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Building a Solid Financial Foundation with a Fiduciary Financial Advisor

Building a Solid Financial Foundation with a Fiduciary Financial Advisor

January 05, 2023

When you read about money matters, you may see the phrase, “getting your financial house in order.” What exactly does that mean?

To some, when your financial “house is in order,” it means it is built on a solid foundation. It means that you have the “pillars” in place that are designed to support your long-term financial well-being, and you might also begin working with a fiduciary financial advisor who can help you make sense of the world of finance.

#1: A Banking Relationship 

Having a relationship with a bank can play a role in many financial strategies. You have many different choices when deciding on which bank is right for you. Some banks are larger and nationally-based, while others are smaller and community-based. Different banks may have unique advantages and disadvantages, so it’s important to look around and see what each one can offer you.

#2: An Emergency Fund 

You know that label you see on fire extinguisher boxes – “break glass in case of emergency?” Only in a financial emergency should you “break into” your emergency account. What is a financial emergency? Everyone’s definition varies, but it can range from a broken water heater to major car repairs to unemployment help.

As you begin to define what a financial emergency is for you, a fiduciary financial advisor can help you determine how much money should be in your emergency fund. 

#3: A Workplace Retirement Strategy 

At some point, you may want to consider when is the right time to start saving for retirement. Workplace retirement plans can offer you a convenient way to get started, if one is available.

A fiduciary financial advisor can also help you find a retirement strategy that works for you, even if your workplace doesn't current offer retirement plans. Or if you have a retirement strategy selected, a fiduciary financial advisor can help you maximize your contributions as you begin saving for your golden years.

#4: An Eye on Insurance 

Like the other decisions you’ll need to make while building your financial foundation, choosing the appropriate insurance program is going to be influenced by your own individual life circumstances. For example, if you’re supporting a family, you may want to look into an insurance program that is designed to protect you in the event that something happens to you or prevents you from working for a period of time.

Your fiduciary financial advisor may be able to introduce you to insurance professionals in their network who can help you determine the appropriate insurance program for your current stage of life. 

#5: Estate Strategy

It’s never too early to start thinking about your legacy. For some, this can mean providing some financial support to your loved ones. For others, it might mean creating a program that supports charities and organizations. Whatever your aspirations, it’s important to work with a fiduciary financial advisor to help ensure that your assets transition smoothly in accordance with your wishes.

When you're ready to begin building your solid financial foundation with a fiduciary financial advisor, schedule a time to meet with our team. We look forward to meeting with you. 

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2023 FMG Suite.