4 Reasons Seniors Need a Financial Advisor

3 minute read

By Topic Insight Staff

Whether you’ve been saving up for years or are just now thinking about your golden years, the reality is your finances will seriously impact you as a senior. Start a search today to find a reputable financial advisor who can help.

The benefits of hiring a financial advisor, especially as a senior, cannot be understated. In this guide, we’ll walk you through the top four reasons why you need a financial advisor. Luckily, finding a reputable advisor is easier than you may think!

1. Financial Advisors Are Trained to Deal with Challenges

If you have concerns about money as a senior, you aren’t alone. Luckily, a financial advisor can help! GoMedico explains, certified financial advisors are trained to deal with seniors’ specific challenges: they know how to help you plan to live on a fixed income, budget for short- and long-term healthcare costs, find smart investments, manage retirement accounts, and do estate planning, to name just a few.1

2. A Financial Advisor Can Build a Plan Based on Your Needs

In addition to handling your challenges appropriately, a financial advisor can help you create a solid plan for your financial needs. Financial advisors create custom plans, from investing to saving to adjusting income, that are meant to meet every one of your needs as a senior.

3. A Financial Expert Can Prepare You for Future Expenses

One of the most pressing concerns seniors face is their financial future. When you retire, you’re living on a fixed income – one that comes from your own savings. And everyday costs of things like medical bills and groceries continue to rise even though your income doesn’t. A financial advisor can help you plan ahead for these expenses. They know seniors live on limited funds and that costs can increase significantly as you age.

4. Financial Advisors Can Prevent Seniors from Being Exploited

There’s another big concern that seniors face: exploitation. Roughly one in 10 Americans aged 60+ have experiences some form of elder abuse.2 But a financial advisor who’s certified and trustworthy can prevent these scams from happening, keeping you and your money safe and secure. As GoMedico explains, financial advisors are often the first line of defense against financial exploitation.

Top Financial Advisor Firms of 2023

In the constantly evolving financial landscape of 2023, several firms stand out as leaders in offering premier advisory services. At the top of the class, you’ll likely encounter these companies:

Facet Wealth

This firm makes a strong impression with its CFP professionals and tech-driven approach. They cater to a broad clientele, from millennials to retirees, with flexible financial plans. A yearly payment of $2,000 gets you a tailored financial advisory package, and you won’t be billed extra for managing your investments. 3

Vanguard Personal Advisor Services

Vanguard continues to uphold its reputation for low-cost, high-value advice. With its revolutionary Robo-advisory combined with human insight, the firm tailors its offerings to a variety of investment needs. With a minimum investment requirement of $50,000, you can enjoy limitless consultations with their experts for just 0.30% of your managed assets. 4

J.P. Morgan Asset Management

J.P. Morgan blends its long-standing financial expertise with cutting-edge analytics, providing high-net-worth individuals and institutions with strategic investment opportunities.

Harness Wealth

This relative newcomer focuses on a holistic wealth management approach, pairing clients with the right advisors based on intricate data algorithms.

Fidelity Investments

Fidelity remains a stalwart in the industry, providing a diverse range of services including retirement planning, wealth management, and specialized investment strategies. Managing close to $4.2 trillion, the company boasts a high level of customer contentment and a robust online presence. 5

Each of these firms brings a unique set of tools and expertise to the table. For that reason, they’re the go-to choices for those looking to secure and grow their financial future.

Find a Financial Advisor Today

If you’re ready to enlist the help of a financial advisor, there’s just one step to take: you need to do your research. Taking the time to search for different financial advisors will lead you to the very best option for you and your money, and it’s the only way to find a trusted advisor who’s on your side.

Topic Insight Staff

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