Ways to “Supercharge” Your 401(k)
It’s easy to be a good partner when things are going well. It’s the tough times that test the strength and value of a relationship. This sentiment applies not only to your personal life but also your finances. Effective wealth management requires the assistance of an all-weather advisor—someone who embraces their role during both bull and bear markets to help you achieve your financial goals.
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Master Planners
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Have a plan for good and bad times. It doesn’t have to be complicated, but you and your advisor need to agree on how you will It doesn’t have to be complicated, but you and your advisor need to agree on how you will respond when things get tough. It matters less what the plan is, so long as you understand and agree to it, and it serves your interests above all else.
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Embrace the Tough Talks
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Nobody’s a fan of chatting about dwindling account balances, but it’s the nature of the financial beast. When bears dominate the scene, the finest advisors are candid and forthright, well-aware that your choices could make or break your long-term prosperity.
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Preemptive Communicators
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Outdoing themselves by more than just answering your calls, the finest advisors communicate proactively. Be it general economic updates, market news, or portfolio reviews, your finance guide should be reaching out to you before you feel the urge to send up a flare for assistance.
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Advocates of Inaction When It's the Best Move
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In trying financial times, some advisors might cave to client concerns, making inconsequential changes to their portfolio or plan. However, competent advisors hold their ground, present their rationale, and advocate for inaction when it best serves your interests.
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Seize the Silver Lining
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It’s bizarre to think of downturns as planning prospects, but they often are. From tax-loss harvesting to Roth IRA conversions, sinking asset prices could be your ticket to shrinking present and future tax obligations.
Is Your Evaluation Result Satisfactory?
If you’ve ticked all five boxes, congratulations! You’ve found yourself an all-weather financial virtuoso. They’ll stand by you through thick and thin, helping you triumphantly sail through whatever the future holds. If your advisor falls short of the standards mentioned above, have a candid chat about your expectations. And if they can’t (or won’t) provide the support you require, it’s time to scout for an advisor who will.
Meet Meg Rowley
Meg is a Partner and the Practice Leader for the Chicago office. She has more than twenty-five years of experience in managing client relationships...Read more
Meet Meg
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