Are you aware that you could boost your retirement outlook by using this new startup’s no-cost service?
SmartAsset’s free, five-minute tool makes it easy to find qualified financial advisors in your area or who serve your area. Our exclusive tool matches you with up to three fiduciary financial advisors who have passed a rigorous vetting process.
Unlike broker-dealers, stockbrokers and insurance agents, fiduciary advisors are legally bound to work in your best financial interest.
With over 110 million Americans over age 50, it’s no wonder this Princeton alum’s startup has raised over $51 million in funding to help people plan for a comfortable retirement.
SmartAsset confirms that each advisor is registered with the U.S. Securities and Exchange Commission (SEC) or the appropriate state regulator and that any licenses or credentials are current before they’re accepted onto the platform. Advisors are also screened for pending or valid regulatory disclosures within the past 10 years. Many advisors on the platform meet with clients remotely for everyone’s safety.
Why Meet With a Financial Advisor?
It’s more important now than ever to review your retirement plan with an unbiased, fiduciary financial advisor. Here’s why: Economic growth won’t approach “normal” until as late as 2025, according to Bank of America’s Chief Investment Office. This could mean your current financial plan might leave you without enough money to last your retirement.
Additionally, emotionally-charged decisions to sell off large quantities of stocks or other investments now lock in your losses, removing any chance for future growth. Research suggests people who work with a financial advisor feel more at ease about their finances and could end up with about 15% more money to spend in retirement.
Consider this example: A recent Vanguard study found that, on average, a $500K investment would grow to over $3.4 million under the care of an advisor over 25 years, whereas the expected value from self-management would be $1.69 million, or 50% less. In other words, an advisor-managed portfolio would average 8% annualized growth over a 25-year period, compared to 5% from a self-managed portfolio.
A 2020 Northwestern Mutual study found that 71% of U.S. adults admit their financial planning needs improvement. However, only 29% of Americans work with a financial advisor.