This article is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA
1) Seat Belts – Pretty Obvious
2) Parachutes – Any Questions?
3) Financial Advice
OK, financial advice maybe not be on your list of the, 3 Things in Life You Only Want the Best Of. It might not be as obvious and you might have few questions about this. Just think about it. ‘Back in the Day’ investors didn’t need a whole lot of financial advice. Why was this? Almost everything was taken care of by the company, the Government and, perhaps, the Union.
The Company took care of their employees while they were working. They also provided a pension when their employees retired. The Government took care of them with their social security benefit. The Union took care of its membership.
What’s it like today? Most companies have terminated their pension plan. The social security full retirement age has been extended to over age 66. Unions are becoming a thing of the past.
You only want the best financial advice you can get now for one simple reason:
You are on your own!
This means you are going to have to figure out how if you have enough life insurance, how to pay for your children’s education and, oh yeah, retire, someday. Can you do this yourself? Perhaps you can, but not likely. The question then is do you have the time and inclination to address these matters. Even if you do have the time and inclination then the question is do you have the expertise? If you don’t have the time, inclination and the expertise, you will need to hire a financial advisor.
Want to learn more about what a Financial Advisor can do for you? Check out 6 Easy Ways a Financial Advisor Can Add Value.
Any opinions are those of Thomas F. Scanlon, CPA, CFP and not those necessarily those of RJFS or Raymond James. Expressions of opinion are as of this date and are subject to change without notice. You should discuss your tax or legal matters with the appropriate professional. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation.