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Preparing for Retirement: Start With These Questions

Crafting a retirement plan entails defining your financial goals and the steps needed to realize them. By carefully assessing what you need to reach your desired income goals, you can make sure that your golden years are financially secure. For the best retirement planning, one must identify income sources, evaluate expenditures and create a savings strategy. Additionally, taking into account any future cash flow is essential in determining whether or not achieving the desired post-retirement income is attainable. Managing assets and risk are also key retirement planning services when planning for your golden years. When it comes to planning your finances, starting early is usually the best. However, you can begin at any point learning the different types of retirement plans and still benefit from sound financial planning. Obtaining a happy, secure, and enjoyable retirement lifestyle is best paved with this approach. Before you make a start, here are some questions to ponder.

How Will I Fund Retirement? 

Experienced financial advisors should guide their clients to the best retirement planning to make the most of all the financial resources available for them to fulfill their retirement objectives. This could involve aspects such as:

Tax-advantaged investment accounts

When planning for retirement, IRAs, 401(k) plans, 403(b)s, and other types of retirement plans and workplace savings accounts can provide the security you need.

Annuities

Pension contributions from prior employers can provide a secure financial future.

Social Security

Stock options or restricted stock units

Ownership interest in a business

Additionally, there is a vast array of financial resources available to you for retirement planning. It is essential to guide a client in evaluating what kinds of lifelong retirement cash flows their various financial resources can provide. This is the ideal moment to execute financial planning projections that can help you identify how much income you'll be able to sustain and for what period. It is a prudent move to plan for life beyond the age of 100, as advances in medical technology are increasing human longevity.

How Many Years Do I Need Income?

As you contemplate when to retire, bear in mind the number of years it will take for your nest egg to be sufficient enough for retirement. In 1990, the average life expectancy of retirees was 75 years. As of today, the average life expectancy is 79 years. However, by 2050, when most millennials will have retired or be close to retiring, it's estimated that life expectancy could reach the low 80s range.

Unfortunately, predicting the number of years we will have in retirement is far from an exact science. Factors such as your lifestyle, exercise habits, dietary choices, and overall health can profoundly influence the length of retirement you will enjoy.

How Much Money Will I Need For a Comfortable Retirement? 

The amount you need to retire comfortably varies depending on variables such as your age when retiring, longevity, and the income received from any pensions or Social Security benefits. If your retirement income doesn't match what you need to spend, that deficit needs to be addressed by taking withdrawals from your nest egg. When it comes to accessing your savings, three crucial elements come into play; how much you're withdrawing, what the duration of withdrawal is, and any gains or losses during that period. Depending on your cost of living, you may need anywhere from hundreds of thousands to millions of dollars.

Which Retirement Accounts Should I Draw From First?

Throughout your career, you've worked hard to amass a sizable nest egg. Now that the time has come to cash in on those savings, it's only natural that you'd have questions about retirement. Now is the time to reap the benefits of your retirement savings by using them as an income source.

For many, transferring money into an IRA and then spending from those accounts is the norm. By consolidating your old 401(k) or 403(b) plans and rolling the money into a single IRA account with a financial advisor or discount brokerage, you'll be able to make informed decisions around managing your finances. Afterward, you can conveniently access your funds through numerous methods of withdrawal.

You can quickly transfer funds to your checking account every month or at any other period.

When significant expenses arise, you can take a lump sum to cover them with ease.

Spending from your savings is a fairly straightforward process logistically. When you link your bank account to an IRA provider, you can effortlessly sell investments to cover any withdrawal amounts. Before investing, carefully consider any associated fees or penalty charges that may arise from withdrawals. To be on the safe side, it's prudent to talk to a financial planner and tax advisor about the potential implications of withdrawing from retirement accounts. Keep in mind that these transactions may generate taxable income. Don’t forget the best retirement planning begins with learning about the retirement planning services available. Consult an experienced fiduciary advisor for help. 

Will I Need To Work Part-time? 

If you're feeling a void post-retirement, working again can be a great way to fill that gap and rediscover your purpose. If you're considering rejoining the workforce, [you must be aware of IRS restrictions and regulations that can modify your Social Security benefits, Medicare coverage, pension entitlements, and other retirement plans.

Returning to work after retiring may affect your pension due to certain tax rules and conditions. If you go back to work, consider adding money to your retirement accounts.

When Should I Begin Taking Social Security? 

When it comes to retirement planning services, age is a critical factor. Most people should avoid taking their Social Security benefits until they reach full retirement age or later for the greatest use. At age 62, you are eligible to accept Social Security benefits; however, if you do so at this time, your benefits will be reduced. Over the long run, that reduction in payments can become costly to you. If a surviving partner inherits those payments after your death, they will be left with less money than originally owed.

By waiting to claim your Social Security benefits until the age of 70, you could potentially increase them by almost 8% each year! If you really want to maximize this benefit then it is calculated every month rather than annually so don't wait for your birthday - every month counts. But after 70, no more waiting around will be necessary or beneficial.

For those with existing health concerns that may shorten their lifespan, it could be advantageous to pursue benefits at an earlier date. In certain scenarios, it could be a wise financial decision to claim your pension earlier. Still, you must comprehend that tapping into those funds too soon can cost you dearly in the long run.

How strong is my financial plan? 

Constructing a financial plan gives you an in-depth look of your present finances, the objectives that you have set for yourself financially and any tactics you may have devised to reach those goals. Crafting a comprehensive financial plan begins with evaluating your current cash flow, savings, debt load, investments, insurance coverage and any other factors that contribute to the overall health of your finances.

Your retirement is dependent on the stability and resilience of your financial plan. The longevity of this plan will depend mainly on its durability and flexibility. Work with a qualified financial advisor like William Bevins CFP® to discuss the different types of retirement plans and get on the right track. 

Have I Saved Enough to Retire? 

It's inspiring to have goals, ambitions, and dreams, however, without the financial capability to make them happen they are nothing more than a distant fantasy. Rather than clinging to hope, it's wiser to do some introspection and assess what your future costs will be. This way you can ensure that you have enough money, not only to survive in retirement, but also to enjoy life during those years!

For many years, financial experts have been debating the exact amount of money necessary for individuals or couples to retire comfortably. It's been said that to retain the same lifestyle after retiring, you'll need between 60 and 80 percent of your pre-retirement income each year. Nonetheless, the majority of those projections are fairly speculative.

If your goal is to explore the world in retirement, then undertaking some research now would be most beneficial. Calculate the expenses and make sure that your bank accounts will be ample enough to fulfill both your aspirations and financial obligations for many years to come. It is likely that you may need to alter your aspirations or reduce costs in different areas so that it becomes a reality.

Should I Sell My Home? Most retirement advisors concentrate on constructing a strong investment portfolio for their clients. While portfolios may be important, they are rarely the most valuable asset or largest source of financial liquidity for an average person. The majority of people's wealth is most often invested in their homes. As people draw near retirement age, it is wise for them to think about selling their homes, especially if they have already paid off the mortgage and the value of the property has remarkably increased.

Why sell? Downsizing your home is not only a space saver, but it also comes with many other advantages. Beyond the obvious smaller house to maintain, there are numerous other reasons why people choose this path. Selling is a fundamental step in setting yourself up for future, financial security. By gaining liquidity, you can ensure you have enough funds to sustain your lifestyle and build an emergency reserve. After all, even though you might have a million-dollar home to your name, what good is that if you can't afford the healthcare coverage or recreational activities of your choice?

