tag line. These modern financial advisory firms are increasingly adopting a white-gloved, family office-like service model that is not only redefining the financial advisor value proposition but also significantly enhancing the experience and outcomes for both the financial firm and its clients.

Borghesan: Client Life Management is pivotal to the success of the modern advisor, and the relationships advisors build with their clients. This approach encourages advisors to engage with clients at every stage of their journey, from that very first interaction to legacy planning and beyond.

By addressing the entirety of a client’s financial, business, and personal life – plus keeping it organized and safe – advisors can forge a deeper, more meaningful relationship. This comprehensive engagement strategy serves as a digital moat, enhancing the financial firm’s competitive position by fostering trust, expanding influence across family members and generations, and ultimately, creating a highly referable business.

The value proposition of adopting a Client Life Management perspective is clear. It allows advisors to become indispensable, guiding clients through life’s complexities with sage advice and integrated solutions. This paradigm shift is coming like a freight train and will undoubtedly transform modern advisory firms to the forefront of leading the charge.

Hortz: What role does technology play in the actualization of this enhanced business and service model?

Borghesan: Technology is a driving force for transformation. Advanced digital tools and data platforms enable advisors to deliver personalized services efficiently and at scale. These technologies give advisors access to actionable insights, data, and valuable information (including documents) across their entire life, from tax planning and estate management to medical and healthcare planning.

We spend a lot of time talking to firms and advisors about how Digital Vaults bring multi-generational engagement (and value) to the table, paving the way for a modern high-touch advisory relationship. When coupled with AI and private LLMs, Digital Vaults offer Intelligent Document Processing transforming static documents into rich, dynamic and intelligent enterprise assets.

Kenny: Investing in the right tools, technology, and resources, especially with the intent to deliver the most unique digital client experience and drive client engagement, will pave the path to success naturally by providing a means to foster deeper relationships with clients.

Digital Vaults, as an example, position a new paradigm in how everyday information, client information, is managed, accessed, and delivered to clients, to their family members, through their Centers-Of-Influence, and to their network of Trusted Advisors, and vice versa.

When structured properly, digital vaults serve as the central repository for all of the important documents and the single source of truth for all data that clients and their families need to access in the event of a change in circumstances, such as the passing of a family member, liquidity events, or the retirement of an advisor. This sets a firm foundation for the client service relationship, as advisors can now address the entirety of the client’s financial, business, and personal life.

Hortz: What is the significance of this advisor business model of Client Life Management in relation to the Great Wealth Transfer?

Borghesan: The significance of the Advisor 3.0, Client Life Management model shift becomes even more pronounced in the context of the Great Wealth Transfer. For advisors and wealth managers to maximally navigate this massive $84.4 trillion opportunity and gain a competitive edge, they should shift their mindset and position this as the Great “Relationship” Transfer and not just focus on the wealth piece of the puzzle. By adopting the integrated life and wealth advisory model and meeting the needs of younger clients as well as older ones, advisors will gain trust and loyalty of the next generations.

Kenny: To win relationships in this massive money-in-motion opportunity, advisors should consider strengthening their differentiation in this hyper-competitive market, offer a tech-enabled Client Life Management high-touch, bespoke service that appeals to high-net-worth individuals and families.

Advisors also often find greater job satisfaction in delivering comprehensive services that have a meaningful impact on clients’ lives, leading to higher engagement and retention of talent within the firm.

Hortz: How do you see these trends evolving into the future for the industry?

Kenny: As we look to the future, it is evident that the role of the financial advisor is not just evolving; it has already evolved. In embracing this new role, advisors will not only ensure their own success but also secure the financial well-being and fulfillment of their clients across generations. They will have also earned their being the client’s primary financial relationship by quarterbacking disconnected client financial teams to coordinated contextual interactions. The future beckons with promises of deeper relationships, enhanced trust, and unprecedented opportunities for financial industry growth.

This article was originally published here and is republished on Wealthtender with permission.

About the Author

A middle-aged man, Bill Hortz, with short dark hair wearing a dark pinstripe suit, white dress shirt, and a maroon tie, posing against a plain gray backdrop. He has a slight smile and is looking directly at the camera.

Bill Hortz

Founder Institute for Innovation Development

Bill Hortz is an independent business consultant and Founder/Dean of the Institute for Innovation Development- a financial services business innovation platform and network. With over 30 years of experience in the financial services industry including expertise in sales/marketing/branding of asset management firms, as well as, creatively restructuring and developing internal/external sales and strategic account departments for 5 major financial firms, including OppenheimerFunds, Neuberger&Berman and Templeton Funds Distributors. His wide ranging experiences have led Bill to a strong belief, passion and advocation for strategic thinking, innovation creation and strategic account management as the nexus of business skills needed to address a business environment challenged by an accelerating rate of change.

Find financial advisors in Johnson City, Tennessee ready to help with your financial planning needs so you can enjoy life more with less money stress.

Whether you have lived in Johnson City for years or recently moved to town, you may need help finding the right financial advisor in the community best suited for your individual needs.

It’s important to first consider your own financial planning priorities before choosing an advisor. Here are a few quick tips to help you get started along with financial advisors in Johnson City featured on Wealthtender you may want to add to your shortlist.

As you prepare to interview financial advisors in Johnson City who may be right for you, get to know local financial advisors featured on Wealthtender.

📍 Map: Financial Advisors with their Primary Office Location in Johnson City

Double-click (or pinch the map on mobile devices) to zoom in and expand the details for financial advisors whose primary office location is in Johnson City.

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The Benefits of Hiring a Financial Advisor in Johnson City

Hiring a financial advisor can be a great move to help you build a long-term investing strategy. Advisors can help you build an investment portfolio to meet your financial goals and help you plan appropriately for retirement.

