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When it comes to retirement planning, many people could use a little help. Consider working with a financial professional to discover what investment options make the most sense for you and how they fit into your overall financial plan.
Five key tasks a financial professional can help you with:
Task 1 Income and savings
If you anticipate changing jobs, starting a business or staying home to care for children, a financial advisor can help you assess your situation.
Task 2 Retirement
Get help setting your goals, evaluating your investment risk tolerance and developing your overall retirement strategy.
Task 3 College
Learn how you can take advantage of the complex rules governing educational funding and financial aid.
Task 4 Estate planning
Having a tax-efficient plan for the distribution of assets may minimize the tax impact on the money you accumulate throughout your lifetime.
Task 5 Contingency fund
Get help toward building a surplus for unexpected events, such as job loss or illness.
Ask about fees
Generally, investors pay for services in one of three ways:
- As a percentage of assets under management
- Commissions
- Hourly, flat rate or retainer fees
The SEC recommends that you get a full explanation of payment arrangements before you enter into a relationship with a financial professional.