People expecting retirement should strive to make the most of the real estate market. As they ponder the next phase of their lives, retirees must do some soul-searching to determine if they should sell their family home now and rent a place in anticipation of retirement, or hold off until they retire. This decision can be life-changing. Consider the misfortune of those who chose to wait until after the 2008 housing bubble burst before selling their homes.

Do I need an Estate Plan? 

To make sure that your endowments are smoothly passed down to future generations, and to avoid hefty estate taxes, it's wise to begin formulating an estate plan. Even though it may not be the most entertaining discussion, taking the time to speak with your lawyer and accountant is essential if you want to ensure that your estate will run smoothly and cost-effectively when you pass away.

To begin, drafting a will is essential. But that's only the beginning of your journey to protecting your assets and loved ones. Establishing trust and custodial accounts for infants or grandchildren could be the ideal solution in terms of planning.

Time is of the essence when it comes to estate planning, especially due to a three-year window where previously removed assets may be taken into account. In short, if you obtain a life insurance policy and pass away within three years of the contract being signed, then the amount insured will be included in your estate for taxation purposes. Strategic preparation is the backbone of estate planning and, more importantly, your contentment in retirement.

How Will I Pay for Healthcare? 

Healthcare is a continuously evolving aspect of retirement planning. During your employment period, it's likely that your employer covered the premiums for you. Upon your retirement, you are now liable for any associated costs. As you approach your 65th birthday, Medicare is most likely the health insurance plan for you. You can also purchase Medigap or Medicare Advantage plans to supplement traditional Medicare coverage.

If we are to make a ballpark approximation, then it is likely that a 65-year-old woman would need about $9,000 in her first year of retirement for healthcare expenses. Yet, medical care is far more intricate than that and unfortunately, costs rise as you mature. According to Schwab, the typical retirement could cost a couple up to $395,000 in out-of-pocket healthcare expenses. That includes premiums, copays, dental and vision care costs—but does not take into account potential long-term care expenses. Unplanned healthcare costs can derail even the best retirement planning technique. 

Start the conversation -

Get your financial plan underway or back on track with a free consultation with William Bevins, CFP®.

About William Bevins: William Bevins is a CERTIFIED FINANCIAL PLANNER (CFP®) and fiduciary financial advisor. His training includes the areas of tax planning, insurance, and estate planning. His planning is designed to help professionals achieve their financial goals through retirement planning, smart investment advice, reducing taxes, and maximizing their money.

For more information to learn how to choose a financial advisor, the benefits of personal financial advisors, or hiring independent advisors - please reach out via email billbevins@cypresscapital.com.

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Retirement Planning Mistakes that Cost you Big Time

Planning retirement is no simple feat, requiring perseverance and a considerable amount of time to build your savings up enough to maintain a desirable lifestyle. Achieving financial freedom usually requires more than simply choosing the best retirement plans and making regular payments.

Below William Bevins CFP® CTFA, a Franklin TN fiduciary advisor, lists 13 important mistakes to avoid on the way to planning for retirement:

Not Meaningfully Saving Today

Take advantage of the power of compounding interest and watch your money expand exponentially until you retire. Every dollar you save today will make an even bigger difference in the future! Time is a powerful ally when it comes to accumulating compound interest—the more time your money has to grow, the greater potential for returns.

Make an effort to save money by minimizing your expenses and always prioritize saving. Throughout your working life, it's advisable to set aside at least 10-15% of your income when planning retirement goals. Many financial planners generally recommend this approach, so that you can have a comfortable lifestyle after you retire.

Utilize employer-sponsored retirement plans like a 401k, 457, or 403b plan. Individually, you can save with self-employed retirement plans such as an IRA, Roth IRA, or SEP IRA. Consult an experienced fiduciary advisor for the best retirement plans for you. 

Not Receiving the Company Match

To maximize your savings and to take full advantage of any employer match that may be available, make sure you sign up for the 401(k) offered by your company and contribute as much as possible. It's typical for employers to match your contribution, oftentimes, in the form of a percentage. For instance, if you decide to put away 6% of your salary each month, your employer may add an additional 3%.

If your company offers a matching program, it's an opportunity to obtain free money that you shouldn't miss out on! The Internal Revenue Service has set a limit for the combined contributions from both an employee and their employer when it comes to funding retirement plans.** In 2023, no individual can contribute more than $66,000 to their 401k retirement account—that number increases by an additional $7,500 for those age 50 and above.

Forgetting to Rebalance Your Portfolio

Maintaining the asset mix you want is critical as markets fluctuate, or when preparing and planning retirement, so make sure to rebalance your portfolio quarterly or annually. As you approach your retirement date, it is smart to start reducing the number of stocks in your portfolio and begin increasing the percentage of bonds that are held. That way, you can enjoy a much more secure financial future.

Cashing Out Retirement Savings Early

When you prematurely withdraw funds before the age of 59 ½, from your employer-sponsored plan, or self-employed retirement plan, 20% will likely be withheld for taxes and penalties. This means that you won't receive the full amount. Falling behind financially now could mean forfeiting potential future earnings, as the majority of people are unable to recover.

Here are a few other considerations to keep in mind:

When changing jobs, it's essential to specify what should be done with the remaining balance in a company account; otherwise, any funds below $5,000 are typically left behind. To ensure you don't owe taxes later, the employer can deduct 20% in withholding and deposit it into an IRA on your behalf. These fees can be exceptionally steep and may significantly deplete your savings account.

To avoid taxes and penalty fees, you must make sure to move the funds out of your retirement account within 60 days if you plan on rolling it over into a qualifying new account.

To avoid the 60-day rule, you can either request a direct rollover or conduct a trustee-to-trustee transfer.

Avoiding Health Cost Planning

If a couple, aged 65 in 2022, wants to cover their health care costs during retirement, Fidelity's Retiree Health Care Cost Estimate suggests that they ought to have saved at least $315,000 (after taxes).

Strive to maintain your health so that you can reduce those expenses. Don't forget that Medicare won't pay for all of the healthcare costs associated with retirement living. To avoid any unpleasant financial surprises, it is wise to purchase supplemental insurance or make sure you have the funds to cover any additional costs.

Leaving the Workforce Too Soon

On average, everyone will experience around twelve career transitions in the course of their life. Despite the extra funds that employers often contribute to a 401(k) plan, profit-sharing, or even stock options, many overlook these benefits and don't realize what money they are leaving on the table. Vesting is the key factor to consider when receiving funds or stock from your employer as part of a matching program. Typically, you don't have full ownership until you've been employed for five years.

Make sure to take a look at your vesting situation before deciding to depart, especially if you're nearing the end of that period. As you approach your retirement date, it is essential to think about the efficacy of leaving your funds untapped and whether that could be offset by changing jobs.

Formal Financial Plan Avoidance

Don't let your golden years be ruined by insufficient funds; craft a plan that takes into account how long you intend to live. Establishing one of the best retirement plans requires careful consideration of your desired retirement age, ideal location, health needs, and preferred lifestyle to ensure you are saving enough money.

As you begin to live your new life, make sure that your plan is consistently refreshed and up-to-date. To ensure your financial plan is best for you, consult with an accredited financial counselor who can offer sound advice. Learning the benefits of self-employed retirement plans is very important for those who work for themselves.

Unwise Investment Choices. 

Make wise investment decisions, no matter what type of retirement plan you're considering – whether it's a company-sponsored one or an individual IRA such as Traditional, Roth, or Self-Directed. For those who desire to take control of their retirement savings, a self-directed IRA offers an array of investment opportunities that can be tailored to meet individual needs. That's a smart move, but only if you don't gamble away your savings by investing in "hot tips" from untrustworthy outlets. Steer clear of high-risk investments like bitcoin or other crypto options that are far too volatile to be reliable.

