5 Surprising Things You Didn't Know Your Financial Advisor Could Do

"There are certain aspects of life it pays to hire a professional for. You could try to tackle a plumbing issue on your own, for example, like a busted faucet or leaky pipe. But if you're not sure what you're doing, there's a pretty big risk in going it alone. You could cause your house to flood or make the situation worse. So it pays to bring in someone who's licensed and skilled."

"You could manage your finances on your own. But there's a lot to do in that regard. If you're not sure how to choose the right investments to meet your long-term goals or which accounts to utilize for different purposes, a financial advisor can help. But that's not all a financial advisor can do. Here are five surprising things one of these professionals could do for you."

"Having a good sense of where your money goes every month is a big part of meeting your biggest goals. A financial advisor can help you set up a budget that's sustainable and easy to follow. They can also review your budget with you as your circumstances change, such as if your pay increases or find yourself taking on new expenses, like a bigger house or college tuition."

Certain tasks are best left to professionals to avoid costly mistakes. A financial advisor can help set up a sustainable household budget and adjust it as circumstances change. Advisors can counsel on major life decisions like career changes, relocation for schools, or early retirement by evaluating risks and financial benefits. Advisors can assess insurance needs including health, life, and long-term care and assist in shopping for policies. Financial advisors can select appropriate investments and account types to align with long-term goals and provide ongoing financial planning and support.

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