As a resident living in Johnson City, hiring a financial advisor who lives nearby and understands the local economy, cost of living, and regional employers can be quite valuable, especially if your individual circumstances are deeply tied to such factors.

Do you work for one of the largest employers in Johnson City? If so, there’s a good chance the local financial advisor you hire will also have other clients who work there. This knowledge could prove valuable if they are already familiar with your employee benefits, such as a 401(k) plan, Health Savings Accounts, and other components of your total compensation package.

When you reach out to financial advisors you’re considering hiring, let them know where you work and ask if they are familiar with your employer’s unique benefits and compensation structure.

Quick Tips For Hiring an Johnson City Financial Advisor

Before hiring a financial advisor in Johnson City, here are a few quick tips to help you find the best advisor for you.

1. Decide Which Services You Need

Before hiring an advisor, determine what services you need from them. Whether it’s full-service investment management or a plan focused on a specific area of your finances, put together a list of what you’d like help with before contacting an advisor.

Though most people use a financial planner simply to invest for retirement, this is only a small part of what many advisors offer. Here’s a quick rundown of potential services a financial advisor may offer you:

  • Budgeting and money management
  • Debt management
  • Insurance planning
  • Retirement planning
  • Other investment planning
  • Inheritance planning
  • Estate planning
  • Tax planning

As you can see, financial advisors can help you with your entire financial picture, not just investing. As you start to plan for life’s bigger milestones, you should consider finding a financial advisor that specializes in those areas.

Finding the right advisor can help you minimize risk, maximize gains and take advantage of tax breaks while investing for your future. They can also help you protect your assets with the right kinds of insurance and help you pass on your financial legacy with a proper estate plan.

2. Consider Your Budget and Payment Preferences

Once you have a list of services you would like, review the fee structures financial advisors offer. Finding a balance between the services you need and the cost of those services will help narrow down the field of advisors you may want to work with.

If you are looking for a full-service advisor to manage all of your investments, consider searching among fee-based financial advisors. If you want to manage your money yourself, consider the flat fee and monthly subscription advisors for ongoing support.

3. Interview Multiple Financial Advisors

Once you have chosen the services and fee structure you prefer, it’s time to contact a few advisors and interview them. Here are questions to ask financial advisors:

  • What services do you provide?
  • What are all the ways you get paid? (fee transparency)
  • What is your investment strategy?
  • How do you measure investment performance?
  • How do we communicate about my plan?

Interview multiple advisors to get a feel for who you want to work with. A combination of fees, services, and customer service will help you determine the best fit for your financial advice.

4. Review Financial Advisor Credentials

Once you find an advisor (or two) you feel comfortable with, it’s always a good practice to check their credentials and the firm’s details. You can do this at the Investment Adviser Public Disclosure (IAPD) website. 

You can check both the individual and the firm to view their background and experience details, as well as any disciplinary action taken against them or their firm.

As licensed financial professionals, there is oversight into how financial advisors conduct business, so running a quick (free) check on them is recommended.

For additional information about advisor credentials, read our article to learn the most popular designations held by financial advisors, as well as specialized credentials which may be important to consider if you have unique financial planning needs.

Frequently Asked Questions & Additional Resources

How do I know if I’m ready to hire a financial advisor?

You should strongly consider hiring a financial advisor if you have a significant amount of money available for saving or investing. This could occur after years of making annual contributions to a retirement plan like a 401(k) through your employer or suddenly if you receive a large inheritance or sell your house for a large profit.

But even if you don’t have a lot of money saved, many financial advisors and planners provide reasonable pricing options and valuable services you should consider, especially if you’re facing a significant life event. For example, if you’re starting a new job, getting married, starting a family, getting divorced, lost your job, starting or selling a business, or approaching retirement age, working with a trusted financial advisor or planner may prove worthwhile.

Before I hire a new financial advisor, should I fire my current advisor?

You don’t need to fire your current advisor before beginning your search for a new financial advisor. In fact, your new advisor can help coordinate the transition of your assets from your previous financial advisor.

Where can I read reviews about financial advisors written by their clients to help me decide if I should hire them?

After 60 years of regulatory prohibition of financial advisor reviews in the US, a rule issued by the Securities and Exchange Commission (SEC) became effective on May 4, 2021 that means both financial advisors and directory websites that help consumers search for a financial advisor can collect and display financial advisor reviews, an important factor worth considering when choosing who you’ll hire to manage your investments and life savings. 

Wealthtender is the first independent advisor review platform designed to be fully compliant with the new SEC rule, and we look forward to helping you evaluate financial advisors based on reviews written by their clients.

I’m a local financial advisor interested in being featured in this guide. How do I get started?

Thanks for your interest. We look forward to learning more about your practice and helping you attract your ideal clients where you may be a good fit based on their individual needs and circumstances. Please click here to learn how you can join local financial advisors featured on Wealthtender.

How Much Does a Financial Advisor Cost?

➡️ How Much Does a Financial Advisor Cost? Read the Article

About the Author
A headshot of Brian Thorp, the founder and CEO of Wealthtender

About the Author

Brian Thorp

Brian is CEO and founder of Wealthtender and Editor-in-Chief. He and his wife live in Austin, Texas. With over 25 years in the financial services industry, Brian is applying his experience and passion at Wealthtender to help more people enjoy life with less money stress. Learn More about Brian

Find financial advisors in Brownsboro, Texas ready to help with your financial planning needs so you can enjoy life more with less money stress.

Whether you have lived in Brownsboro for years or recently moved to town, you may need help finding the right financial advisor in the community best suited for your individual needs.

It’s important to first consider your own financial planning priorities before choosing an advisor. Here are a few quick tips to help you get started along with financial advisors in Brownsboro featured on Wealthtender you may want to add to your shortlist.

