Worried about your life savings? Here’s what you can do

Seek trusted financial advice from financial advisors.

Advertising Disclosure

  • Many Americans think of financial advisors as a source of trusted financial advice
  • The intuition and experience of financial advisors outmatch that of algorithm-driven robo-advisors
  • A billion-dollar company is revolutionizing how investors connect with vetted financial advisors following fiduciary standards

A 2021 Planning & Progress Study of 2,320 American adults conducted by The Harris Poll on behalf of Northwestern Mutual revealed that 26 percent look up to financial advisors for financial advice, up from 22 percent in the preceding year. DIY-investing, on the other hand, notched down from 30 percent in 2020 to 20 percent in 2021. 

The extreme unpredictability of the COVID-19 pandemic and unprecedented market fluctuations led people to seek financial advice that they can trust. At present, 38 percent of Americans work with a financial advisor, which is a significant increase from the 29 percent that did pre-pandemic. Most of the respondents seek advice to manage their monthly budget, save for retirement, and clear high-interest debt. 

Robo-Advisors vs. Certified Financial Planners

Although hands-off investing through robo-advisors have gained massive popularity, they seldom match the experience and intuition of Certified Financial Planners (CFPs) who undergo 1,000 hours to complete coursework to understand individual tax and debt situation, financial fears and aspiration, insurance and government benefits, investment risk appetite as well as regular expenditures before curating a detailed financial plan. 

Talking about money isn’t easy, but a trusted financial advisor who follows fiduciary standards will always make it a point to build a real relationship with you where you are. They promise to keep things confidential, stay nonjudgmental, and help you learn how to manage your life savings with their guidance. Most importantly, financial advisors following fiduciary guidelines are legally and ethically found to recommend the best financial advice possible. 

On top of that, these advisors are trained to keep emotions at bay and prevent you from making emotionally-swayed financial moves that you might regret later on.

How to Connect With Fiduciary Financial Advisors

You may scour the Internet for financial services or consult with your friends and relatives to shortlist advisors you think might help you in the long run. A billion-dollar company called SmartAsset could also connect you with up to three vetted fiduciary advisors. All you have to do is fill in a brief online questionnaire about what you want to do after retirement, when you want to retire, and what you are looking for in a financial advisor.

Based on your responses, SmartAsset’s concierge team will then connect you with vetted financial advisors and arrange introductions at your convenience so you can interview them and make a well-informed decision. 

SmartAsset helps over 45 million people every month with award-winning tax and retirement tools, debt calculators, a trove of financial guides, and financial simulation tools based on proprietary technology that attempts to estimate your future financial outlook based on the decisions you make today.