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The mission of Broadview Financial Well-Being is to guide and encourage individuals to focus on achieving economic stability - using innovative tools, making informed decisions, and encouraging positive habits.

The mission of Broadview Financial Well-Being is to guide and encourage individuals to focus on achieving economic stability - using innovative tools, making informed decisions, and encouraging positive habits.

The mission of Broadview Financial Well-Being is to guide and encourage individuals to focus on achieving economic stability - using innovative tools, making informed decisions, and encouraging positive habits.

Should You Work with a Financial Advisor?

A financial advisor can be a helpful ally at many stages of your financial life, but you might find one is especially handy in a few situations.

When you hear the phrase "financial advisor," do you picture a person in a business suit offering money and wealth management tips to a member of the very upper class? While it's true that plenty of wealthy people use financial planners, advisors aren't only for the very rich. Even if you earn a modest income, you probably want to know what to do with your money to get the most out of it. A financial advisor can be a helpful ally at many stages of your financial life, but you might find one is especially handy in a few situations.

You've Recently Received A Large Sum of Money

Whether you've received a big inheritance or recently won the lottery, you might be wondering what you should do with your sudden influx of cash. A financial advisor can help you figure out where to put your money to potentially maximize your return and to help you reach future financial goals. Your advisor can also help you when it comes to taxes on the money and can recommend options that will result in a lower tax bill.

You're About to Go Through (or Are Going Through) a Big Life Change

Change seems to be the one constant about life today, and new changes in life can mean new financial goals or money challenges. For example, you might consider working with an advisor if you're about to get married or merge your finances with a partner. An advisor can provide a neutral opinion on the subject of your joint finances and help you navigate shared accounts, investments and incomes with as little disagreement as possible. If you're just starting your first job, an advisor can help you make sense of your company's 401(k) and give you guidance about creating a budget or reaching short-term financial goals.

You're Nervous About the Market

Given recent history, being a bit nervous about putting your hard-earned money into a market that seems less than stable is understandable. If you're hesitant to invest because of recent dips in the market, an advisor can help you pick a strategy that meets your needs and works with your tolerance for risk. An advisor can also be your rock in times of financial uncertainty. When you're watching stocks plunge and are ready to sell off all your shares and put your money under a mattress, an advisor can be the person who's there to gently remind you that things will get better.

When to Skip It

If there's one time when not working with an advisor is a better idea than working with an advisor, it's when the services offered cost more than you expect to earn on your money. Some advisors take a small percentage of your money's earnings each year -- usually about 1 percent. To justify you paying that advisor 1 percent of your earnings each year, the recommendations he or she makes need to perform at least 1 percent better than the rest of the market. Otherwise, the advice you're getting is more expensive than what you'd get if you worked alone.

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Have a question?

Broadview Financial Well-Being
1-800-727-3328 x 1314066
financialwellbeing@BroadviewFCU.com

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