Thursday, April 28, 2011

Assemble a financial team

Managing your finances can be like putting together a puzzle; all the pieces need to fit in order to be rewarded with the “big picture.” Working with one or more of these financial professionals can help put the pieces in place.
A tax advisor can provide tax advice and assistance to consumers. They can help you to navigate tax laws, prepare complete and accurate returns, and develop a strategic tax plan.
If you are struggling with debt payments, credit counseling can help. You should contact a credit counseling agency at the first sign that your debts are becoming unmanageable.
Whether you are just out of college or entering retirement, most everyone can benefit from the help of a trusted financial advisor. Along with offering investment advice, financial planners may also be able to help by analyzing employee benefits, discovering insurance needs, and developing a system to manage cash flow. Financial planners can also help with estate planning and may have relationships other professionals, such as accountants or attorneys.
Lawyers can help consumers by preparing important legal documents such as a living trust. An attorney can also be very helpful if you need to consider bankruptcy or want to challenge a wage garnishment. Couples facing a complicated divorce can also benefit from an attorney’s advice.
Before working with any financial professional, be sure to check their credentials. Ask specific questions about their history and areas of expertise. Finally, be sure that you are comfortable with the advisors you choose; ideally, you will be financial partners for life.

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