How Could a Financial Advisor Help You?

By Stephen Sellner | Citizens Bank Staff

We, as humans, value advice.

It doesn’t matter if it’s choosing your next vacation spot, what new restaurants to try, or even who to start in your fantasy football lineup — we’ll reach out to those we trust for guidance or confirmation before proceeding any further.

A financial advisor can be that same confidant. This time, those decisions carry higher stakes: achieving your dream retirement and other financial goals.

Here are some benefits to working with a financial advisor:

1. Everything revolves around you

The best financial advisor-client relationships start with the advisor getting to know you. What makes you tick? What do you value? What are your goals, retirement or otherwise? This deep discovery sets the foundation for the relationship and establishes trust.

They’ll also help you plan ahead for the unexpected and forecast healthcare or insurance needs.

The result is an open and collaborative partnership between you and your advisor. The subsequent strategy and plan is a co-authored experience centered around your financial situation and individual goals.

Financial advisors inspire an open and collaborative partnership.

Speaking of…

2. Success is measured by your goals, not benchmarks

Financial advisors will consider all of your goals when building a financial plan of action. Your goals could be prioritized by:

• Must have (paying off your mortgage),
• Like to have (traveling to every continent in retirement), and
• Cool to have (buying a vacation home)

Then, the definition of success ladders up to those goals. For example, a plan that achieves your entire “must have” list within your desired timeline is a success. A financial advisor will keep you centered and grounded to that plan, knowing that your goals are the focus. And your advisor will work with you to update your plan if your goals change along the way.

Unfortunately, not every advisor works this way. Ask advisors how they measure success before agreeing to work with them. If their response is about your goals, you’ve likely found a good one.

3. You’re kept on track

Sometimes, people get in the way of their own financial plans. During a market correction, there’s a propensity to make rash decisions that could jeopardize your chances of achieving your goals, like selling securities and incurring a loss.

A financial advisor could save you from that temptation.

You’re kept on point. When building your plan, your advisor accounts for things going sideways at some point, whether it’s market changes or life events, like a divorce or job loss. Plus, they’ll recalibrate the plan if your goals or other circumstances change.

What to remember

Yes, there’s a cost for a financial advisor’s services, but there’s reason to incur that cost. An advisor is in your corner, looking out for your future. And since it’s a co-authored experience, those goals are mutual between you and your advisor. That’s a nice feeling to have.

More information

Working alongside a financial advisor can help you navigate the future and achieve your goals. Schedule a Citizens Retirement Checkup® with a Citizens Bank Investment Services Financial Advisor to receive personalized advice and a goal-based financial plan.