Best Financial Advisors in Greensboro

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.
  

• Why it is important to have a financial plan in Greensboro?

  It is important to have a financial plan in Greensboro to provide insight into your specific financial goals. It will help you understand how your money will go during your retirement years. You will understand how your current spending and saving habits affect your future, therefore, you will realize that it is important to spend your money for your needs over your wants. A financial plan can also overcome your family's financial emergencies.

• What kind of people in Greensboro are a good fit for tax planning?

  What people do not know is taxes can be their biggest expense. In Greensboro, tax planning best suits high-income earners, retirees, and individuals who are three to five years from retirement. Financial advisors help high-income earners create strategies on how they can reduce their taxes on their future income, run tax projections, and leverage charitable contributions. They also help retirees convert their investment accounts into cash flow, so that they can use them for their living expenses.

• What charitable giving tools you can use in Greensboro?

  Individuals who want to give back to their community can incorporate charitable giving into their financial plans. They can use various charitable giving tools in Greensboro, including charitable remainder trusts and donor-advised funds. Charitable remainder trusts are irrevocable trusts that allow individuals to donate assets to charity. While the donor-advised fund is a tax-efficient way to support different charities. It is operated and maintained by a 501(c)(3) organization.

• Can wealth impact planning help you build a legacy in Greensboro?

  Yes. Wealth impact planning helps you build a legacy in Greensboro. It will make you realize how planning your wealth affects your family. Wealth impact planning enables you to structure your assets or money while making sure that your loved ones are cared for. You can preserve your wealth and creates tax minimization strategies to prevent tax liabilities for your family in case of your passing.

• If you have lost a loved one in Greensboro, is it necessary to work with a financial planner?

  Yes. You are encouraged to work with a financial planner after losing a loved one in Greensboro. Financial planners will help surviving families understand their financial status and obligations during their difficult times. They help families with what legal and financial tasks they must address immediately and what items can be addressed in the coming days or weeks.

• 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.