As you prepare to interview financial advisors in Brownsboro who may be right for you, get to know local financial advisors featured on Wealthtender.

📍 Map: Financial Advisors with their Primary Office Location in Brownsboro

Double-click (or pinch the map on mobile devices) to zoom in and expand the details for financial advisors whose primary office location is in Brownsboro.

📍Double-click or pinch pins to view more.

Improve your Financial Confidence and Increase Your Net Worth
 
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The Benefits of Hiring a Financial Advisor in Brownsboro

Hiring a financial advisor can be a great move to help you build a long-term investing strategy. Advisors can help you build an investment portfolio to meet your financial goals and help you plan appropriately for retirement.

As a resident living in Brownsboro, hiring a financial advisor who lives nearby and understands the local economy, cost of living, and regional employers can be quite valuable, especially if your individual circumstances are deeply tied to such factors.

Do you work for one of the largest employers in Brownsboro? If so, there’s a good chance the local financial advisor you hire will also have other clients who work there. This knowledge could prove valuable if they are already familiar with your employee benefits, such as a 401(k) plan, Health Savings Accounts, and other components of your total compensation package.

When you reach out to financial advisors you’re considering hiring, let them know where you work and ask if they are familiar with your employer’s unique benefits and compensation structure.

Quick Tips For Hiring an Brownsboro Financial Advisor

Before hiring a financial advisor in Brownsboro, here are a few quick tips to help you find the best advisor for you.

1. Decide Which Services You Need

Before hiring an advisor, determine what services you need from them. Whether it’s full-service investment management or a plan focused on a specific area of your finances, put together a list of what you’d like help with before contacting an advisor.

Though most people use a financial planner simply to invest for retirement, this is only a small part of what many advisors offer. Here’s a quick rundown of potential services a financial advisor may offer you:

  • Budgeting and money management
  • Debt management
  • Insurance planning
  • Retirement planning
  • Other investment planning
  • Inheritance planning
  • Estate planning
  • Tax planning

As you can see, financial advisors can help you with your entire financial picture, not just investing. As you start to plan for life’s bigger milestones, you should consider finding a financial advisor that specializes in those areas.

Finding the right advisor can help you minimize risk, maximize gains and take advantage of tax breaks while investing for your future. They can also help you protect your assets with the right kinds of insurance and help you pass on your financial legacy with a proper estate plan.

2. Consider Your Budget and Payment Preferences

Once you have a list of services you would like, review the fee structures financial advisors offer. Finding a balance between the services you need and the cost of those services will help narrow down the field of advisors you may want to work with.

If you are looking for a full-service advisor to manage all of your investments, consider searching among fee-based financial advisors. If you want to manage your money yourself, consider the flat fee and monthly subscription advisors for ongoing support.

3. Interview Multiple Financial Advisors

Once you have chosen the services and fee structure you prefer, it’s time to contact a few advisors and interview them. Here are questions to ask financial advisors:

  • What services do you provide?
  • What are all the ways you get paid? (fee transparency)
  • What is your investment strategy?
  • How do you measure investment performance?
  • How do we communicate about my plan?

Interview multiple advisors to get a feel for who you want to work with. A combination of fees, services, and customer service will help you determine the best fit for your financial advice.

4. Review Financial Advisor Credentials

Once you find an advisor (or two) you feel comfortable with, it’s always a good practice to check their credentials and the firm’s details. You can do this at the Investment Adviser Public Disclosure (IAPD) website. 

You can check both the individual and the firm to view their background and experience details, as well as any disciplinary action taken against them or their firm.

As licensed financial professionals, there is oversight into how financial advisors conduct business, so running a quick (free) check on them is recommended.

For additional information about advisor credentials, read our article to learn the most popular designations held by financial advisors, as well as specialized credentials which may be important to consider if you have unique financial planning needs.

Frequently Asked Questions & Additional Resources

How do I know if I’m ready to hire a financial advisor?

You should strongly consider hiring a financial advisor if you have a significant amount of money available for saving or investing. This could occur after years of making annual contributions to a retirement plan like a 401(k) through your employer or suddenly if you receive a large inheritance or sell your house for a large profit.

But even if you don’t have a lot of money saved, many financial advisors and planners provide reasonable pricing options and valuable services you should consider, especially if you’re facing a significant life event. For example, if you’re starting a new job, getting married, starting a family, getting divorced, lost your job, starting or selling a business, or approaching retirement age, working with a trusted financial advisor or planner may prove worthwhile.

Before I hire a new financial advisor, should I fire my current advisor?

You don’t need to fire your current advisor before beginning your search for a new financial advisor. In fact, your new advisor can help coordinate the transition of your assets from your previous financial advisor.

Where can I read reviews about financial advisors written by their clients to help me decide if I should hire them?

After 60 years of regulatory prohibition of financial advisor reviews in the US, a rule issued by the Securities and Exchange Commission (SEC) became effective on May 4, 2021 that means both financial advisors and directory websites that help consumers search for a financial advisor can collect and display financial advisor reviews, an important factor worth considering when choosing who you’ll hire to manage your investments and life savings. 

Wealthtender is the first independent advisor review platform designed to be fully compliant with the new SEC rule, and we look forward to helping you evaluate financial advisors based on reviews written by their clients.

I’m a local financial advisor interested in being featured in this guide. How do I get started?

Thanks for your interest. We look forward to learning more about your practice and helping you attract your ideal clients where you may be a good fit based on their individual needs and circumstances. Please click here to learn how you can join local financial advisors featured on Wealthtender.

How Much Does a Financial Advisor Cost?

