Accumulating funds is only the first step toward financial security. Determining how to manage those resources responsibly is also part of the process. If you’re not sure what to do with the money left after you take care of your basic living needs, hiring a wealth advisor makes a lot of sense. Here are a few reasons why this approach will pay off in the long run.
Managing Unexpected Windfalls
While it may not happen often, you may come into some money that was not expected. Perhaps a loved one passes away and leaves some assets to you. Maybe you end up with a winning lottery ticket. Perhaps you win some sort of sweepstakes. Whatever the origin, you now have cash that needs attention.
Since you already have enough money coming in to manage your fixed expenses, why not explore ways to grow that windfall? The right advisor can help you understand the pros and cons of purchasing rental properties and investing in different types of stocks and bonds. That information will help you identify a way to increase your wealth while remaining in your comfort zone.
Setting up a Viable Estate Plan
You understand the importance of estate planning and want to ensure that your assets benefit those you love the most. A wealth advisor can help you understand the different types of trust funds and how they would enrich your beneficiaries. That advice also includes ways to structure trust funds so that investments can help to increase their balances as the year’s pass.
Establishing Short- and Long-Term Goals
Perhaps you need some help with financial planning in general. A wealth advisor can begin with where you are today and help establish goals that provide the potential to increase your wealth over time. Those goals could be something like setting aside enough funds in the next five years to cover a down payment on a home. They could also involve having a certain amount of resources set aside by the time you reach your full retirement age.
Could you use financial advice that’s tailored to your specific needs? The team at Westwood Holdings Group, Inc., is ready to help. Call us today to learn more about what we have to offer. Together, we can work toward a financial future that’s stable and provides you with the security you seek.
