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.
How Advisors Should Build a Succession Plan
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How Advisors Should Build a Succession Plan
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5 savings account terms you should know
By Ellen Chang
High-yield savings accounts help consumers ramp up funds faster. (iStock)
Instead of opening a traditional savings account, people can choose among banks that offer high-yield savings accounts. Interest earned on deposits can be significantly greater than the percentage yield on a typical savings account, said Bruce McClary, spokesman for the National Foundation for Credit Counseling, a Washington, D.C.-based nonprofit organization. That means your money will be working harder and can get you to your savings goals faster, he said.
Here are the five key terms to know about high-yield savings accounts and why they are important.
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.