➡️ How Much Does a Financial Advisor Cost? Read the Article

About the Author
A headshot of Brian Thorp, the founder and CEO of Wealthtender

About the Author

Brian Thorp

Brian is CEO and founder of Wealthtender and Editor-in-Chief. He and his wife live in Austin, Texas. With over 25 years in the financial services industry, Brian is applying his experience and passion at Wealthtender to help more people enjoy life with less money stress. Learn More about Brian

Find financial advisors in Lancaster, Pennsylvania ready to help with your financial planning needs so you can enjoy life more with less money stress.

Whether you have lived in Lancaster for years or recently moved to town, you may need help finding the right financial advisor in the community best suited for your individual needs.

It’s important to first consider your own financial planning priorities before choosing an advisor. Here are a few quick tips to help you get started along with financial advisors in Lancaster featured on Wealthtender you may want to add to your shortlist.

As you prepare to interview financial advisors in Lancaster who may be right for you, get to know local financial advisors featured on Wealthtender.

📍 Map: Financial Advisors with their Primary Office Location in Lancaster

Double-click (or pinch the map on mobile devices) to zoom in and expand the details for financial advisors whose primary office location is in Lancaster.

📍Double-click or pinch pins to view more.

Improve your Financial Confidence and Increase Your Net Worth
 
0 Ratings
Find Financial Advisors for Oregon PERS Members: Q&A Insights from the Experts
 
0 Ratings
Advisor 3.0 and the $84.4 Trillion “Great Relationship” Transfer
 
0 Ratings
Looking for a Financial Advisor in Johnson City, Tennessee?
 
0 Ratings
Looking for a Financial Advisor in Brownsboro, Texas?
 
0 Ratings
Looking for a Financial Advisor in Lancaster, Pennsylvania?
 
0 Ratings
Six Tax-Efficient Strategies to Manage Your Concentrated Stock Position
 
0 Ratings
Looking for a Financial Advisor in Tempe, Arizona?
 
0 Ratings
Looking for a Financial Advisor in Glen Ridge, New Jersey?
 
0 Ratings
Showing

📍 Additional Advisors Who Serve Clients in Lancaster

In addition to the advisors featured above, these advisors can also meet with you in person in Lancaster.

Headshot of Ryan Townsley, CFP®, RICP®, CPWA®, TPCP®, EA
Ryan Townsley, CFP®, RICP®, CPWA®, TPCP®, EA Town Capital Bel Air, MD
44 Certified Advisor Reviews™

The Benefits of Hiring a Financial Advisor in Lancaster

Hiring a financial advisor can be a great move to help you build a long-term investing strategy. Advisors can help you build an investment portfolio to meet your financial goals and help you plan appropriately for retirement.

As a resident living in Lancaster, hiring a financial advisor who lives nearby and understands the local economy, cost of living, and regional employers can be quite valuable, especially if your individual circumstances are deeply tied to such factors.

Do you work for one of the largest employers in Lancaster? If so, there’s a good chance the local financial advisor you hire will also have other clients who work there. This knowledge could prove valuable if they are already familiar with your employee benefits, such as a 401(k) plan, Health Savings Accounts, and other components of your total compensation package.

When you reach out to financial advisors you’re considering hiring, let them know where you work and ask if they are familiar with your employer’s unique benefits and compensation structure.

Quick Tips For Hiring an Lancaster Financial Advisor

Before hiring a financial advisor in Lancaster, here are a few quick tips to help you find the best advisor for you.

1. Decide Which Services You Need

Before hiring an advisor, determine what services you need from them. Whether it’s full-service investment management or a plan focused on a specific area of your finances, put together a list of what you’d like help with before contacting an advisor.

Though most people use a financial planner simply to invest for retirement, this is only a small part of what many advisors offer. Here’s a quick rundown of potential services a financial advisor may offer you:

  • Budgeting and money management
  • Debt management
  • Insurance planning
  • Retirement planning
  • Other investment planning
  • Inheritance planning
  • Estate planning
  • Tax planning

As you can see, financial advisors can help you with your entire financial picture, not just investing. As you start to plan for life’s bigger milestones, you should consider finding a financial advisor that specializes in those areas.

Finding the right advisor can help you minimize risk, maximize gains and take advantage of tax breaks while investing for your future. They can also help you protect your assets with the right kinds of insurance and help you pass on your financial legacy with a proper estate plan.

2. Consider Your Budget and Payment Preferences

Once you have a list of services you would like, review the fee structures financial advisors offer. Finding a balance between the services you need and the cost of those services will help narrow down the field of advisors you may want to work with.

If you are looking for a full-service advisor to manage all of your investments, consider searching among fee-based financial advisors. If you want to manage your money yourself, consider the flat fee and monthly subscription advisors for ongoing support.

3. Interview Multiple Financial Advisors

Once you have chosen the services and fee structure you prefer, it’s time to contact a few advisors and interview them. Here are questions to ask financial advisors:

  • What services do you provide?
  • What are all the ways you get paid? (fee transparency)
  • What is your investment strategy?
  • How do you measure investment performance?
  • How do we communicate about my plan?

Interview multiple advisors to get a feel for who you want to work with. A combination of fees, services, and customer service will help you determine the best fit for your financial advice.

4. Review Financial Advisor Credentials

Once you find an advisor (or two) you feel comfortable with, it’s always a good practice to check their credentials and the firm’s details. You can do this at the Investment Adviser Public Disclosure (IAPD) website. 

You can check both the individual and the firm to view their background and experience details, as well as any disciplinary action taken against them or their firm.

As licensed financial professionals, there is oversight into how financial advisors conduct business, so running a quick (free) check on them is recommended.

For additional information about advisor credentials, read our article to learn the most popular designations held by financial advisors, as well as specialized credentials which may be important to consider if you have unique financial planning needs.

Frequently Asked Questions & Additional Resources

How do I know if I’m ready to hire a financial advisor?