For the majority, understanding self-directed investing necessitates a steep learning slope and seeking guidance from an experienced financial advisor. Investing in high-cost, yet underperforming actively managed mutual funds is a foolish decision that will undoubtedly result in financial losses.

Unless you are confident that your investment choices align with the goals of a self-directed IRA, avoid this route to ensure steady progress. For many individuals, investing in low-cost exchange-traded funds and index funds is a more advantageous option. You are mandated to receive an annual disclosure from your 401(k)-plan sponsor that outlines the fees and their effect on your return. It's essential to review this document carefully, as any changes in policy or fees could affect your investments.

Not Considering Taxes

If you anticipate that your tax bracket will be higher in retirement than it is now, investing in a Roth 401(k) or IRA may prove to be advantageous. This way, you pay taxes on the front end when contributing and all withdrawals are then free from taxation. Additionally, you won't only be exempt from paying taxes on your investments but also all the profits they've accumulated.

Conversely, if you expect taxes to be lower in retirement, a traditional IRA or 401(k) is the better option since it allows you to steer clear of high taxes upfront and rather pay them when taking out money. Borrowing from your typical 401(k) could lead to double taxation since you need to reimburse the loan with post-tax dollars and then any withdrawals in retirement will also be subject to taxes.

Carrying Costly Debt

Incurring debt before retirement age could have a detrimental effect on your financial savings. To steer clear of unwanted debt or draw from your retirement fund, you must always have a reliable emergency fund on hand. Also, try to pay off (or at least pay down) debt before you retire. However, experts recommend not giving up on your retirement savings to pay off debts; you will benefit more when you find an effective way of accomplishing both.

Selecting Social Security Prematurely

The earlier you start receiving Social Security, the higher your benefit will be - and this can continue up until age 70! So don't wait any longer to get started. You can start filing for retirement benefits as soon as you turn 62, however, full retirement isn't reached until age 66 or 67 depending on the year that you were born. For the greatest possible benefits, it is recommended that you delay your filing until age 70. So if you can wait, do so.

Unless your well-being is in jeopardy, this option makes perfect sense. If you are also considering spousal benefits, it might be wiser to wait until your full retirement age so that your spouse can file and collect the benefits under your account.

Buying too Much Employer Stock 

If your employer's stock shares are an investment choice in your 401(k), you may want to consider keeping your allocation to no more than 10 percent. You are not deserting your company; even the most influential businesses, such as Enron and WorldCom, have succumbed to failure. With your income already linked to the success of your organization, you don't want a prominent portion of your retirement savings to be subject to similar circumstances.

Underestimating the cost and length of retirement

As reported by the August findings of the National Center for Health Statistics, Americans have been facing a decline in life expectancy at birth over the last two years. Regrettably, 2021 saw the lowest life expectancy at birth in America since 1996 - a dismal 76.1 years according to data that is nearly finalized. Running out of money during retirement is a real risk that should not be taken lightly. To safeguard yourself from such an unfortunate circumstance, consult with a knowledgeable financial advisor to assess the situation and develop solutions. 

FAQ

What do Wealth Managers Do?

Much like financial planners, financial advisors, or investment advisors do, wealth manager roles require similar processes to be followed. The main component of my work involves engaging with clients, aiding them in recognizing their objectives and devising a plan for fulfilling those aims both presently and in the future.

Wealth managers are generally more selective when it comes to clients due to their customers' extensive requirements and need for frequent communication, making them less popular than financial advisors or planners. Wealth managers assess their clientele's requirements and gain a comprehensive knowledge of the tools they use to accumulate wealth. Subsequently, the wealth managers assess the data and present proposals for their approaches. Not only does this process involve connecting with the client, but also networking and collaborating with other financial professionals that the customer collaborates with.

Why Would I Hire a Wealth Manager? 

It's simple. Wealth management is a personalized service offering tailored advice on how to best reach your financial goals, whether it's protecting and growing your wealth or preparing for retirement. Wealth management is an intricate process that goes beyond constructing a portfolio and selecting investments. 

Wealth managers offer comprehensive solutions for their wealthy clientele, taking into account all aspects of financial planning. Developing a financial strategy is merely the first step in achieving success. Wealth managers have the expertise and knowledge to help clients reach their goals by combining financial planning with tax guidance, investment strategies, basic estate planning advice and more. Always consult a tax professional for legal help.

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Wealth Management In Your 40s: 4 Tips

In your 40s, retirement is no longer a distant notion - the financial obligations you assume now will determine how comfortable and secure your future years are. With your substantial earnings, there are greater potential benefits for you if you plan ahead and strategically manage your taxes.

If you are a homeowner, your expenses have likely gone up. Additionally, if you are the parent of children who will be entering college soon then this might be an opportune time to make arrangements for tuition payments.

When your financial investments, savings, and goals intersect to form a cohesive plan, careful consideration and strategic investing become essential.

To help you make the most of your life's profitable years, we've outlined four approaches to assist with establishing and achieving your future goals. This roadmap will aid in savvy investing that can bring lasting rewards!

Preparing For What's Ahead

If you have a plan for the future, it is essential to revisit and modify your course if need be. Now is an ideal opportunity to do just that. Even if you haven't begun, it's never too late to formulate a plan.

Take some time to reflect on your current circumstances and plan out what you would like to achieve in the future. If you are part of a couple, both partners must collaborate to determine their shared objectives.

Start with the basics. Establish a budget, discover objectives, and start striving to accomplish these goals - it's really that simple.

Wealth Management Tips For Your 40s

High Interest Rate Debt

Credit card interest rates are an exorbitant 20% on average, thus making a move to pay off any high-interest credit card debt would be more effectual for your financial security compared to other monetary decisions related to savings or investing.

Student loans may also be a high-cost form of debt, especially if you borrowed money when rates were higher. Do you have hefty student loans that are accumulating interest at a rate higher than 5%? Or perhaps many student loan payments to contend with every month? If so, it might be time for you to contemplate refinancing your debt. Consolidating multiple high-interest-rate loans into one monthly payment can help make managing and paying off your debt much easier. Nowadays, it's easier than ever to reduce the burden of high student loan interest rates by taking advantage of one or more refinancing options offered by lenders.

Maximize Your 401(K)

As retirement approaches, you may be able to start stashing away a greater percentage of your income. Granted, the time horizon isn't as distant, but the dollar amount is probably far larger than in your earlier years, given inflation and salary growth. Taxpayers can contribute up to $22,500 for 2023 (up from $20,500 in 2022), while people aged 50 and over can contribute an additional $7,500 yearly. A wealth management Franklin TN professional can help guide you. 

Consolidate Your Retirement Accounts

Although job transitions often result in more income—one out of five employees reported a raise between 10-20% when making a move to another company—it can also leave workers with multiple 401(k) accounts from previous employers.

Although diversifying your accounts isn't always a bad thing, it can be costly financially and time-wise in the future. Before you make any decisions, let's look into why consolidating these accounts would be beneficial for you.

Typically, consolidating accounts translates into fewer fees, less maintenance, and better organization of investments. Trust a fiduciary advisor College Grove TN for helpful advice.

Conduct An Annual Review

Staying ahead of any potential changes to your investments is critical, so it's important to review and adjust your retirement plan and investment accounts on an annual basis. That way, you can be sure that you remain on the right track toward reaching your financial goals. Keep in touch with your financial advisor Columbia TN professional. 

