You know how to tell your doctor where it hurts. You can talk to your dentist about a toothache. So why can it be so difficult to talk about finances with your finance professional?
Meeting a finance professional can be stressful for some. Money management can seem daunting, confusing and it’s always very personal. Although easy to avoid, missed financial appointments can lead to similar problems as skipping a visit to the dentist or doctor.
Talking to a financial professional can help you assess whether your strategy is still on track and ensure your family and finances are protected. Like going to the doctor or the dentist, it’s important that you come prepared with the right questions. Thrivent suggests asking these questions when meeting with a finance professional.
1) Is my coverage adequate?
Ensuring adequate protection against death, disability or injury is one of the most important things you can do for your family. Talk to your financial professional about your cost concerns, coverage options, and how you can ensure your family will be financially covered in the event of your premature death or onset of disability. If you’ve had major life changes such as the birth or adoption of a child, bought a house or got married, it’s likely that your coverage will need to be updated.
2) What are some creative ways we can refine my strategy to help maximize benefits?
This is one area where a finance professional can really help. They can help you organize your financial strategy to take into account factors such as taxes and market volatility, and they will know what changes on the horizon could affect you. They can also help you use basic financial products in unique ways. These are apps that many people don’t know about, but can offer different benefits that boost your financial strategy.
3) How do my financial strategies align with my values?
Having a financial strategy that aligns your finances with your values is another important topic to discuss. If you have charitable causes you want to support or volunteer trips you want to take, make sure your finance professional knows about them and can help you find ways to bring your generosity to life.
4) Tell me about the strength and stability of your business or organization.
Insurance is only as strong as your financial institution’s ability to pay claims when you need to claim a contract. Be sure to investigate the strength and stability of any company you work with to ensure they are financially sound enough to meet their obligations.
5) What should I do differently next year?
This seems like an easy question, but you’d be surprised how few people ask it. Your finance professional is often in a unique position to help you stay ahead of your future strategic needs. Ensuring you are diversified in the market and ensuring your future protection needs are met are two variables to consider. Annual meetings with a financial professional can help you refine and maintain your financial strategies for the coming year.
Your time is valuable and your financial future is even more valuable to you and your family. Be sure to maximize both by meeting with a finance professional.
This article was prepared by Thrivent for use by Robert Kopp. He has an office at 1108 Harrington Street in Newberry and can also be reached at 803.768.4696.
Thrivent is a diverse financial services organization that helps people achieve financial clarity, enabling lives of purpose and gratitude. Thrivent and its subsidiaries and affiliates serve more than 2 million customers, offering advice, insurance, investing, banking and generosity products and programs over the phone, online, and through professional finance and independent agents across the country. Thrivent is a Fortune 500 company with $162 billion in assets under management/advisory (as of 12/31/20). Thrivent is rated A++ (superior) by AM Best, a credit rating agency; this is the highest of the agency’s 13 rating categories and was confirmed in June 2021. Rating based on Thrivent’s financial strength and claims-paying ability. Does not apply to the performance of investment products. For more information, visit Thrivent.com. You can also find us on Facebook and Twitter.
Thrivent is the trading name of Thrivent Financial for Lutherans. Insurance products issued by Thrivent. Not available in all states. Securities and investment advisory services offered by Thrivent Investment Management Inc., a registered investment adviser, member FINRA and SIPC, and an affiliate of Thrivent. Agent/Licensed Producer of Thrivent. Registered Representative of Thrivent Investment Management, Inc. Advisory Services Available Only Through Representative Investment Advisors. Thrivent.com/disclosures.
The article was prepared by Thrivent for use by Robert Kopp. He can be reached at 803 260-1620.