For many of us, thinking about our long-term financial future is intimidating. We don’t understand all the lingo, so we look the other way and put off planning. Sure, we have a goal to someday retire and even hope to leave something behind for our kids. But “investment strategies” and “estate planning” and “portfolio positioning”– it’s all just too overwhelming.
But it doesn’t have to be this way. And you don’t need a fancy financial planning firm to help you wrap your head around asset management, retirement planning, and margin accounts. Your local bank likely goes well beyond being a mere keeper of your bank account, offering wealth management services to take the intimidation out of investing. Local and approachable, this team of financial advisors will work with you to create a plan – one that you can understand and that matches your goals and expectations.
Here are five ways that wealth management can help you walk into your future with confidence.
1. Creating a financial plan can kick-start savings.
“I don’t have enough money” isn’t an excuse to avoid starting to take steps to get a financial plan in place. Even with a small initial investment, this activity helps strengthen your budgeting muscles and leads to good savings (short and long-term) habits. Your financial advisor will take into account your individual investment personality type so you’re comfortable with the resulting plan.
2. Having a retirement fund in place helps create a more secure future.
Sound retirement planning has a ton of benefits, including lower stress levels and a happier marriage. But this preparation for your sunset years is also a great way to keep Uncle Sam’s hands off more of your money through using tax-sheltered retirement accounts. (We all know what a poor money manager he is.)
3. Establishing an estate plan is good for the whole family.
Although estate documents must be drafted by an attorney, your wealth advisors can help guide you regarding all the necessary considerations and ideal action steps. An estate plan helps protect your beneficiaries, eliminate potential family messes, and spare heirs huge tax burdens. If you own a business, your advisors can also help ensure a proper business continuity plan is in place.
4. Investment management positions you for success.
If you already have a portfolio, it’s important to assess the status and make any updates based on your shifting life situation and markets. Wealth management experts can help ensure that your portfolio is properly positioned for your goals and then leverage available solutions to optimize your plan.
5. What ifs (and whens) are coming. Be ready.
The future is inevitable and inescapable. It’s imperative that you have the proper insurance for your current age and stage, as well as for what may come in the future. For instance, is long-term care planning right for you? What about extended-disability insurance? Plus, it’s important to acknowledge that the current rate of death in the U.S. is hovering around 100%, so life insurance is essential. But what kind? Term? Whole? Universal? You can stop sweating. Your wealth advisor has the answers for you.
So, don’t let all the financial planning lingo scare you off! It’s your money and your future. Plan accordingly.
Southern Bank has a team of warm and friendly financial advisors who will walk alongside you in the journey of wealth management – and it is a journey. We'll help you understand the potential paths ahead, we'll work with you to determine your route and pace, and we’ll give you the confidence to take that first step.
Give us a call at 1.855.275.7226 to learn more. Or click here to meet our wealth management team.
