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Key Benefits of Working with a Financial Professional

Key Benefits of Working with a Financial Professional
Opening Youth Account Affinity FCU Blog
By: LPL Financial

March 28, 2023 

Whether you wonder about your investments’ rates of return or are concerned that your financial affairs are a bit too complicated for your next of kin to handle, it may be time to seek advice from a financial professional. Financial professionals help their clients create strategies to develop their wealth, from optimizing their taxes to setting retirement savings goals. 

How do you know whether it’s time for you to seek professional financial guidance? Learn more about some of the benefits of working with a financial professional.

Benefits of Working with a Financial Professional

One of the most valuable holistic benefits a financial professional may provide is the ability to help you articulate your goals and work towards them. It may be tough to conceptualize abstract financial plans, like saving for retirement or a child’s college education. Working with a financial professional may help you put a dollar amount on these goals and work backward in time to see what you need to do today, next year, and 10 years from now to pursue them.

Another benefit of working with a financial professional involves tax planning. There may be things you might do to manage your taxable income and total tax paid. You might contribute to a traditional investment retirement account (IRA), 401(k), Health Savings Account, or a 529 educational account. You may bundle your medical expenses or sell low-performing investments to take the capital loss deduction.1 Working with your financial professional may help you take advantage of the various tax benefits available.

Financial professionals may also help with estate planning. Although it is probably a good idea to use a licensed attorney to draft your last will and testament, a financial professional may help guide you with some questions to ask your attorney, as well as point out some ways you may potentially structure your will to manage any tax burden on your heirs.2

A financial professional may help you navigate volatility. From market corrections to rising fuel and food prices, the events of the last couple of years changed many families’ plans. Working with a financial professional may allow you to review current strategies to anticipate your future needs better.3

Seek Help from a Financial Professional

Many people think they do not need the help of a financial professional until they amass a significant amount of assets or arrive at a certain age. However, most people benefit from a financial professional’s advice during many stages of life’s journey, whether starting in your career, beginning to prepare for retirement, or already retired and hoping to stretch your nest egg a bit further.4

You also may organize a relationship with a financial professional if you prefer one who regularly checks in on you and your investments or would rather contact them on an as-needed basis when you have specific financial questions.

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual security. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing.

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.

All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by WriterAccess.

LPL Tracking #  1-05295494.

The Hierarchy Of Tax-Preferenced Savings Vehicles For High-Income Earners, Michael E. Kitces,

2 How To Find an Estate Planning Attorney, Fidelity,

3 Advisors adapt to ‘new normal’ as pandemic has changed how firms connect with clients, CNBC,

4 When Should You Hire a Financial Advisor?, Investopedia,