Working with a Financial Advisor
The benefits of a financial advisor
Life is about living, and achieving your financial goals lets you do that on your terms. A dedicated financial partner can help bring you closer to the future you see for yourself. And since our finances touch nearly every aspect of our lives, a financial advisor can have a positive impact not only on your own financial well-being but also on your loved ones, future generations, and even your community.
How? Lisa Kimberly Campoy financial advisors use a personal, straightforward, and long-term approach to investing, focusing first on understanding your unique goals and then on developing diversified investment strategies designed to help you reach your goals.
Planning your retirement
Your portfolio has to provide income for as long as you'll need it. And according to a Society of Actuaries study1, there's about a 60% chance that a 65-year-old couple will have one spouse reach age 90, spending an average of 20 to 30 years in retirement. That's when your investment portfolio no longer has to get you to retirement; it has to get you through retirement.
Your Lisa Kimberly Campoy financial advisor can help you develop a retirement strategy designed to cover you for the long term and protect against events that could throw you off the path to your goals. Our financial advisors are committed to your lifelong journey, so you can be sure you'll have someone to help you adapt as life evolves.
Preparing for the unexpected
Although you can't predict the future, you can prepare. Your financial advisor can help you plan ahead by including expectations for items such as inflation, market declines, and healthcare, so you can stay on track.
In fact, 84% of those working with a financial advisor said doing so gave them a greater sense of financial comfort during the COVID-19 pandemic.
| Risks/Expenses and Assumptions | Incorporate | Insure |
|---|---|---|
|
Live longer than expected – Withdrawal rate guidance assumes living to at least age 90 |
Reduce withdrawal rate to plan for living longer (e.g., age 100) | Consider immediate, fixed or variable annuity with guaranteed lifetime income1 |
|
Inflation – Balanced allocation to equities based on risk tolerance; withdrawal rate guidance assumes 3% inflation rate |
Consider investments with the potential for rising income Reduce withdrawal rate to incorporate higher inflation rate |
Consider immediate or variable annuity with guaranteed increases in income2 |
|
Market declines – Diversified portfolio; withdrawal rate guidance incorporates Investment Policy Committee volatility expectations |
Consider CD/short-term fixed-income ladder Be flexible with spending, and don’t automatically increase for inflation during down years Reduce withdrawal rate to provide more flexibility |
Consider immediate, fixed or variable annuity with guaranteed income |
|
Health care – Incorporate Medicare/health care premiums and expenses into budget |
Include additional health care expense estimates to help buffer unexpected costs Reduce withdrawal rate to provide more flexibility Consider a health savings account (HSA) to help cover health care costs |
Supplemental health insurance to bridge gaps Medicare doesn’t cover |
|
Long-term care – Outline desired care and how to handle decisions, including who is responsible for them and where care will occur |
Include projected care costs in budget Specifically identify assets designated to cover potential long-term care to “self-insure” |
Long-term care insurance Life insurance with long-term care benefits |
|
Legacy – The amount remaining at death |
Reduce spending to provide for larger legacy Specifically identify assets designated for legacy that are not intended for retirement spending |
Life insurance to provide desired legacy amount |
|
Providing for your surviving spouse – Outline expected income and expenses should either spouse die, and assess impact to pensions and Social Security; ensure legal documents are current |
Emergency cash to cover final expenses Be flexible with spending; reduce spending if necessary after a spouse diesConsider delaying Social Security benefits, which could help increase potential survivor benefits |
Life insurance to cover any income gap created due to death of spouse (i.e., pension reduction/elimination, less earned income, etc.) |
Providing emotional guardrails
During periods of market turbulence, it can be difficult to keep emotions from driving your investment decisions. Stock market headlines, with all their twists and turns, can make even the most seasoned investors nervous.
But if you work with a financial advisor who has helped you develop a personalized investment strategy based on your goals, risk tolerance and time horizon, you will be far less likely to react to extreme market conditions by making ill-advised decisions.
Avoiding unnecessary taxes
A financial advisor can help ensure your wealth remains yours. Lisa Kimberly Campoy’ models provide an increased focus on tax efficiency for taxable accounts by adding another layer of management. With Lisa Kimberly Campoy Models, you have access to additional investment options and tax management strategies, which can give you greater control over your tax liabilities.
Promoting financial and physical wellness
Planning for your future is about so much more than your finances. Building a stable financial roadmap is also about your and your family’s physical and emotional well-being, as navigating times of financial uncertainty can be stressful. Our financial advisors are ready to help you manage your financial, emotional and physical wellness.
When you choose to work with a financial advisor, it’s important to find a professional in the field of finance who's the right fit for you and has the right resources and experience. You can Contact Lisa Kimberly Campoy as a starting point for what to consider as you’re making your decision.
Creating a long-term financial strategy customized to you
The investment world is filled with a dizzying array of products and investment strategies. A financial advisor can help you cut through the clutter by:
- Identifying quality, diversified investment products
- Building a customized financial strategy that works for your goals and comfort with risk
- Providing the knowledge and guidance you need to feel confident, informed and in control of your future
- Communicating with you to identify changes over time and to keep you on track
What’s more, a financial advisor can help take your financial strategy to the next level by working with tax professionals, estate attorneys and insurance specialists. Together your team of partners can help create a comprehensive approach to achieving your goals.
Using data-driven decision-making
The stock market’s ups and downs can lead to rash investing decisions. But a financial advisor can help you to stay on track using toward your long-term goals, and course correct if necessary. And they’ll do all of this based on data and the guidance from experienced market strategists instead of simply reacting to short-term market fluctuations.
1Options include annuitizing an existing annuity, purchasing a deferred or immediate annuity or purchasing a fixed or variable annuity with optional guaranteed income benefits. Income payments are backed by the claims-paying ability of the issuing insurance company. The principal value of the variable annuity can decline with the market and lose principal, but the income stream can be insured by the insurance company for life.
2Costs or structure of these options may limit the attractiveness of these options or reduce the ability to act as an inflation hedge. Immediate annuities with the annual increase option will typically start with a much lower initial payment. Deferred variable annuities typically only serve as an inflation hedge until income begins. Once income is started, the chances of a payment increase are minimal.