You should strongly consider hiring a financial advisor if you have a significant amount of money available for saving or investing. This could occur after years of making annual contributions to a retirement plan like a 401(k) through your employer or suddenly if you receive a large inheritance or sell your house for a large profit.

But even if you don’t have a lot of money saved, many financial advisors and planners provide reasonable pricing options and valuable services you should consider, especially if you’re facing a significant life event. For example, if you’re starting a new job, getting married, starting a family, getting divorced, lost your job, starting or selling a business, or approaching retirement age, working with a trusted financial advisor or planner may prove worthwhile.

Before I hire a new financial advisor, should I fire my current advisor?

You don’t need to fire your current advisor before beginning your search for a new financial advisor. In fact, your new advisor can help coordinate the transition of your assets from your previous financial advisor.

Where can I read reviews about financial advisors written by their clients to help me decide if I should hire them?

After 60 years of regulatory prohibition of financial advisor reviews in the US, a rule issued by the Securities and Exchange Commission (SEC) became effective on May 4, 2021 that means both financial advisors and directory websites that help consumers search for a financial advisor can collect and display financial advisor reviews, an important factor worth considering when choosing who you’ll hire to manage your investments and life savings. 

Wealthtender is the first independent advisor review platform designed to be fully compliant with the new SEC rule, and we look forward to helping you evaluate financial advisors based on reviews written by their clients.

I’m a local financial advisor interested in being featured in this guide. How do I get started?

Thanks for your interest. We look forward to learning more about your practice and helping you attract your ideal clients where you may be a good fit based on their individual needs and circumstances. Please click here to learn how you can join local financial advisors featured on Wealthtender.

How Much Does a Financial Advisor Cost?

➡️ How Much Does a Financial Advisor Cost? Read the Article

About the Author
A headshot of Brian Thorp, the founder and CEO of Wealthtender

About the Author

Brian Thorp

Brian is CEO and founder of Wealthtender and Editor-in-Chief. He and his wife live in Austin, Texas. With over 25 years in the financial services industry, Brian is applying his experience and passion at Wealthtender to help more people enjoy life with less money stress. Learn More about Brian

Explore options to diversify, generate income, and limit risk.

Introduction

Many of the professionals, executives, and families we serve have built their wealth through a single stock holding.

A concentrated stock position refers to a single equity stake that constitutes around 10% or more of an investor’s total portfolio allocation. These positions can occur due to various factors, including inheritance, corporate compensation plans, involvement in an IPO, or simply a successful investment that has significantly outperformed others over time.

This resource seeks to clarify concentrated stock positions by offering six straightforward, tax-efficient strategies for effective management.

Understanding Concentrated Stock Positions

Why Investors Maintain Concentrated Positions

If concentrated investments carry significant risks, what motivates investors to retain them? It often boils down to one or more of the following factors:

Emotional Attachment

Numerous investors form a deep personal connection with a particular stock, especially if it represents a company they were employed by or is an inheritance from a cherished individual. The emotional importance of such investments can create challenges in letting go, even when diversification could mitigate financial risk.

Potential Tax Implications

A major concern when dealing with concentrated stock positions is the capital gains tax liability. Selling stock that has significantly appreciated in value can result in substantial taxes, leading some investors to hesitate in diversifying their portfolios. Instead, they may consider strategies such as holding onto the stock until death to ensure a step-up in basis for their heirs.

Optimism Regarding Future Growth

Some investors maintain concentrated positions due to their strong belief in the future growth potential of the stock. This optimism may stem from extensive knowledge of the company, confidence in its leadership, or a belief in its industry’s long-term prospects, leading them to prioritize potential gains over diversification.

What risks are associated with holding a large portion of a single company?

Even the largest and most successful companies are not immune to market volatility and economic downturns. This vulnerability was underscored in a study by Eaton Vance, which highlighted the potential risks and volatility associated with individual stocks.

During the study, they examined all actively traded stocks listed on the NYSE and NASDAQ since 1981. In this scenario, 68% of U.S. stocks experienced catastrophic loss (defined as a maximum price drawdown greater than 70%). Individual stocks have historically posted higher volatility and lower median performance than the stock market. A concentrated stock position may expose an investor’s wealth to a wider range of outcomes and longer periods of loss than holding a well-diversified portfolio.

Additional Reasons Investors Might Choose to Reduce a Concentrated Position

  • Risk Management: Holding a substantial single-stock position can introduce volatility, which may significantly impact your overall returns.
  • Liquidity Needs: Transforming part of your investment into more liquid assets provides flexibility for upcoming expenses or opportunities.
  • Tax Efficiency: Implementing certain strategies can help minimize or defer capital gains taxes while gradually decreasing exposure.
  • Estate Planning: High-concentration positions can complicate estate planning, especially regarding how heirs will manage or inherit the stock.

Six Tax-Efficient Strategies to Manage Your Concentrated Stock Position

Managing a concentrated stock position comes with unique challenges, but it also opens doors to strategic wealth planning. Here are six tax-efficient strategies to help you navigate this process effectively:

I. Gradual Exposure Reduction

If you are ready to sell some of your shares, there are tax-efficient ways to do so:

  • Develop a structured plan as part of your broader financial strategy.
  • Spread the sales over time—monthly, quarterly, or annually—to manage your tax burden while reducing risk.
  • Budget for capital gains taxes and explore ways to offset them with losses from other investments in your portfolio.
  • Implement a tax-loss harvesting strategy tailored to your financial goals and comfort level.

This approach allows you to reduce exposure while strategically managing your tax obligations.

II. Gifting Shares

Diversification can also be achieved by gifting shares you no longer need. This not only helps you remove assets from your estate but also provides opportunities for charitable giving and tax benefits.