Take The Next Step

Contact William Bevins, CFP® for a free consultation. Allow his experience as a fiduciary and financial advisor to work for you. Visit williambevins.com for more information.

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Wealth Management For Millennials

Let's face it since many millennials have been able to save and invest for the future, they have faced record levels of inflation, the covid-19 pandemic, and more than one market correction of 20% or more. It's no wonder many millennials are cautious when it comes to investing in either stocks or bonds.

I have comprised a list of tips to help millennials become more prepared for their future: Millennial Wealth Management and Investing Tips

Keep Debt To A Minimum

With a staggering 2 million millennials shouldering at least $30,000 of student loan debt (Forbes), it is no wonder that starting to save for retirement and investing has become an impossible feat. This immense burden prevents young adults from achieving their financial goals. To minimize your interest payments, consider consolidating all of your loans. This could be the perfect solution to an ever-increasing debt load. These are effective tactics to reduce the amount of money you pay on your student loans.

While repaying your student loans, take care to avoid accumulating any credit debt. Credit cards can be incredibly beneficial for building a strong credit score, however only paying the minimum balance will eventually land you in financial trouble. A fiduciary advisor Spring Hill TN can help. 

Begin Making Contributions to Retirement Savings Accounts

Capitalize on your employer's 401(k) program if it is available, or start investing in a tax-free IRA to maximize the long-term benefit of your retirement. By investing in your retirement from a young age, you can maximize growth and reap the rewards when it's time to retire. Typically, contributions of up to $18,000 per year can be made on a pre-tax basis. Starting early can make a large difference down the road. Don't forget these types of accounts grow tax-deferred.

Set Some Realistic Goals for Yourself and Start Investing

Achieving your financial goals begins by understanding why you're investing and how to take action. Carefully assess your financial situation to determine the right investment strategy based on both your short and long-term goals as well as risk appetite. It's important to keep in mind that everyone invests differently. If you prefer less risk, consider investing in low-risk stocks for more reliable returns over a longer period.

Find an Experienced Financial Advisor To Help

As a young worker, saving money for the future can be intimidating. But that doesn't mean you have to go it alone - there are resources available to help guide and support your savings journey! When you team up with a licensed financial planner, they can provide invaluable guidance and perspective that will help maximize your economic opportunities. With their extensive knowledge of the marketplace, you're well-positioned to gain from their insight. With their help, you can create a financial strategy that is tailored to your objectives. Consult a financial advisor 

Make Rebalancing A Priority

Rebalancing your portfolio is a powerful technique that involves the strategic buying and selling of assets to bring their allocations back in line with your original goals. An experienced wealth management Columbia TN professional can utilize this strategy. Furthermore, if an investor's investment strategy or risk tolerance shifts, they can utilize rebalancing to realign the weightings of each security or asset class in their portfolio to adhere to a renewed asset allocation.

Monitor Your Progress

Keep up with your investments. Monitor your portfolio regularly. The more familiar you become with your account's positions, the more likely you will stay invested for the long term. Also, ask your fiduciary advisor Nashville TN for an annual review.

Take The Next Step

Contact William Bevins, CFP® for a free consultation. Allow his experience as a fiduciary and financial advisor to work for you. Visit williambevins.com for more information.

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Start with smart Wealth Management

The short answer is that it depends on your lifestyle and desired retirement age. However, some assumptions can be made about the longevity of the funds. Provided that you adhere to a strict budgeting plan, the typical $1 million nest egg has enough funds to last anywhere from two decades up to three. To maximize the full potential of this fund, creating and following a budget is vital. This should cover expenses such as housing, food, utilities, leisure activities, and health care-related costs. Furthermore, it is essential to have an emergency fund at the ready in case of any unforeseen financial hardships.

While $1 million can provide a comfortable retirement lifestyle, the best way to maximize your savings is to invest smartly and be mindful of your budget. Moreover, it's essential to think ahead and decide when you want to retire and how much money you expect to need in retirement. By considering these factors, you can make your retirement funds last longer and enjoy a more luxurious lifestyle when you retire.

Ultimately, the length of your retirement fund relies heavily on how well you manage it. Twenty or thirty years could be yours depending on the choices you make! With careful budgeting and an effective retirement plan, you can maximize the impact of your $1 million nest egg. Consult a fiduciary advisor Hendersonville TN for help. 

Start with smart wealth management

Smart wealth management Nashville TN is key to a successful retirement. No matter if you’re beginning your financial journey or already in retirement, make sure that your finances are well-managed and planned for the greatest return on investment. Taking the time to plan your investments wisely and for the future will provide you with a sense of peace, knowing that your savings can last as long as required.

Set realistic goals for the future

Establishing achievable objectives for your retirement and committing to staying on the path you have chosen is a vital step towards ensuring a successful future. As we age, our plans must evolve to remain viable. By focussing on staying ahead of this process with firm goals, you can make sure that your golden years are truly rewarding. Develop a budget that covers all your needs and is flexible to any future changes. Wise investments will ensure you have enough money saved for retirement, so don't forget its importance!

Find an experienced financial advisor

Finally, consider talking to a financial advisor Franklin TN who can provide personalized advice for retirement. An experienced financial advisor will be able to provide tailored advice that meets your specific needs and goals, helping you make the most of your $1 million nest egg. With the right strategy, you can maximize your savings and secure your retirement for years to come. Find an experienced financial advisor that you can trust today. With their help, you will be well on your way to a secure and comfortable future! Start a conversationContact William Bevins, CFP® for a free consultation. Allow his experience as a fiduciary and financial advisor to work for you. Visit williambevins.com for more information.

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How Can I Make My Retirement Savings Last?

For wealth management Spring Hill TN professionals, investing for the future can be challenging at times. For retirees running out of retirement money typically is the largest fear.  Here are a few ideas to help avoid this and other snags later in life. Step 1 - PrepareOne of the most important things you can do to ensure that your retirement savings last is to plan. Start by calculating how much money you will need each month after retirement. Once you have a good idea of how much you'll need, start saving and investing early. This will allow you time to develop a portfolio that can help protect your investments and keep your savings growing.

Step 2 - Diversify

It's important to diversify your investments, meaning that you should spread out where you're putting your money. Consider investing in stocks, bonds, real estate, and cash equities. This will help ensure more consistent returns over time and prevent too much of a loss in any one area should there be a dip in the market.

Step 3 - Rebalance

As your investments gain or lose value you will need to periodically rebalance them. This will help keep your portfolio diversified and somewhat protected against any large losses due to volatility. Make sure to speak with a financial advisor before making any large financial decisions.

Step 4 - Monitor

Keeping a watchful eye on your investments is also important for ensuring that your retirement savings last. Make sure to review your portfolio at least once per quarter to see how it's performing and make any necessary adjustments. This will help you stay on track and reach your goals with minimal losses.

Learn the facts about social security

Social security benefits are an important part of your retirement plan. These benefits are available to retired individuals who have been paying into the system for at least 10 years, or those receiving disability or survivor's benefits. These funds can help provide supplemental income in your golden years. Understanding your eligibility and the details of your benefits can help you plan for a comfortable retirement.

How much does Social Security typically pay?

The average annual benefit is around $1,360 per month. This amount can vary based on your work history and other factors. To determine the exact amount you will receive, contact the Social Security Administration directly to get an estimate of your future benefits. 

Is Social Security taxable?

Yes, your social security benefits are generally subject to federal income tax. Depending on the amount you receive and your other sources of income, up to 85% of your social security benefit may be taxed. It's important to understand the different tax brackets and know how much you will have to pay in taxes before you start drawing from your social security benefits. Consult a fiduciary advisor Murfreesboro TN for help. 

