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Is an Online Financial Advisor Right for You?

While many people choose to handle their finances and investments on their own, a good number of households opt for the services of a professional financial advisor. This means scheduling visits to an office to discuss investments and other financial goals. Like our shopping, entertainment, and other parts of financial management, you can now choose an online financial advisor that you never meet face-to-face. But is that a good idea? Let’s dive in and take a look at the pros and cons of online-only financial advising and whether or not it makes sense for you. Why an Online Financial Advisor Makes Sense Much of our lives have moved into the digital world. While the concepts hardly existed just a decade ago, we look to our phones and computers for online banking, calling a ride, booking an overnight stay in someone else’s empty apartment and much of our daily shopping. Why…

How to Turn a Financial "Don't" into a "Do"

A lot of financial advice is framed as things you should never do. Here are a few “don’ts” you’ve probably heard more than once: Don’t borrow money from your retirement plan. For instance, see 4 Reasons You Should Never, Ever Take a 401(k) Loan. Don’t take a loan or use your credit cards to fund your dream to… [fill in the blank — start a business, go back to school, relocate, etc.] Don’t borrow money from (or lend money to) family or friends. Here’s a quick take from financial advisor Dave Ramsey on why this is always a bad idea. Don’t accept a lower salary when changing jobs. Don’t rent when you can buy. For instance, David Bach, co-founder of AE Wealth Management, believes that millennials should buy, not rent. Do all these “don’ts” and others like them really apply to every person and every situation? Of course not. But…

9 Questions to Ask Your Financial Advisor to Start the Year Off Right

The new year is a perfect time to review your finances. From your investments to your loans, it is important to check in, make sure everything is as you expect. January is a perfect time give your finances a good audit. While you are at it, the start of the year is a great time to check in with your financial advisor, if you have one. Schedule a quick call to get an update on your investments. Ask about your outlook for the next year and get answers to any questions about your investments. While you’re at it, you can ask your advisor these nine questions to ensure your money is on track to meet your financial goals. Are You a Fiduciary? A fiduciary is a financial advisor that is required to put your best interests ahead of their own. If you have a financial advisor, it should always be…

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