The process of planning for retirement typically does not end with the selection of several mutual funds, an Individual Retirement Account (IRA), or other investment vehicles. Most people will need ongoing advice on managing their portfolios due to new financial commitments, lifestyle changes, and retirement expectations. This is where many financial advisors step in.
Financial Advisors offer a wide range of services that can include:
*Recommendations about investments such as stocks, bonds, or mutual funds
*Education about investing principles and strategies *Monitoring and rebalancing an investor’s portfolio
Without the aid of a financial advisor, it is nearly impossible for retirees to keep up-to-date on market changes and make necessary adjustments. Only someone who routinely monitors an investment portfolio has any hope of knowing when a decline might be short-term or portend a significant shift in the market. Even if investors plan to sell, buy or hold particular stocks or mutual funds, they will need an advisor’s assistance to know if it is time to act on that strategy.