By following these steps and staying on top of your investments, you'll have a better chance of making your retirement savings last. However, it's always important to get advice from a financial advisor Fairview TN professional before making any major decisions about investing or spending during retirement. This will help you to make the most informed decisions for your situation. Contact William Bevins, CFP® for a free consultation. Allow his experience as a fiduciary and financial advisor to work for you. Visit williambevins.com for more information.

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Diversifying Your Investment Portfolio

Portfolio diversification is a strategy to spread your investments across a variety of asset classes and sectors. This helps to reduce overall risk, as the performance of any one asset or sector won't have an outsized effect on your portfolio. Diversifying also opens up opportunities for potential returns from different markets.

When constructing your investment portfolio, assessing the size and risk appetite of your investments is important. Allocating too much capital to one asset class or sector could leave you exposed if the market experiences a downturn, while allocating too little may mean that you don't take advantage of opportunities for growth in other sectors.

When considering diversification, it is important to look at the different types of assets - such as stocks, bonds, real estate, and commodities - as well as sectors such as technology, healthcare, and finance. Allocating investments across different asset classes will help reduce risk by spreading losses across a wider range of markets.

You should also look at the different types of investments within each sector. By investing in different companies or industries within the same sector, you can potentially diversify your exposure and reduce risk. For example, if you are interested in investing in the technology sector, consider investments in a variety of tech companies and industries, rather than focusing all of your capital on one company or industry.

Finally, it is important to review and adjust your investment portfolio regularly to ensure that it remains diversified and in line with your overall risk appetite. As markets change, you need to adjust your portfolio accordingly to make sure you are taking advantage of the best investment opportunities available. Regular monitoring will also help you spot potential risks and take action before they have a significant impact on your portfolio.

Seek the help of a financial advisor

Utilize a fiduciary financial advisor Lebanon TN to ensure that your investment portfolio is properly diversified and in line with your goals. A financial advisor can provide expert advice on constructing a portfolio that meets your needs and can help you stay informed of any changes affecting the markets. With their assistance, you can make sure that you are taking full advantage of opportunities for growth while managing potential risks in your investments.

Working with a financial advisor Spring Hill TN can also help you to stay focused on your long-term goals and provide more clarity when making decisions about your investments. They can help you understand the implications of each investment so that you make informed decisions, as well as help keep track of any changes in the markets that could affect your portfolio.

Overall, diversifying your investment portfolio is an important strategy for managing risk, as well as taking advantage of growth opportunities. Seek the help of a wealth management Fairview TN professional to ensure that your investments are properly allocated and that you have clarity when making decisions about your portfolio. With their assistance, you can better manage risks and maximize potential returns from your investments.

Let's start a conversation:

Contact William Bevins, CFP® for a free consultation. Allow his experience as a fiduciary and financial advisor to work for you. Visit williambevins.com for more information.

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How Much Money Should You Have Before Hiring a Financial Advisor?

The answer to this question varies depending on your circumstances. Generally speaking, if you have more than $50,000 in investable assets or a high-net-worth portfolio of over $1 million, then it may be time to seek the help of a professional financial advisor.

An experienced financial advisor Brentwood TN can provide invaluable guidance on your investment strategy, risk management, and tax planning. They can also help you stay focused and motivated to achieve financial goals, such as saving for retirement or paying off debt.

Before hiring a financial advisor, it’s important to understand their fees and the services they offer. There are typically two types of fees: asset-based and hourly fees. Asset-based fees are based on a percentage of your assets under management, while hourly fees are charged for specific services or advice. Make sure you understand the details of what you’re paying for before signing any agreements.

It's also important to review the advisor’s qualifications, experience, and specialties to ensure they have the skills and knowledge to meet your financial needs. Ask for references, request background information, and research the advisor’s credentials. Finally, make sure you feel comfortable with their approach and communication style before making a decision.

Ultimately, there is no set amount of money that you need to have before hiring a financial advisor. Finding the right advisor for you is an important decision, so be sure to do your research and ask plenty of questions before committing. With the right advisor by your side, you can increase your chances of achieving your financial goals.

Are you afraid of self-managing your retirement capital?

If so, you may want to enlist the help of a fiduciary advisor Hendersonville TN. A financial advisor can provide invaluable guidance and coaching on how to manage your investments, create an efficient tax strategy, handle risk management, develop a budgeting plan, and more.

When choosing an advisor, take the time to do research and ask questions. With the right advisor by your side, you can develop a financial plan that’s tailored to your individual goals and needs. Additionally, they can help keep you on track and motivated to reach those goals.

Wealth Management Techniques:

Wealth management Murfreesboro TN techniques are strategies and tactics used to manage investments and other financial assets. These techniques involve making decisions about how to allocate capital for maximum return, minimizing risk, and creating a plan to achieve long-term goals. Investment advisors can provide advice on wealth management techniques that are appropriate for individual clients’ needs.

Generally, wealth management techniques involve:

- Setting financial goals - Determining the best investment strategies for those goals

- Creating a diversified portfolio of stocks, bonds, mutual funds, and other investments

- Managing taxes effectively to maximize returns

- Risk management using hedging techniques

- Rebalancing portfolios to adjust to market changes and ensure optimal returns

- Evaluating performance to ensure progress toward financial goals

By working with a qualified financial advisor, individuals can gain the knowledge and expertise needed to make sound investment decisions. A professional advisor can guide wealth management techniques that are beneficial for each investor’s unique needs.

Take the next step: Contact William Bevins, CFP® for a free consultation. Allow his experience as a fiduciary and financial advisor to work for you. Visit williambevins.com for more information.

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The Importance of Portfolio Diversification

Portfolio diversification is a strategy to spread your investments across a variety of asset classes and sectors. This helps to reduce overall risk, as the performance of any one asset or sector won't have an outsized effect on your portfolio. Diversifying also opens up opportunities for potential returns from different markets.

When constructing your investment portfolio, assessing the size and risk appetite of your investments is important. Allocating too much capital to one asset class or sector could leave you exposed if the market experiences a downturn, while allocating too little may mean that you don't take advantage of opportunities for growth in other sectors.

When considering diversification, it is important to look at the different types of assets - such as stocks, bonds, real estate, and commodities - as well as sectors such as technology, healthcare, and finance. Allocating investments across different asset classes will help reduce risk by spreading losses across a wider range of markets.

You should also look at the different types of investments within each sector. By investing in different companies or industries within the same sector, you can potentially diversify your exposure and reduce risk. For example, if you are interested in investing in the technology sector, consider investments in a variety of tech companies and industries, rather than focusing all of your capital on one company or industry. A financial advisor College Grove TN can help. 

Finally, it is important to review and adjust your investment portfolio regularly to ensure that it remains diversified and in line with your overall risk appetite. As markets change, you need to adjust your portfolio accordingly to make sure you are taking advantage of the best investment opportunities available with the help of a fiduciary advisor Brentwood TN. Regular monitoring will also help you spot potential risks and take action before they have a significant impact on your portfolio.

Don't Avoid Fixed-Income

In addition to diversifying across asset classes, it is important to include fixed-income investments in your portfolio. Fixed-income securities provide stability by offering consistent returns, which can help reduce the overall volatility of your portfolio. While fixed-income investments generally have lower returns than other asset classes, they also have less risk and can provide income during periods of market volatility.

