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Military Finances 101: 5 Ways a Financial Advisor Can Bring Value to Your Life

Managing Your Finances

Active and retired military members have a lot of the characteristics that can make them successful DIY financial planners. You have self-discipline. You're generally able to access a situation and come up with a plan. And, you have stable income you can rely on and can deploy a portion of the income towards your financial goals. But, maybe you've been wondering if you should hire a financial advisor. Here are 5 ways one can bring value to your life.

Way #1: They Can Focus Your Financial Life

Let's face it. When you're on Active Duty, you have a busy life and you might not really focus on a financial plan

A financial advisor can offer support and guidance as you get started working towards your long-term financial goals. Each financial journey is unique, and an advisor can provide you with personalized advice as you make changes to your goals and adjust your plan accordingly.

Way #2: They Can Help You Stay the Course

In March 2020, news of market crashes may have had you panicking over your portfolio. 

Times of economic uncertainty can lead to panic selling, causing further market volatility. But for those who stay the course during times of turmoil, there can be two potential benefits - they make educated decisions based on their personal needs and they maintain a long-term focus.

When you’re worried about what you’re seeing on the news, your advisor can provide unbiased, educated advice that’s focused on your personal economy - not market trends.

Way #3: They Provide Personal, One-on-One Advising

Today’s technology has brought about numerous, obtainable solutions for investors including robo-advisors. This is a great option for young investors, who may want to start out investing a small amount at a time. For someone looking to maximize their portfolio’s potential while tailoring it to their long-term needs, a robo-advisor’s cookie-cutter experience likely won’t cut it.

Working one-on-one with a financial advisor provides you with the opportunity to develop a customized financial plan and investment strategy, with service that is ongoing and personalized to flex with your needs. As we continue moving towards a post-pandemic life, a financial advisor can focus on your personal economy and growing concerns, while keeping your long-term financial health in mind.

Way #4: They Can Provide Tax-Conscious Investment Options

When unaccounted for, your potential tax obligations can eat away at your returns. Your financial advisor may be able to help make investment decisions that keep potential tax obligations in mind. They can also help you remember that it's not how much you pay in taxes, it's how much money you put in your pocket.

Way #5: They Can Navigate Big Life Changes

Life is not a straight line. There will be several major events that change the trajectory of your financial plan. A financial advisor can be a source of guidance and expertise when navigating important events. While many life milestones are new and exciting, they can also be expensive, time-consuming and influential over your financial situation. Knowing that you’re in the right hands gives you more time to enjoy life’s changes, rather than stress about the unknown.


If you found this article useful, you might like the following blog posts:

Military Financial Planning 101: A Primer on Trusts for Estate Planning


Military Finances 101: What Is the Difference Between a Tax Credit and Tax Deduction?


Military Finances 101: Permanent Versus Term Life Insurance


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