Doug Nachman: Accumulation Strategies
One of three stages of your financial life, the accumulation phase, is an important opportunity to acquire assets to be used toward your future retirement. While there are many ways to achieve this goal, a financial advisor can help you balance the challenges of every day expenses with your need for a long-term retirement plan. How do you choose a financial advisor who is the best fit for your needs?
Be sure to look for an advisor who has plenty of experience with the ups and downs of the financial markets. If your advisor has weathered financial obstacles over time, he or she will be more likely to help you avoid these challenges.
Ask for referrals and follow up with the advisor’s clients and/or former clients to make sure you are comfortable with your choice.
Be weary of financial advisors who represent companies with proprietary products. Some advisors will only sell you these investments because they are incentivized to do so – not necessarily because the product is right for your needs. Smith Moore is a good example of an organization that gives its advisors the latitude to help you craft specific growth strategies during the accumulation phase, without forcing canned solutions or proprietary products on you that are not right for you.
While choosing a reputable financial advisor is an important first step toward a successful retirement, the accumulation phase demands financial discipline on your part. That means you should spend less than you make, always pay off your credit cards, and be aware of small monthly charges – cell phones, cable television, and other bills – that can add up to big dollars over time. While retirement may seem a long way off, the accumulation stage of life is your opportunity to invest as much as possible in the future.
I invite you to get in touch with your local Smith Moore financial advisor today – we look forward to serving you!