Think About Real Estate As Well

Real estate is an important asset class to consider when constructing a diversified portfolio for wealth management Lebanon TN. Unlike stocks and bonds, real estate investments tend to be less volatile and can provide steady returns over the long term. Additionally, real estate investments tend to have a low correlation to other asset classes, which can help reduce overall portfolio risk.

Investing in real estate can take many forms, from owning individual properties to investing in real estate investment trusts. Depending on your risk tolerance and financial situation, different types of real estate investments can provide a variety of potential returns.

Take The Next Step

Contact William Bevins, CFP® for a free consultation. Allow his experience as a fiduciary and financial advisor to work for you. Visit williambevins.com for more information.

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How do Fiduciaries Get Paid?

Fiduciary financial advisors Franklin TN are individuals who have the task of overseeing and managing the assets of a person or entity, always making decisions that prioritize their client’s best interest. To be a qualified fiduciary, one must hold themselves to the highest standards of conduct and comply with rigorous laws and regulations in order to safeguard their clients' financial interests. These professionals receive compensation for their services through fees, commissions or performance-based compensation plans.

A frequent type of payment is fee-based compensation; that's when fiduciaries charge a fixed rate or percentage for their expertise. The amount charged by the fiduciary commonly depends on the size and intricacy of the account or portfolio being supervised. Take a financial advisor Murfreesboro TN for example, who might charge 1% of the assets under management (AUM) as their fee on smaller portfolios.

Some fiduciaries may also accept performance-based compensation, which is based on how well they can grow the value of their client’s assets. This type of compensation can be an incentive for fiduciaries to manage funds more effectively and make wise decisions in their client's best interests. Performance-based compensation is often used by financial advisors and investment managers, who are typically compensated with a combination of their fees plus additional bonuses if they reach certain performance hurdles.

Overall, the compensation for fiduciaries can vary greatly depending on the services provided and the type of arrangement that is agreed upon between the fiduciary and their client. Regardless of how they are paid, fiduciaries are expected to provide unbiased advice and make decisions with their client's best interests in mind. Fiduciaries need to be transparent with their fee structure and explain how they are compensated to ensure that the relationship between them and their clients remains ethical.

Do Fiduciaries Offer Unbiased Advice?

Yes, fiduciaries are held to a higher standard of conduct than non-fiduciaries. They must always put their client's interests first and are required to provide completely unbiased advice. The relationship between the fiduciary and client is based on trust, which means that fiduciaries must be honest about all aspects of their services including their fee structure and the compensation they receive. Fiduciaries must be honest, ethical, and responsible when dealing with their client's assets to ensure that investments are managed in the best interests of the client. How much capital is required to work with a fiduciary?

The amount of capital required to work with a fiduciary will depend on the scope of services offered and the type of arrangement between the fiduciary and their client. Generally speaking, many fiduciaries require a minimum account size before they will provide investment advice or wealth management Brentwood TN services. In some cases, this minimum account size may be as low as $500, while other fiduciaries may require a minimum account size of $50,000 or more. It is important to discuss the capital requirements with your chosen financial advisor before entering into any agreement. Start a conversationContact William Bevins, CFP® for a free consultation. Allow his experience as a fiduciary and financial advisor to work for you. Visit williambevins.com for more information.

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What is a Fee-Only Financial Advisor?

A fee-only financial advisor Nashville TN is a professional who provides comprehensive financial advice and services, such as retirement planning, investments, insurance coverage, and estate planning, on a fee-for-service basis. This means they do not receive any commissions or other forms of compensation from the sale of products. Instead, they are compensated solely through fees charged for their services.

Why does an advisor's compensation method matter?

It is crucial to consider how your financial planner will be paid, as it can drastically affect the quality of their advice. That's because some experts operate under a standard that calls for nothing more than making an appropriate recommendation based on your circumstances.

3 ways advisors are compensated:

Financial advisors receive their compensation through three primary methods:

Utilizing a commission-based model

With a straightforward commission and fee model

With a Fee-Only approach

Whether you choose a commissioned or commission & fee advisor, the compensation they receive is based on the financial products that are sold to you. Due to the potential conflict of interest present in these transactions, it can be difficult for advisors to prioritize their clients' interests instead of their own.

How are fee-only advisors compensated?

Fee-Only advisors are compensated solely through fees. This means they do not receive any compensation from the sale of products or services and therefore have no incentive to steer clients toward particular investments, insurance policies, or other financial products.

The fee can be charged in a variety of ways including an hourly rate, flat fee for certain services, or wealth management Hendersonville TN asset-based fee based on a percentage of assets.

Fee-Only advisors often provide more comprehensive and unbiased advice than those who receive a commission from product sales. They also have the incentive to ensure clients’ portfolios are performing optimally, since their fees may be linked to the performance of the portfolio. Additionally, Fee-Only advisors often work on an hourly or retainer basis, which can make them more accessible and affordable than other types of advisors.

Conclusion:

This fee-only arrangement helps to ensure that the financial advisor's advice is focused on what is best for their clients rather than any sales incentives or kickbacks they may receive from product providers. Fee-only financial advisors usually have a fiduciary duty, which means they are legally required to put their client’s interests first and act in their best interests. This is an important distinction from other financial advisors who may receive commissions or other forms of compensation when they sell products to their clients.

A fiduciary advisor Columbia TN can help investors navigate the complex world of investments and ensure that their long-term goals are met cost-effectively.

Let's start a conversation:

Contact William Bevins, CFP® for a free consultation. Allow his experience as a fiduciary and financial advisor to work for you. Visit williambevins.com for more information.

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What are the 5 Investment Strategies?

What is an investment strategy?

Investment strategies are created to assist investors in reaching their financial goals. Developed with a combination of knowledge and experience, these guidelines can help people attain the desired results they seek from their investments. This plan serves as a compass for an investor, setting forth their goals and risk tolerance while ensuring they are prepared to meet any capital needs in the future.

From those who desire wealth management College Grove TN protection with a low-risk strategy, to the more ambitious set aiming for accelerated growth by focusing on capital appreciation - Investment strategies can accommodate both ends of the spectrum.

Skilled investors can craft their portfolios or use a financial expert, however, the plans are not static and must be regularly evaluated as conditions fluctuate.

5 investment strategies to know

1. Asset Allocation:

Asset allocation involves diversifying your investments among different asset classes, such as stocks, bonds, and cash. This helps to reduce risk by spreading it out among various investment types.

2. Value Investing:

Value investing is a strategy that focuses on buying stocks below their intrinsic value with the expectation that they will increase in value over time. It involves analyzing financial statements and other metrics to identify undervalued stocks.

3. Growth Investing:

Growth investing is a strategy that focuses on buying stocks of companies with strong fundamentals and expected future growth. This type of investing is often associated with higher risk, as the potential for returns is also much greater, consult a financial advisor Lebanon TN. 

4. Income Investing:

Income investing focuses on generating regular income through dividends or interest payments. This can involve investing in stocks, bonds, or other fixed-income instruments.

5. Growth Investing:

Growth investing is a strategy that focuses on buying stocks of companies with strong growth potential. The goal is to take advantage of the faster-than-average growth of these companies and benefits from their stock price appreciation over time.

By using these five strategies, investors can diversify their portfolios and have an investment strategy tailored to their risk appetite and financial goals. With the right mix of investments, investors can ensure that their portfolios are well-positioned for long-term growth and success.

These strategies may be used individually or in combination to create a comprehensive portfolio that meets an investor's specific needs. In any case, it is important to understand each strategy and how it can help you achieve your financial goals. Achieving long-term success through investing requires careful research and planning, but these strategies can provide a foundation for building a successful portfolio.

