When a person has a question about their finances where do they turn? Individuals often rely on advice from their family and friends at this time, yet this isn’t the wisest choice. Others turn to their favorite TV star who covers this topic or read books written by these individuals. While these are all good resources for information on a variety of topics, when it comes to one’s finances, expert information is needed to ensure it is accurate and will be of benefit. So where should one turn for Financial Advice in Rockledge FL?
The Employer
A person who has questions about their employer-sponsored retirement plan should start with their employer. Many companies contract with the plan provider to offer this advice to employees at no charge. While not all do, it is a good place to start asking questions. This advice may be dispensed through a computer program or it may come from a financial advisor who is compensated a specific amount regardless of the recommendations made or the investments of the plan participants. In fact, research shows those who make use of this advice offered through the plan provider do better than their co-workers who fail to make use of this option.
Consult a Professional
Hire a professional to help with your finances. Before choosing this option, however, there are certain things to be aware of. Some advisors charge a percentage of the assets they manage while others are reimbursed through an annual retainer fee. Fee-only planners often charge by the hour, and some use a fee/commission combination schedule. All are viable options. However, commission only advisors need to be used with caution. They may feel they have an incentive to choose those funds which offer higher commissions.
Click here to learn more about where to turn for Financial Advice in Rockledge FL. Any advice is better than none, but be wary of who is providing this information and what their incentives are. With this information, a person can determine how much weight to give the advice and whether they need to learn more elsewhere. The one thing every person should do is make their finances a priority at all times and the right financial advisor can be of great help with this.
