By LouAnn Schulfer, AWMA®, AIF®
Accredited Wealth Management Advisor®
Accredited Investment Fiduciary
There has been a growing trend of financial advisors who offer a short-course on general financial education, usually renting a room at a university or technical college. This seems to be a better option than the free dinner seminars that were once popular. Often for a small fee, attendees can partake in a couple of nights of sessions that overview numerous financial or estate planning topics. It can be fun to learn things that you didn’t know or to be refreshed on subjects that you are already familiar with. Throughout the years, I’ve attended similar health related free education seminars where the host provides education about nutrition, wellness packages, vitamins and supplements.
It is good to be reminded that specific strategies are rarely good for everyone in the audience. For example, when I’ve discussed wellness packages, vitamins and supplements with my doctor, she pointed out, so that I am not wasting my money taking supplements I don’t need, I could have labs done to find out if I have deficiencies that need to be addressed. The same can be said for financial strategies. For example, not everyone should do conversions from their IRAs to ROTH IRAs, but some people should. Not everyone should purchase an annuity, but some people may benefit from the features that annuities provide if their circumstances justify it. Not everyone should delay taking social security, but it makes good sense for some folks. These are just a few examples of strategies that should be considered for each individual’s or couple’s specific circumstances.
The person who knows my health best and whom I trust entirely with my well-being, is the doctor that I’ve built a relationship with. I was grateful for her advice so that I did not spend money unnecessarily or do something that was not needed for my health. The same principle applies to our financial health and well-being. As you broaden or refresh your financial knowledge, you may wish to discuss any new strategies that you are considering with the advisor that you’ve built a solid relationship with, knows you well, and with whom you trust to think through how specific strategies apply to your personal circumstances. In a room full of people, no two have the same health profile nor do they have the same financial profile. Therefore, even more important than the strategies that you may learn, are how they apply to you as an individual or couple.
Securities and advisory services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC.