Why It May Be Time To Work With a Financial Advisor

Are you struggling to keep up with the constant need to make complex decisions when planning your retirement and managing your wealth? If so, you’re not alone. 

Most people struggle with choosing suitable investments, understanding retirement plans, figuring out estate and tax implications, and keeping up with the stock market’s ups and downs. 

If one is not careful, indecision or poorly thought-out decisions can lead to costly mistakes that could impact your financial stability over the long run. This is where working with a fiduciary financial advisor can make all the difference.

At Bulman Wealth Group, you’ll find an experienced team of financial advisors in Roseville dedicated to helping you and your family pursue your financial goals. We believe everyone should live the retirement they’ve always wanted, but thoughtful retirement planning is needed, especially if you assume your retirement may last 30 years or more.

This blog will explore the importance of planning for retirement, the significant role played by financial advisors, and the pros of engaging with a financial advisor in Roseville.

Understanding Retirement Planning in Roseville

Benjamin Franklin said it best, ‘If you fail to plan, you are planning to fail.’ Sadly, recent statistics show many Americans feel they’re falling short of their retirement planning goals. In fact, according to a report by the Federal Reserve, only 31 percent of pre-retirees think their retirement savings are on track to support their retirement lifestyles. 

Understanding the importance of a retirement plan is the starting point. Then, following through with your plan can help secure your financial future.

Planning for retirement involves many different aspects. Some key areas include:

  • Review your current income and expenses to figure out a realistic budget for retirement.
  • Assessing sources of retirement income, including pension and Social Security benefits.
  • Identifying strategies to maximize retirement savings, like increasing 401(k) contributions and investing in Roth IRAs.
  • Creating a suitable investment portfolio for your risk tolerance.
  • Developing a tax-efficient strategy for withdrawing funds during retirement.

Factors like the cost of living and potential healthcare expenses should also be considered in your plan. Because everyone has unique goals and aspirations for their golden years, some people dream of traveling the world. In contrast, others may focus on spending time with family or following a passion project they’ve always wanted to pursue.

A one-size-fits-all approach to retirement planning doesn’t work for most people. Your future deserves a strategy as unique as you are. Personalized planning strategies tailored to your financial goals and comfort level with market volatility are key to aiming to build a secure and comfortable retirement.

The Role of a Financial Advisor

When facing a complex medical issue, we wouldn’t hesitate to seek the help of a doctor. The same logic applies to your finances. While everyone can learn basic financial principles, understanding and navigating the complexities of retirement planning, investing, and tax laws often requires specialized knowledge and experience.

Even if you are very knowledgeable about finance, some people hire an advisor because they prefer to concentrate on other interests and want to avoid managing everything themselves.

The pros of working with a financial advisor include:

  • Gaining support in creating a comprehensive financial plan
  • Diversifying your investment portfolio
  • Formulating an estate plan
  • Utilizing strategies to minimize your current tax burden

The right fiduciary financial advisor should be viewed as a financial advocate and guide who helps ensure your assets align with your goals and risk tolerance levels and helps you navigate market volatility and life events that may impact you.

Their role is to learn about your financial situation, goals, and concerns and then use their knowledge to design a retirement plan that strives to match your circumstances. Partnering with an advisor can help you understand all the different layers of your money, providing a clearer path toward seeking financial security.

Potential Advantages of Working With a Financial Advisor in Roseville

Like any other profession, there are generalists and retirement planners. Regarding something as important as supporting your retirement plans, ideally, you will hire a Roseville-based fiduciary financial advisor. 

When interviewing a financial advisor, it’s essential to ask questions that understand their qualifications, how and who compensates them, and how they’ll manage your wealth. Rather than relying on subjective, emotion-based hiring decisions, we suggest you consider using these five critical questions, which will allow you to make a more informed, objective decision. 

  1. Are you a fiduciary? – This question ensures that the advisor has a legal obligation to act in your best interests, not just sell products that might benefit them financially.
  2. How do you get paid? – Understanding their compensation model (fees, commissions, hybrid) helps assess potential conflicts of interest.
  3. What is your investment philosophy? – This helps determine if their investment strategies align with your financial goals and risk tolerance.
  4. What are your qualifications? – Asking about their credentials, experience, and education can provide insight into their expertise and professionalism.
  5. How will we communicate? – Knowing how often you’ll receive updates and through which mediums helps set expectations for your ongoing relationship.

How Bulman Wealth Group Can Help

The Bulman Wealth Group team has decades of experience in comprehensive financial and retirement planning. We provide full financial planning and wealth management services to support individuals and families in Roseville and across California.

Our proprietary retirement plan process breaks down complex concepts into easily digestible retirement planning steps. Specifically, we focus on income, investment, taxes, healthcare, and legacy planning.

Whether you’re just starting to think about retirement or are looking for ways to improve your existing plan, our team of experienced advisors is ready to help. 

Contact us today to book a 15-minute discovery call with the team, or call us at (916) 458-8199 with your questions.

All content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or an indication of future results.

Opinions expressed herein are solely those of Chris Bulman Inc. dba Bulman Wealth Group and our editorial staff. The information contained in this material has been derived from sources believed to be reliable but is not guaranteed as to accuracy and completeness and does not purport to be a complete analysis of the materials discussed. All information and ideas should be discussed in detail with your individual advisor prior to implementation. Investment advisory services are offered through Chris Bulman Inc dba Bulman Wealth Group, an SEC Registered Investment Advisor. Insurance products and services are offered through Chris Bulman, Inc. dba BWG Insurance Agency and Ameritas Life Insurance Corp., CA State Insurance License # 0M46922. Being registered as an investment advisor does not imply a certain level of skill or training.

Bulman Wealth Group, BWG Insurance Agency and Ameritas Life Insurance Corp. are not affiliated with or endorsed by the Social Security Administration or any other government agency.

Any statements or opinions expressed should in no way be construed or interpreted as a solicitation to sell, or offer to sell, advisory services to any residents of any State other than the States where otherwise legally permitted.

Images and photographs are included for the sole purpose of visually enhancing the website. None of them are photographs of current or former Clients. They should not be construed as an endorsement or testimonial from any of the persons in the photograph.

Purchases are subject to suitability. This requires a review of an investor’s objective, risk tolerance, and time horizons. Investing always involves risk and possible loss of capital.

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