Conclusion:

Overall, the key to developing an effective investment strategy is to understand how each of these five strategies works and incorporate them into your overall plan in order to maximize your chances for success. By doing so, you can ensure that your portfolio is aligned with your financial goals and risk appetite.

Let's start a conversation:

Contact William Bevins, CFP® for a free consultation. Allow his experience as a fiduciary advisor Fairview TN and financial advisor to work for you. Visit williambevins.com for more information.

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Women: 3 Easy Steps to Creating Wealth

For women, it is essential to take actionable steps to generate wealth for retirement. This can be accomplished by combining effective savings and investments plans, as well as diversifying into a range of different asset classes. With the right approach, you will ensure that your financial future remains secure.

To secure their financial future and cushion the burden of monthly expenses, women should automate contributions to an IRA or 401(k) account. Not only will this assist them in building for retirement, but it can become diversified. Moreover, women are urged to explore the potential of tax-advantaged options as a viable strategy for building and safeguarding their wealth.

Women should diversify their portfolios by investing in an array of products, including stocks, bonds, mutual funds, real estate investments and alternative investments. Doing so can maximize potential gains while safeguarding against losses due to market fluctuations. By doing this, you can significantly reduce your risk and maximize potential returns for the long haul. For women specifically, it's highly recommended to seek expert advice from a certified financial planner or investment advisor when deciding on the appropriate investments that fit their individual needs.

Constructing a comfortable retirement nest egg requires hard work and dedication, but it can be accomplished with prudent savings habits and wise investment choices. Women should remember that the sooner they begin preparing for retirement, the more potential there is to grow their wealth over time. With thoughtful planning and smart investments, women can create a secure financial future for themselves. 

Work with an experienced fiduciary -

By partnering with a Nashville Tn fiduciary advisor, you can ensure that your investments will be specially tailored to meet your distinct requirements and ambitions. An experienced fiduciary is equipped to give you impartial advice on how best to generate wealth for retirement planning.  Not only can they assist you in comprehending the risks and rewards that come with different investments, but they may also recommend tax-advantaged strategies that could prove advantageous to your financial future.  As you plan for retirement, an experienced and certified fiduciary can be a valuable ally in developing your financial security. It is essential to search for someone with knowledge of investing and financial planning as well as a history of assisting clients to achieve their fiscal ambitions. With the right fiduciary, you can be well on your way to creating wealth for retirement. 

Choose a fee-only financial advisor -

If you want to make the most of your retirement funds, then a fee-only financial advisor is an ideal choice. Fee-only advisors charge either hourly or flat rates for their services - so you only pay when they're providing personalized help and advice just for you. Moreover, the financial guidance that comes from these advisors is impartial and autonomous; they are unwaveringly centered on what's best for you.  When choosing a fee-only financial advisor, it's essential to ask questions and ensure they comprehend your unique needs and ambitions. Securing the advice of an individual who can offer you expertise in creating wealth for retirement is essential to ensure your success. With the right fee-only financial advisor, women can take control of their financial future and create wealth for retirement. 

Work with a financial advisor who offers comprehensive wealth management -

For those who want to take a comprehensive approach to create wealth for retirement, it can be beneficial to work with a financial advisor who offers comprehensive wealth management Brentwood TN. These advisors provide not only investment advice but also limited guidance on taxes, estate planning, insurance, and other aspects of personal finance. This type of holistic approach allows them to tailor their services to the individual needs and goals of each client. Additionally, these advisors will work with you over time to monitor and adjust your investments as needed. Overall, a financial advisor who offers comprehensive wealth management can help women create lasting wealth for retirement.

Creating wealth for retirement is an important goal for many women. With the right guidance from a certified financial planner or investment advisor, women can be well on their way to building the wealth they need for a secure financial future. A fee-only financial advisor and a comprehensive wealth management provider are both great options for creating lasting wealth for retirement. With thoughtful planning and smart investments, women can create a secure financial future for themselves. 

Start the conversation - 

Get your financial plan underway or back on track with a free consultation with William Bevins, CFP®.About William Bevins: William Bevins is a CERTIFIED FINANCIAL PLANNER (CFP®) and fiduciary financial advisor. His training includes the areas of tax planning, insurance, and estate planning. His planning is designed to help professionals achieve their financial goals through retirement planning, smart investment advice, reducing taxes, and maximizing their money.

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How to Choose a Financial Advisor

Choosing a financial advisor Columbia TN is an important decision that should not be taken lightly. There are several factors to consider when selecting a financial advisor, including experience, credentials, fees, and services offered.

Experience is critical when choosing a financial advisor. When it comes to money management, search for an established and reliable individual or firm that can offer valuable advice. Do not hesitate to ask about their experience and professional qualifications before entrusting them with your finances.

When deciding on a financial advisor, it's important to take into account their designations and expertise. Professional certifications, such as Certified Financial Planner (CFP®) or Chartered Financial Analyst (CFA®), show that the individual has knowledge of the industry and is committed to providing quality services.

William Bevins CFP® serves clients within Middle Tennessee in the areas of financial planning and wealth management. He offers comprehensive advice for retirement plans like 401(k), 457, 403(b), and more. William also offers wealth management College Grove TN services. Reach out today for more information. 

Fees can vary significantly between advisors, so it’s important to understand the cost structure of any advisor you are considering. Before you commit to a financial planning service, make sure you inquire about any initial charges they may have for setting up your account and other administrative fees. Additionally, find out what kind of ongoing costs will be associated with portfolio management and financial advice over the long-term.

What is a Financial Advisor?

A financial advisor is a professional who helps individuals and businesses plan their finances. Financial advisors work with clients to develop investment strategies and plans that help achieve their long-term financial goals. They may also provide advice on retirement planning, taxes, estate planning, or insurance. The role of the financial advisor is to provide guidance and education so that clients can make informed decisions about their finances. Financial advisors must be licensed by their state or a federal regulatory agency and are held to a fiduciary standard, meaning they must always act in the best interest of the client. 

What is a Fiduciary? 

A fiduciary is an individual or organization that has a legal obligation to act in the best interest of another party, such as a client. Financial advisors who hold themselves to this standard must provide clients with accurate and unbiased advice without any personal interests or ulterior motives. They are also obligated to fully disclose any potential conflicts of interest that may arise. As a client, it's important to understand that a financial advisor is not only looking out for your best interests but also must abide by the fiduciary standard. 

Choosing a fiduciary advisor Lebanon TN is a decision that should not be taken lightly. It’s important to do your research and ask questions when selecting an advisor to ensure they are best suited for your current and future financial needs. With the right advisor by your side, you can be one step closer to achieving your long-term financial goals.  William Bevins is a CERTIFIED FINANCIAL PLANNER™ and wealth advisor serving Middle Tennessee. His practice focuses on writing financial plans, offering advice, and building suitable investment portfolios for individuals, small to medium-sized businesses, and family offices. He may be contacted by email atbillbevins@cypresscapital.comor by phone at (615) 469-7348. Go to williambevins.com to learn more details.

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Benefits of An Experienced Financial Advisor

Benefits of working with an experienced financial advisor Frankling Tn include, but are not limited to guiding investment strategies for both short and long-term goals, helping to create realistic budgets to ensure the financial security, offering advice on asset allocation and diversification, identifying tax planning opportunities, finding ways to reduce debt, analyzing current investments and suggesting ways of improving them, and staying up to date on market trends.