  • Donor-Advised Fund (DAF): Contribute appreciated shares to a DAF and receive an immediate tax deduction. The DAF can then support your ongoing charitable efforts while benefiting from tax-free growth.
  • Charitable Remainder Trust (CRT): Transfer shares to a CRT to receive a lifetime income stream. Upon your passing, the remaining assets go to the charities of your choice.
  • Direct Charitable Contributions: Donate shares directly to a charity to potentially deduct their full market value and avoid capital gains taxes.
  • Estate Planning Vehicles: Options like Grantor Retained Annuity Trusts (GRATs) or Intentionally Defective Grantor Trusts (IDGTs) allow you to reduce your concentrated position while providing estate tax benefits. These strategies can generate income streams or other advantages while lowering your taxable estate.

III. Exchange Fund

Exchange funds allow you to trade your concentrated stock for a diversified portfolio without triggering capital gains taxes. By pooling your shares with other investors, you gain access to broader diversification and reduced risk. However, these funds often come with requirements such as minimum holding periods and liquidity constraints, so it’s important to evaluate whether they align with your needs.

IV. Options-Based Strategies

Options can provide both income and downside protection.

  • Protective Puts: Limit potential losses while maintaining the ability to participate in market gains.
  • Collars: Generate income while protecting against downside risk.
  • Covered Calls: Earn income by selling call options against your stock.

These strategies offer flexibility, allowing you to manage risk while optimizing potential returns.

V. Prepaid Variable Forward

A prepaid variable forward is a forward contract combining a collar and an upfront loan. It allows you to:

  • Hedge against depreciation while retaining some upside potential.
  • Access liquidity without triggering immediate capital gains taxes.

This solution is ideal for investors seeking diversification and immediate cash flow without selling shares outright.

VI. Pledged Asset Loan

Instead of selling, consider borrowing against your stock’s value to unlock liquidity. You can use the loan proceeds to invest elsewhere, all while avoiding a taxable event.

Implementation Considerations

As you decide whether to adopt one of these strategies, it’s important to take a thoughtful approach. Here are five key factors to consider before making your final choice.

Key Considerations for Investment Strategies

  • Tax Implications: Different strategies handle capital gains in their own unique ways. It’s wise to consult a tax professional to forecast potential outcomes.
  • Legal and Regulatory Requirements: Certain strategies, such as exchange funds or option collars involving loans, may require accreditation, specific agreements, or particular brokerage permissions.
  • Estate Planning: Collaborate with an estate attorney to assess how these strategies could potentially affect the inheritance of your heirs or charitable donations.
  • Opportunity Costs: Maintaining a concentrated position can expose you to significant risk from a single company, potentially causing you to miss out on broader market gains. Additionally, some hedging or collar strategies may limit potential upside profits.
  • Consulting Professionals: Engaging with a financial advisor or tax professional can aid in choosing the most suitable approach based on your objectives and risk tolerance, as these strategies can be too intricate for most investors to navigate independently.

Taking the time to carefully evaluate these factors when implementing an investment strategy can help you make informed decisions that align with your financial goals and risk tolerance.

The Bottom Line

A concentrated stock portfolio can feel like both a blessing and a challenge. While managing such positions can be complex, they also present significant opportunities for strategic wealth management. By understanding the risks, exploring tax-efficient strategies, and working with experienced advisors, you can develop a plan that aligns with your financial goals.

At Sierra Pacific Private Wealth, we specialize in managing concentrated portfolios and provide personalized solutions to fit your unique needs. If you have questions or would like to create a customized plan, we’re here to help. Let us know how we can support you and your family’s financial journey.

This article reflects the insights and opinions of its author and is not a recommendation or endorsement of their views or services.

About the Author

Headshot of Janet Z. Wan, CFP®, CPFA
Janet Z. Wan, CFP®, CPFA Wealth Advisor for Professionals Working in IT & Biotech Industries

Janet Z. Wan, CFP®, CPFA | Sierra Pacific Private Wealth

🔗 Website | Wealthtender Profile

Find financial advisors in Tempe, Arizona ready to help with your financial planning needs so you can enjoy life more with less money stress.

Whether you have lived in Tempe for years or recently moved to town, you may need help finding the right financial advisor in the community best suited for your individual needs.

It’s important to first consider your own financial planning priorities before choosing an advisor. Here are a few quick tips to help you get started along with financial advisors in Tempe featured on Wealthtender you may want to add to your shortlist.

As you prepare to interview financial advisors in Tempe who may be right for you, get to know local financial advisors featured on Wealthtender.

📍 Map: Financial Advisors with their Primary Office Location in Tempe

Double-click (or pinch the map on mobile devices) to zoom in and expand the details for financial advisors whose primary office location is in Tempe.

📍Double-click or pinch pins to view more.

Improve your Financial Confidence and Increase Your Net Worth
 
0 Ratings
Find Financial Advisors for Oregon PERS Members: Q&A Insights from the Experts
 
0 Ratings
Advisor 3.0 and the $84.4 Trillion “Great Relationship” Transfer
 
0 Ratings
Looking for a Financial Advisor in Johnson City, Tennessee?
 
0 Ratings
Looking for a Financial Advisor in Brownsboro, Texas?
 
0 Ratings
Looking for a Financial Advisor in Lancaster, Pennsylvania?
 
0 Ratings
Six Tax-Efficient Strategies to Manage Your Concentrated Stock Position
 
0 Ratings
Looking for a Financial Advisor in Tempe, Arizona?
 
0 Ratings
Looking for a Financial Advisor in Glen Ridge, New Jersey?
 
0 Ratings
Showing

The Benefits of Hiring a Financial Advisor in Tempe

Hiring a financial advisor can be a great move to help you build a long-term investing strategy. Advisors can help you build an investment portfolio to meet your financial goals and help you plan appropriately for retirement.

