In our latest episode of “Retirement Readiness,” hosts Tim Regan and Katie Umand unpack how the PrairieView team tailors financial advice to the different life stages clients may be experiencing.
This week, we’re diving into a question many people ask themselves: Do I really need a financial advisor – and if so, what should that relationship look like through the different phases of life?
From starting your career fresh out of college, to managing the crazy demands of family life, to the exciting (and sometimes nerve-wracking) transition into retirement, your financial planning needs are likely going to shift over time. That’s why it’s so important to have an advisor who truly understands where you’re at and what goals you’d like to accomplish.
Some of the common life stages Tim often sees with clients include:
- Early-career: In the beginning stage, individuals are typically just out of college, starting their careers, and possibly buying their first homes. Financial planning in this phase may involve setting up a budget, establishing emergency savings, and starting to contribute to retirement accounts like a 401(k).
- Family: As individuals progress into the family phase, they may be dealing with the complexities of raising children, managing multiple financial responsibilities, and planning for their children’s future education. Financial planning in this phase may involve considerations like life insurance, college savings plans, and estate planning.
- Pre-retirement/Retirement: Planning for retirement income, healthcare costs, and legacy planning becomes paramount as you age – including tax-efficient withdrawal strategies, investment allocation for income generation, and estate planning for wealth transfer.
Tim and Katie also emphasize that the “high-end” – or more expensive – advisor may not always be a right fit. Instead, the key is to find a team that specializes in or has proven experience in your unique goals.
“I might think that there’s an auto mechanic that works on race cars and I want that guy working on my car – because you assume he must be the best. But he probably knows nothing about my Chevy.”
Working with an advisor who aligns with your needs can lead to more personalized and effective financial planning strategies.
Plus, Tim shares news about upcoming resources being developed by PrairieView specifically for young professionals, including interactive tools that aim to address the unique financial challenges faced by individuals at the beginning of their careers.
Click play to learn more, or schedule a complimentary consultation with a member of the PrairieView team to get started.
Chapters
- 00:00:00 – How different stages of life require different approaches to financial planning.
- 00:03:17 – Financial planning during different career stages.
- 00:09:48 – Finding a right-fit advisor for your specific needs.
- 00:11:17 – The process of financial planning for pre-retirees.
- 00:18:21 – Different specializations in financial planning.
- 00:21:39 – The value of a collaborative approach to wealth management.
- 00:24:26 – Various digital and interactive resources that are available.
3 Key Takeaways
- Financial planning needs evolve through different life stages – and it’s crucial to match your financial advisor to the stage of life you’re in.
- A more expensive or “high-end” advisor may not always be the best fit for mid-market clients, and vice versa.
- As individuals approach retirement, their financial planning must shift from wealth accumulation to managing and enjoying their wealth in retirement.
Get Started with a Custom Financial Plan
Our team guides you through each step of the financial planning process, so you can feel confident in your wealth. Click here to schedule a free consultation with PrairieView today.
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