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Should I Get a Financial Advisor?

Should I Get a Financial Advisor?
© (Getty Images)
Financial advisor speaking with clients
While some experts say a good rule of thumb is to hire an advisor when you can save 20% of your annual income, others recommend obtaining one when your financial situation becomes more complicated, such as when you receive an inheritance from a parent or you want to increase your retirement funds.
We re more than stocks-pickers, says Jose Sanchez, a certified financial planner with Retirement Wealth Advisors in Santa Fe, New Mexico. People often procrastinate making decisions and need a slight nudge. We focus on the human side of financial planning and spend 80% of our time listening, finding out those goals and how to achieve them. ....

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How Advisors Should Build a Succession Plan

How Advisors Should Build a Succession Plan
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Why You Shouldn't Hire Your Parents' Financial Advisor

Why You Shouldn’t Hire Your Parents’ Financial Advisor
© (Getty Images)
Two business women at the cafe restaurant discussing during coffee break
Millennials and Generation Xers who need advice on retirement and tax planning should conduct research before choosing a financial advisor and not hire the one who worked with their parents.
The financial goals of Gen X and Gen Y do not always mirror what their parents faced, says Michael Solari, principal of Solari Financial Planning in Bedford, New Hampshire. Both generations are dealing with larger amounts of debt while also saving money for a down payment to buy their first home and accumulating money for retirement. ....

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How Financial Advisors Should Advise Clients on Bitcoin

How Financial Advisors Should Advise Clients on Bitcoin
© (Getty Images)
Financial advisor explaining concept to client
The rapid declines and rises of bitcoin prices draw more attention and queries about the value of the cryptocurrency, especially for financial advisors with clients who are unsure about allocating money to the digital currency.
Bitcoin remains the world s largest digital currency by market capitalization and reached an all-time high of $41,940 on Jan. 8. The extreme volatility of Bitcoin and lack of regulation has kept the majority of institutional investors, such as pension and hedge funds and retirement companies, at bay.
Between 2017 and 2018, billions of dollars of market cap were erased from hacking, regulatory orders and massive volatility. Bitcoin reached a high of nearly $20,000 in December 2017, but it plunged to about $8,500 in March 2018 and hit lows of around $6,000. ....

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How to get the most out of your savings account

How to get the most out of your savings account
By Ellen Chang
A high yield savings account generates more interest for your savings. (iStock)
Americans are saving more of their money during the coronavirus pandemic. Many consumers slashed their daily expenses such as going out to eat, commuting and parking while others have moved back home or found cheaper places to live.
Before the onset of the pandemic occurred in the U.S., the savings rate was at a meager 7.5%, according to the U.S. Bureau of Economic Analysis. In July, the rate, a percentage of disposable income and a measure of the financial health of Americans, rose to a high of 18.6% but declined each consecutive month to 13.6% in October as federal economic recovery payments and unemployment benefits ended. ....

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