As a resident living in Tempe, hiring a financial advisor who lives nearby and understands the local economy, cost of living, and regional employers can be quite valuable, especially if your individual circumstances are deeply tied to such factors.

Do you work for one of the largest employers in Tempe? If so, there’s a good chance the local financial advisor you hire will also have other clients who work there. This knowledge could prove valuable if they are already familiar with your employee benefits, such as a 401(k) plan, Health Savings Accounts, and other components of your total compensation package.

When you reach out to financial advisors you’re considering hiring, let them know where you work and ask if they are familiar with your employer’s unique benefits and compensation structure.

Quick Tips For Hiring an Tempe Financial Advisor

Before hiring a financial advisor in Tempe, here are a few quick tips to help you find the best advisor for you.

1. Decide Which Services You Need

Before hiring an advisor, determine what services you need from them. Whether it’s full-service investment management or a plan focused on a specific area of your finances, put together a list of what you’d like help with before contacting an advisor.

Though most people use a financial planner simply to invest for retirement, this is only a small part of what many advisors offer. Here’s a quick rundown of potential services a financial advisor may offer you:

  • Budgeting and money management
  • Debt management
  • Insurance planning
  • Retirement planning
  • Other investment planning
  • Inheritance planning
  • Estate planning
  • Tax planning

As you can see, financial advisors can help you with your entire financial picture, not just investing. As you start to plan for life’s bigger milestones, you should consider finding a financial advisor that specializes in those areas.

Finding the right advisor can help you minimize risk, maximize gains and take advantage of tax breaks while investing for your future. They can also help you protect your assets with the right kinds of insurance and help you pass on your financial legacy with a proper estate plan.

2. Consider Your Budget and Payment Preferences

Once you have a list of services you would like, review the fee structures financial advisors offer. Finding a balance between the services you need and the cost of those services will help narrow down the field of advisors you may want to work with.

If you are looking for a full-service advisor to manage all of your investments, consider searching among fee-based financial advisors. If you want to manage your money yourself, consider the flat fee and monthly subscription advisors for ongoing support.

3. Interview Multiple Financial Advisors

Once you have chosen the services and fee structure you prefer, it’s time to contact a few advisors and interview them. Here are questions to ask financial advisors:

  • What services do you provide?
  • What are all the ways you get paid? (fee transparency)
  • What is your investment strategy?
  • How do you measure investment performance?
  • How do we communicate about my plan?

Interview multiple advisors to get a feel for who you want to work with. A combination of fees, services, and customer service will help you determine the best fit for your financial advice.

4. Review Financial Advisor Credentials

Once you find an advisor (or two) you feel comfortable with, it’s always a good practice to check their credentials and the firm’s details. You can do this at the Investment Adviser Public Disclosure (IAPD) website. 

You can check both the individual and the firm to view their background and experience details, as well as any disciplinary action taken against them or their firm.

As licensed financial professionals, there is oversight into how financial advisors conduct business, so running a quick (free) check on them is recommended.

For additional information about advisor credentials, read our article to learn the most popular designations held by financial advisors, as well as specialized credentials which may be important to consider if you have unique financial planning needs.

Frequently Asked Questions & Additional Resources

How do I know if I’m ready to hire a financial advisor?

You should strongly consider hiring a financial advisor if you have a significant amount of money available for saving or investing. This could occur after years of making annual contributions to a retirement plan like a 401(k) through your employer or suddenly if you receive a large inheritance or sell your house for a large profit.

But even if you don’t have a lot of money saved, many financial advisors and planners provide reasonable pricing options and valuable services you should consider, especially if you’re facing a significant life event. For example, if you’re starting a new job, getting married, starting a family, getting divorced, lost your job, starting or selling a business, or approaching retirement age, working with a trusted financial advisor or planner may prove worthwhile.

Before I hire a new financial advisor, should I fire my current advisor?

You don’t need to fire your current advisor before beginning your search for a new financial advisor. In fact, your new advisor can help coordinate the transition of your assets from your previous financial advisor.

Where can I read reviews about financial advisors written by their clients to help me decide if I should hire them?

After 60 years of regulatory prohibition of financial advisor reviews in the US, a rule issued by the Securities and Exchange Commission (SEC) became effective on May 4, 2021 that means both financial advisors and directory websites that help consumers search for a financial advisor can collect and display financial advisor reviews, an important factor worth considering when choosing who you’ll hire to manage your investments and life savings. 

Wealthtender is the first independent advisor review platform designed to be fully compliant with the new SEC rule, and we look forward to helping you evaluate financial advisors based on reviews written by their clients.

I’m a local financial advisor interested in being featured in this guide. How do I get started?

Thanks for your interest. We look forward to learning more about your practice and helping you attract your ideal clients where you may be a good fit based on their individual needs and circumstances. Please click here to learn how you can join local financial advisors featured on Wealthtender.

How Much Does a Financial Advisor Cost?

➡️ How Much Does a Financial Advisor Cost? Read the Article

About the Author
A headshot of Brian Thorp, the founder and CEO of Wealthtender

About the Author

Brian Thorp

Brian is CEO and founder of Wealthtender and Editor-in-Chief. He and his wife live in Austin, Texas. With over 25 years in the financial services industry, Brian is applying his experience and passion at Wealthtender to help more people enjoy life with less money stress. Learn More about Brian

Find financial advisors in Glen Ridge, New Jersey ready to help with your financial planning needs so you can enjoy life more with less money stress.

Whether you have lived in Glen Ridge for years or recently moved to town, you may need help finding the right financial advisor in the community best suited for your individual needs.

It’s important to first consider your own financial planning priorities before choosing an advisor. Here are a few quick tips to help you get started along with financial advisors in Glen Ridge featured on Wealthtender you may want to add to your shortlist.

