November 28, 2022

Donalds Hobby

World Finance Reviews

Most Adults Who Don’t Work With Financial Planners Feel Anxious

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Navigating your personal finances is something that’s easier said than done, especially when you’re trying to work toward multiple financial goals simultaneously, such as building up an emergency fund while paying down debt. For that reason, it can often times be helpful to get a second opinion and seek some guidance on your next steps from a financial professional.

According to Northwestern Mutual’s 2022 Planning & Progress Study, 58% of the respondents who said they do not work with a financial advisor reported feeling somewhat or very anxious about their finances. The survey polled Americans ages 18 and up between Feb. 8–17, 2022, and also found that 66% of millennials and Gen Zers — as well as 54% of all adults in the U.S. over 18 — felt the same way.

With that in mind, Select takes a closer look at the potential perks of speaking to a financial planner and when it’s time to start having those conversations.

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How can a financial planner help you?

When is the right time to speak to a financial planner?

Mint

Information about Mint has been collected independently by Select and has not been reviewed or provided by Mint prior to publication.

  • Cost

  • Standout features

    Shows income, expenses, savings goals, credit score, investments, net worth

  • Categorizes your expenses

    Yes, but users can modify

  • Links to accounts

    Yes, bank and credit cards

  • Availability

    Offered in both the App Store (for iOS) and on Google Play (for Android)

  • Security features

    Verisign scanning, multi-factor authentication and Touch ID mobile access

Personal Capital

On Personal Capital’s secure site

  • Cost

    App is free, but users have option to add investment management services for 0.89% of their money (for accounts under $1 million)

  • Standout features

    A budgeting app and investment tool that tracks both your spending and your wealth

  • Categorizes your expenses

    Yes, but users can modify

  • Links to accounts

    Yes, bank and credit cards, as well as IRAs, 401(k)s, mortgages and loans

  • Availability

    Offered in both the App Store (for iOS) and on Google Play (for Android)

  • Security features

    Data encryption, fraud protection and strong user authentication

If a triggering event such as a marriage, death or divorce occurs, that’s usually a good time to speak to a financial planner about how to best manage these changes to your current finances.

Another good time to set up a call with a financial planner is if you’re nearing retirement, as it could be helpful to check in with a professional and make a plan for how you’re going to make the money you’ve accumulated throughout your working life last the rest of your days. Doing so can make it feel as if a weight has been lifted off your shoulders since you won’t have to figure it all out on your own and can rest assured knowing you’re making the best financially feasible decisions for you and your loved ones.

A financial planner can also help you to better analyze your lifestyle expenses and savings so you can decide on a safe amount of money to withdraw each year. They can also spot any holes in your retirement plan that you might have overlooked, which might help to restore some peace of mind and ease some anxiety.

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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.