Financial Planning and Advice Blog for Syracuse
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Is A Robo Advisor The Best Advisor For You?
By admin June 12, 2018 No Comments
You may have heard of robo advisors – those digital platforms and automated investment apps that provide financial planning services and advice using advanced algorithms. While digital advisors have surged in popularity over the past few years, robo-advisory services aren’t for everyone. Below, we break down the types of investors that will benefit most from using a robo advisor.
You’re Fresh Out of CollegeIf you’re just leaving school or you’ve only been at your first job for a couple years, it’s likely that you have a low net worth. Yet some financial advisors may have account minimums reaching upwards of $100,000, making investment inaccessible. Robo advisors, on the other hand, allow you to begin investing with as little as $5,000. When you want to start investing, but have limited financial means, a robo advisor might be an appropriate choice for you.
You’re Building Your PortfolioIf you’re a business professional past the age of 30, odds are that your portfolio includes a 401(k) or an IRA and perhaps even a college savings plan for the kids, mutual funds and other investments. Now is a great time to work on building your portfolio, and a robo advisor makes it easy to see and manage all your accounts in one place. Plus, you’ll be able to adjust portfolio allocations based on sophisticated algorithms to make the most out of your hard-earned cash.
You’re Nearing RetirementIf you’re putting in those last few years of hard work, a hybrid robo advisor, like the guided wealth portfolios (GWPs) at HighPoint Advisors, LLC, can help you navigate the road to retirement while still giving you access to a dedicated human advisor. Since you’ve probably already made the switch to a more conservative investment portfolio, a robo advisor provides a low minimum platform alternative to traditional financial advising, helping you focus on putting your money toward life after work.
See If a Robo Advisor Is Appropriate for YouAt HighPoint Advisors, we provide financial advisory services to all types of investors. If you think that our GWPs would be a good fit for your current situation, contact us today by phone or via online form. Guided Wealth Portfolios (GWP) is a centrally managed, algorithm-based, investment program sponsored by LPL Financial LLC (LPL). GWP uses proprietary, automated, computer algorithms of FutureAdvisor to generate investment recommendations based upon model portfolios constructed by LPL. FutureAdvisor and LPL are non-affiliated entities. If you are receiving advisory services in GWP from a separately registered investment advisor firm other than LPL or FutureAdvisor, LPL and FutureAdvisor are not affiliates of such advisor. Both LPL and FutureAdvisor are investment advisors registered with the U.S. Securities and Exchange Commission, and LPL is also a Member FINRA/SIPC. ...
4 Telltale Signs that You Need a Financial Advisor
By highpointadvisors May 15, 2018 No Comments
While virtually all Americans can benefit from meeting with a financial advisor, the majority of the population manages financial matters on their own. If you’re currently a do-it-yourself financial planner, it may be time to consider seeking the advice of a professional, especially if you notice these four signs. 1. You’re starting a family. Getting married and having kids present some of the biggest financial challenges. Between joining finances, managing the cost of raising a child – which is about $233,610 per child (Time, 2017) before factoring in college – and considering life insurance, estate planning, college savings and more, this exciting time in your life can also be massively overwhelming. At this juncture, a financial advisor can help put you on the right track. 2. Your savings are all in cash. While a rainy day fund and emergency savings are absolutely crucial, having more than you actually need in cash can be counterproductive. That’s because cash kept in your extremely low-interest savings account isn’t being aggressively invested to maximize its worth. Working with a financial advisor, you can learn how to allocate your funds that aim to generate income and build your net worth. 3. You’re unsure about your insurance needs. Do you really need life insurance? What about disability insurance? Financial advisors are often well-equipped to assist you with choosing life insurance, disability insurance, long-term care planning, health insurance and more, helping you understand how insurance will affect your cash flow situation and assisting you with making a cost-effective insurance decision. 4. You’re nearing retirement. As you edge closer and closer to retirement, the three primary questions you probably have are: am I financially ready to retire, when should I file for Social Security and how can I make my money last for as long as possible? An experienced financial advisor can answer these questions, helping devise a strategy that works towards a comfortable retirement that lets you spend time doing things you love and focus less on your finances. Serving Syracuse, NY, HighPoint Advisors, LLC helps Central New Yorkers create comprehensive strategies to pursue their financial goals. Learn more about our financial services by contacting us today at 315-627-0474315-627-0474. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. No strategy can ensure success or protect against loss....