As you prepare to interview financial advisors in Glen Ridge who may be right for you, get to know local financial advisors featured on Wealthtender.

📍 Map: Financial Advisors with their Primary Office Location in Glen Ridge

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The Benefits of Hiring a Financial Advisor in Glen Ridge

Hiring a financial advisor can be a great move to help you build a long-term investing strategy. Advisors can help you build an investment portfolio to meet your financial goals and help you plan appropriately for retirement.

As a resident living in Glen Ridge, hiring a financial advisor who lives nearby and understands the local economy, cost of living, and regional employers can be quite valuable, especially if your individual circumstances are deeply tied to such factors.

Do you work for one of the largest employers in Glen Ridge? If so, there’s a good chance the local financial advisor you hire will also have other clients who work there. This knowledge could prove valuable if they are already familiar with your employee benefits, such as a 401(k) plan, Health Savings Accounts, and other components of your total compensation package.

When you reach out to financial advisors you’re considering hiring, let them know where you work and ask if they are familiar with your employer’s unique benefits and compensation structure.

Quick Tips For Hiring an Glen Ridge Financial Advisor

Before hiring a financial advisor in Glen Ridge, here are a few quick tips to help you find the best advisor for you.

1. Decide Which Services You Need

Before hiring an advisor, determine what services you need from them. Whether it’s full-service investment management or a plan focused on a specific area of your finances, put together a list of what you’d like help with before contacting an advisor.

Though most people use a financial planner simply to invest for retirement, this is only a small part of what many advisors offer. Here’s a quick rundown of potential services a financial advisor may offer you:

  • Budgeting and money management
  • Debt management
  • Insurance planning
  • Retirement planning
  • Other investment planning
  • Inheritance planning
  • Estate planning
  • Tax planning

As you can see, financial advisors can help you with your entire financial picture, not just investing. As you start to plan for life’s bigger milestones, you should consider finding a financial advisor that specializes in those areas.

Finding the right advisor can help you minimize risk, maximize gains and take advantage of tax breaks while investing for your future. They can also help you protect your assets with the right kinds of insurance and help you pass on your financial legacy with a proper estate plan.

2. Consider Your Budget and Payment Preferences

Once you have a list of services you would like, review the fee structures financial advisors offer. Finding a balance between the services you need and the cost of those services will help narrow down the field of advisors you may want to work with.

If you are looking for a full-service advisor to manage all of your investments, consider searching among fee-based financial advisors. If you want to manage your money yourself, consider the flat fee and monthly subscription advisors for ongoing support.

3. Interview Multiple Financial Advisors

Once you have chosen the services and fee structure you prefer, it’s time to contact a few advisors and interview them. Here are questions to ask financial advisors:

  • What services do you provide?
  • What are all the ways you get paid? (fee transparency)
  • What is your investment strategy?
  • How do you measure investment performance?
  • How do we communicate about my plan?

Interview multiple advisors to get a feel for who you want to work with. A combination of fees, services, and customer service will help you determine the best fit for your financial advice.

4. Review Financial Advisor Credentials

Once you find an advisor (or two) you feel comfortable with, it’s always a good practice to check their credentials and the firm’s details. You can do this at the Investment Adviser Public Disclosure (IAPD) website. 

You can check both the individual and the firm to view their background and experience details, as well as any disciplinary action taken against them or their firm.

As licensed financial professionals, there is oversight into how financial advisors conduct business, so running a quick (free) check on them is recommended.

For additional information about advisor credentials, read our article to learn the most popular designations held by financial advisors, as well as specialized credentials which may be important to consider if you have unique financial planning needs.

Frequently Asked Questions & Additional Resources

How do I know if I’m ready to hire a financial advisor?

You should strongly consider hiring a financial advisor if you have a significant amount of money available for saving or investing. This could occur after years of making annual contributions to a retirement plan like a 401(k) through your employer or suddenly if you receive a large inheritance or sell your house for a large profit.

But even if you don’t have a lot of money saved, many financial advisors and planners provide reasonable pricing options and valuable services you should consider, especially if you’re facing a significant life event. For example, if you’re starting a new job, getting married, starting a family, getting divorced, lost your job, starting or selling a business, or approaching retirement age, working with a trusted financial advisor or planner may prove worthwhile.

Before I hire a new financial advisor, should I fire my current advisor?

You don’t need to fire your current advisor before beginning your search for a new financial advisor. In fact, your new advisor can help coordinate the transition of your assets from your previous financial advisor.

Where can I read reviews about financial advisors written by their clients to help me decide if I should hire them?

After 60 years of regulatory prohibition of financial advisor reviews in the US, a rule issued by the Securities and Exchange Commission (SEC) became effective on May 4, 2021 that means both financial advisors and directory websites that help consumers search for a financial advisor can collect and display financial advisor reviews, an important factor worth considering when choosing who you’ll hire to manage your investments and life savings. 

Wealthtender is the first independent advisor review platform designed to be fully compliant with the new SEC rule, and we look forward to helping you evaluate financial advisors based on reviews written by their clients.

I’m a local financial advisor interested in being featured in this guide. How do I get started?

Thanks for your interest. We look forward to learning more about your practice and helping you attract your ideal clients where you may be a good fit based on their individual needs and circumstances. Please click here to learn how you can join local financial advisors featured on Wealthtender.

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About the Author
A headshot of Brian Thorp, the founder and CEO of Wealthtender

About the Author

Brian Thorp

Brian is CEO and founder of Wealthtender and Editor-in-Chief. He and his wife live in Austin, Texas. With over 25 years in the financial services industry, Brian is applying his experience and passion at Wealthtender to help more people enjoy life with less money stress. Learn More about Brian