Have you ever received financial advice that really didn’t fit your personal situation or goals? Many advisors will resort to “rules of thumb” to help explain and dispense advice. Unfortunately, these time-tested rules don’t work well for all investors. Every person’s financial situation is different, and each investor should have advice tailored to his or her unique circumstances.
Unfortunately, there is no one-size-fits-all strategy for everyone’s investment and financial planning needs. Most financial situations are unique and require personalized advice that is realistic and achievable, especially when working with clients from different professions and industries. Many professions will require specific planning strategies due to certain employer benefits, insurance needs, debt management, or retirement income. A retiring factory worker may have a very different opinion on when to start social security benefits vs. a retiring schoolteacher with a pension plan. A heart surgeon may require a very specific type of disability insurance, whereas an accountant may only need a group disability policy. There isn’t one right answer, and often times your job and your employment benefits have a huge impact on the type of financial advice you should be receiving.
When you’re talking to your financial advisor or interviewing financial planners, be sure to ask what specific experience he or she has with individuals in your profession. Ask what strategies may be unique to your situation, and be sure that the advice you’re receiving is personalized to your specific needs.