One or more of the New Year’s resolutions people usually make revolves around financial planning and reaching specific goals that involve financial resources, such as trips, new homes or cars.
Lifestyle spoke with Kristin Ward, senior partner/LPL financial advisor of Gemini Wealth Group, about the major factors to consider when planning financial goals.
“People are always asking ‘with this downturn in the economy, should I cash out of the market?’ The key is to stay invested,” she advises.
Here are the major tips she shared:
1. Don’t panic; stay the course and stay invested.
2. In developing long-term plans, each goal has its own time horizon, so invest accordingly, with the advice of a professional financial planner.
3. Speak often with an advisor; they are like a quarterback calling the plays as needed to reach the goals YOU have set.
4. As one ages, each person has different risk considerations, so always understand why you own what you own and whether that currently meets your needs.
5. Cashing out – historically means missing out. Investors who sell out of positions often miss out when the market rebounds. Missing out on 10 of the best up-days in the market can potentially reduce overall returns by 50%.
“As a female-financial advisor, I have a special passion and expertise in working with women to help them navigate their financial needs and goals for themselves and their families. As a widow, I can personally empathize with women going through those difficult times and can, in most cases, ease their financial concerns," says Kristin.
Gemini Wealth Group stays abreast of trends and new financial products; they also offer numerous free resources and educational materials on their website at TheGeminiWealthgroup.com.
Securities and Advisory services offered through LPL Financial, a registered investment advisor. Member FINRA/SIPC.
Kristin Ward, AWMA
Senior Partner, LPL Financial Advisor
Kristin explains that Gemini Wealth Group uses a team approach to help clients, who have a wide variety of needs, maneuver through the complex investment universe. Their team, with 50 years of combined financial services industry experience, helps businesses, families and individuals navigate the various needs and stages of investing.
“No one strategy fits everyone, which is why every client gets our constant attention—from planning to execution to follow-up. We take a proactive approach to help develop a strategy to address the financial goals you have set and really engage our clients in the process. We want to know what is most important about money to you and then, together, we find the best way to help you reach those goals,” she says. “We have the client—and only the client—in mind when we partner with them in their financial planning.