Best Financial Advisors in Auburn

Frequently Asked Questions

• Introduction

  There are many titles for financial professionals, so it's challenging to track what each one means. A financial advisor is probably the term you've heard most often. Financial advisor is a broad term for a professional who helps individuals or companies manage their finances, including investment choices. There are over 100 certifications that financial advisors can obtain.
  

  • Financial planners, wealth managers, and investment advisors are all financial advisors with different focus areas.
  • A financial planner helps an individual or a company make a plan to achieve long-term financial goals.
  • A wealth manager helps individuals maintain their wealth through various disciplines and services, such as taxes, estate planning, and investment advice.
  • An investment advisor offers investment advice and recommendations to individuals or organizations.
    

  There’s a misconception that you have to be extremely wealthy to use a financial advisor. In reality, they can be beneficial for people from any income level. Keep reading to find answers to the most commonly asked questions about financial advisors, so you know which type can fit your specific needs.
  

• In Auburn, what are the things you need to consider when allocating your assets?

  When allocating your assets in Auburn, your strategies must be tailored to your risk tolerance, time horizon, and investment goals. You need to remember that assets with greater upside carry greater risk. Your time horizon also affects your asset allocation. If you have a long investment time, there is a greater potential for wealth accumulation. Your investment goals must be aligned with your asset allocation. You must allocate higher stocks if your goal is to grow your assets over a long period of time.

• How can you protect your Social Security payout in Auburn when you become a disabled senior?

  When you become a disabled senior in Auburn, you can protect your Social Security payout through a representative payee. You need a representative payee because establishing medical directives, guardianship arrangements, and powers of attorney is not enough. The Social Security Administration will appoint your representative payee who will act on your behalf and is responsible for managing and directing your benefits.

• Can you still get health insurance even if you lost your job in Auburn?

  Yes. You can still get health insurance even if you lost your job in Auburn. You can still keep your employer-based plan or apply for a new one. You can apply for Medicaid insurance if you meet certain requirements or sign up for short-term health insurance which offers lower premiums. Affordable Care Act health plan is also a good option. It provides essential benefits, however, it has an enrollment time limit.

• What are the negative impacts of divorce on your retirement in Auburn?

  Divorce indeed provides a negative impact on your retirement in Auburn. It may affect your financial status and ability to prepare for your future. You need to handle all your living expenses on your own. You will pay for your own relocation costs and rent or mortgage. You might not be able to save as much and your benefits might be affected.

• How can recent college graduates in Auburn achieve financial stability?

  Recent college graduates in Auburn can achieve financial stability if they establish short-term and long-term goals. They should also build an emergency fund that can last for three to six months. This might cover expenses resulting from unexpected events like job loss or car maintenance. They should also keep in mind to spend less than they earn and use a cash flow plan to track their expenses. It is also important that they save for retirement.

• Are financial advisors worth it?

  Whether or not a financial advisor is worth it depends on your personal situation. If your finances are fairly straightforward, then you may be better off handling it on your own. But if you have substantial assets or a complex investment portfolio, then hiring someone to handle it for you can be well worth the cost.