For this interview, we spoke with Catherine McKinley and D.C. Hackerott at Edward Jones Investments. The additional advisors in the Manhattan area are Matt Paquette, Mark Ewing, Doug Springer, Bill Wolf, Gage Zierlein, Emily Surritt, Joel Phipps, Sarah Pacheco, Adam Greenwalt, Kerri Spielman, Allen Reid, and David Nelson.
What are the benefits of a financial advisor?
There are many tax laws and regulations that are always changing. A financial advisor dedicates their time to know all these changes. We help clients reach the goals that are most important to them.
How can I figure out my financial goals?
One of the first things I do when I meet with a client is ask, “What is most important to you?” As we’re working through that, I try to uncover what types of steps they’ve already done. Do you have an emergency fund built up? Are you utilizing your employer’s retirement plan? Are you taking full advantage of the match that they offer you there? We're trying to help them find different investments that can supplement the needs that they have to meet in reaching those long-term goals.
What are your top money saving tips?
Set up a recurring automatic contribution to an investment account so that you're becoming disciplined in your investments. Sometimes people think, “Oh, well I'm just going to pay off all my house and put all my money into that and then, then I'll invest.” But, if you delay your investing, you're losing the time that you need to build those savings. I would say my best advice is know what you have, live within your means, and then be disciplined on the amount that you're saving. Prioritize what you're saving.
What’s unique about Edward Jones?
We all have the same training, but we all try to focus on a certain type of client. You can truly find someone that you mesh with, and you connect with. And then ideally that advisor would partner with you for your lifetime.
Edward Jones really is for life, isn't it?
That would be our goal. I really hope that when I'm no longer here that people look back and recognize that I was someone who did truly care about them as a family, as a person, and that's why I wanted to see what was best for them.
Disclaimer
For educational and informational purposes only. This is not financial advice, and not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.
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Create a budget: Take an average of your total expenses from the last six months, and divide that by six. That should be a good estimate of your monthly bills. Then live within your means.
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Have an emergency fund: It’s a good idea to have three to six months of income saved, or a year’s worth of income if you’re retired. This allows for down-market years.
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Manage debt: Take on new debt only when needed. Having a lot of debt causes stress now, and that stress magnifies long-term.
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Utilize employer matches: Getting the most out of employer accounts is one of the best things you can do when planning for retirement.
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Supplement with other investment strategies: Whether saving for retirement, paying off debt, or having extra spending cash, supplemental income can help you achieve financial goals quicker.
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Make sure your estate plan is in order: First, look at your beneficiary designations on all your accounts and insurance. Have a list of your estate assets, devise a plan, have goals, write a will and consider a trust, and anticipate future financial decisions.