An experienced financial advisor will also act as an objective third party, providing unbiased advice and guidance. Advisors are knowledgeable in a variety of topics related to personal finance such as estate planning, insurance coverage, retirement planning, and charitable giving. They can help clients make informed decisions about their finances by understanding their unique needs and objectives. Additionally, advisors can introduce clients to alternative investment strategies, such as real estate or private equity, that they may not have considered before.

By partnering with a financial planner Brentwood TN, individuals and families can save time and money by having professional assistance when it comes to managing their finances. An experienced advisor will be able to provide comprehensive planning services and help clients make informed decisions that lead to financial success. A reliable financial advisor will be able to help clients reach their long-term goals and provide solutions for any unexpected events that could impact their future. Additionally, by working with an experienced advisor, clients can feel confident knowing that their finances are in good hands and on the right track. 3 ways a financial advisor can help you retire:

1. Create a Retirement Plan: An experienced financial advisor can help create a retirement plan tailored to your specific goals and needs. They will be able to review your current financial situation, assess your income, expenses and debt load, provide guidance on investments that are best suited for retirement planning, advise on strategies to reduce taxes in retirement, develop strategies to minimize risk and maximize returns, as well as recommend ways to save for both short-term and long-term goals.

2. Protect Your Assets: Working with an experienced financial advisor can help you protect your assets throughout retirement. They will be able to review your investments and provide advice on insurance coverage that may help offset any losses or liabilities. They can also help develop strategies to minimize risk and maximize returns from your investments, as well as suggest ways to diversify your portfolio.

3. Maintain Financial Security: A financial advisor can help ensure that you have a secure retirement by helping you manage expenses and allocate funds properly. They will be able to guide budgeting, spending, and saving, as well as identify tax planning opportunities that can help reduce the amount of taxes you owe in retirement. An experienced advisor can also assist with estate planning, helping to ensure your assets are passed on to the right people at the right time.

Working with William Bevins, CFP® an experienced financial advisor Hendersonville TN is one of the best ways to ensure a secure retirement. An experienced advisor can help you create a comprehensive retirement plan, protect your assets and maintain financial security throughout your retirement years. By partnering with an experienced advisor, you can feel confident knowing that your finances are in good hands and on the right track. William Bevins is a CERTIFIED FINANCIAL PLANNER™ and wealth advisor serving Middle Tennessee. His practice focuses on writing financial plans, offering advice, and building suitable investment portfolios for individuals, small to medium-sized businesses, and family offices. He may be contacted by email atbillbevins@cypresscapital.comor by phone at (615) 469-7348. Go to williambevins.comto learn more details.

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Advantages of a Fee-Only Fiduciary Financial Advisor

Leveraging the expertise of a fee-only fiduciary financial advisor offers an array of perks to their clients. As these professionals offer independent advice without any hidden fees or commissions and develop guidance tailored to each individual’s distinctive need, they can oversee that your financial matters are appropriately managed for success in reaching your goals.

William Bevins, CFP® is a fiduciary financial advisor Spring Hill TN helping individuals, small business owners, and family offices. He believes putting the client's interest first is the key to sound financial advice.

A fiduciary financial advisor will always put the client's best interests first. As fiduciaries, advisors diligently uphold a code of ethics that mandates they provide counsel and services solely in their client's best interest. Advisors are prohibited from accepting compensation related to the promotion of any specific investments or strategies; hence, you can have faith that your financial guidance is unbiased and tailored to meet your requirements.

In addition, a fee-only fiduciary advisor will provide comprehensive financial planning and services beyond investment advice. Benefit from straightforward wealth management Nashville TN. Fiduciaries can help clients set appropriate and realistic goals for the future and develop strategies to achieve them. This type of fiduciary advisor is also invaluable when it comes to retirement planning and estate planning, as well as helping with taxes and insurance.

Having a fee-only fiduciary advisor in your corner can provide peace of mind, knowing that you are working with a professional who understands the complexities of financial planning and has your best interests at heart. With the help of William Bevins, CFP® an experienced fiduciary financial advisor, you can be confident that your finances will be managed responsibly with your primary goals in mind.

Unbiased Recommendations:

When you recruit the services of a fee-only fiduciary financial advisor, you gain access to experienced advice from an independent and reliable source. Advisors are not incentivized to recommend particular investments, allowing them to make independent and unbiased decisions that best suit their client's needs and goals. Additionally, fiduciary advisors can help guide on the tax implications of various investment opportunities.

No matter what your financial goals are, having a fee-only fiduciary financial advisor on your side can be invaluable. They will provide independent and unbiased advice tailored to your individual needs and help ensure that you make informed decisions about how to manage your finances responsibly. With their expertise and guidance, your financial future can be secure.

By working with a fee-only financial advisor Lebanon TN, you will be able to rest easy knowing that your finances are being managed responsibly and in accordance with your objectives. Offering an impartial outlook and diverse services, fiduciary advisors can provide a wealth of insight to anyone who wants to handle their finances in the most proficient and result-oriented way. William Bevins is a CERTIFIED FINANCIAL PLANNER™ and wealth advisor serving Middle Tennessee. His practice focuses on writing financial plans, offering advice, and building suitable investment portfolios for individuals, small to medium-sized businesses, and family offices. He may be contacted by email atbillbevins@cypresscapital.comor by phone at (615) 469-7348. Go to williambevins.comto learn more details.

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When is a Financial Advisor a Fiduciary?

A financial advisor Murfreesboro TN is typically a fiduciary when they are providing investment advice or managing an individual’s assets. Consequently, financial advisors must act ethically and in the highest regard for their client's best interests. They are obligated to abstain from any conflicts of interest that could lead to an unfair advantage or impart one-sided advice. The fiduciary duty includes the responsibility of offering only suitable advice, fully disclosing all information related to the transaction, and avoiding self-dealing. Financial advisors should also communicate openly with their clients to ensure that the client is always aware of any changes or risks associated with the investment strategy being employed. The fiduciary standard requires a higher level of accountability from financial advisors when making decisions that could impact their clients' financial future. It is important to check with your financial advisor to ensure they are acting as a fiduciary advisor Nashville TN before investing.

3 ways to find out:

1. Ask your financial advisor directly if they are a fiduciary and what duties this entails. 

2. Research the company's formal documents or disclosures to determine whether they have adopted a fiduciary standard of care. 

3. Enquire how the advisor is compensated. A fee-only fiduciary will only receive compensation from their clients. 

Choosing a financial advisor who is held to a fiduciary standard can provide confidence that the advice and investments being recommended are tailored to meet your individual needs and goals. Properly vetting a financial advisor through these steps can help ensure you receive the best service possible. For wealth management Spring Hill TN seek the help of a fiduciary. 

Best ways to find a fiduciary:

1. Look for advisors that are registered with the Securities and Exchange Commission (SEC) or a state securities regulator as Registered Investment Advisors (RIA). 

2. Check the credentials of your potential advisor and make sure they have appropriate qualifications such as Chartered Financial Analyst (CFA) or Certified Financial Planner (CFP).

Consult William Bevins, CFP® for help:

Get your financial plan underway or back on track with a free consultation with William Bevins, CFP®.

William Bevins is a CERTIFIED FINANCIAL PLANNER (CFP®) and fiduciary financial advisor. His training includes the areas of tax planning, insurance, and estate planning. His planning is designed to help professionals achieve their financial goals through retirement planning, smart investment advice, reducing taxes, creating an estate plan, and maximizing their money. Inquire about the costs of building a personal financial plan built specifically for your financial situation. For more information to learn how to choose a financial advisor, the benefits of personal financial advisors, or hiring independent advisors to become financially independent - please visit williambevins.com for help.