Can A Financial Advisor Help with Debt?
Are you drowning in debt and not sure what qualified professional you should turn to? Debt is one of the largest stressors in life and can hinder you from taking the next steps in life, whether that is buying a home or entering retirement. You may already have a financial advisor or are thinking about hiring an experienced advisor; however, your biggest question is, will a financial advisor be able to help with your debt?
The short answer is….no, a financial advisor is not a professional that will be able to analyze your debts and determine which debts can be consolidated and which debts can be eliminated. The professional who would best be able to help you set up a plan to alleviate your debts is a debt advisor, however, a financial advisor will be able to help you with debt in a different way.
A financial advisor will be able to work together with a debt advisor to help you with certain financial guidance to help you manage your debt. Usually, a financial advisor will help you with a financial plan to ensure you have enough money for retirement or to have the extra money in your pocket to afford your desired luxuries. A financial advisor will generally review your current financial situation to help you set up your future finances, they will not be able to help you annihilate your debt.
So why utilize a financial advisor if they are not able to get you out of debt? Even though hiring a financial advisor will not help get you out of debt the same as a debt advisor, they can work with the debt advisor you hire to provide assistance and insight in another way. One of the specialties of financial advisors is that they excel at creating budgets. An advisor will look over all of your current finances, including your history, and they will work with you to develop a long-term budget to keep you on track and grow your money while eliminating your debt.
Though they cannot advise you on debt elimination or consolidation, as stated above, an experienced financial advisor will have the ability to work review your current debt and evaluate their interest rates, minimum monthly payments, and other factors. Now, depending on your debt situation you may need to take extra steps with creditors, with your advisor speaking with creditors to renegotiate your current payment terms for terms that are more favorable.
After looking over your current numbers, a financial advisor will be one of the best professionals to help you create a more effective repayment plan in order to eradicate your debt in a much faster and more efficient way. After your financial advisor guides you and helps get you on the right track to manage your debt and relieve that constant stress from your life. Not only will your financial advisor help to get your debt under control, but they will then work with you to devise a long-term financial plan. This plan will be designed to help keep you from falling into debt again as well as working on reaching your financial goals.
Ultimately, a financial advisor is a great resource that will provide in-depth financial knowledge to help dig you out of your hole of debt that is causing you sleepless nights. An advisor will even be able to offer one of their most valuable services of financial planning to hold you financially accountable and prevent you from falling back into your debt. Having a financial advisor will give you the ability to have a better understanding and control of your finances, which will encourage better financial habits and provide financial success for your present and future.
Published by Sage Investment Advisers, LLC in Poughkeepsie, NY
Sage Investment Advisers, LLC has successfully partnered with St. Jude Children's Research Hospital to support childhood cancer research through a fundraising campaign. This initiative ran from February 14 to April 1, 205, and aimed to raise funds for essential services for children affected by cancer. During this campaign, Sage Investment Advisers set an initial fundraising goal of $20,000. However, contributions exceeded expectations, reaching a total of $20,770. Jerry Schuder, President of Sage Investment Advisers, expressed gratitude to the firm’s supporters for their role in achieving this goal. He noted that these funds will help provide crucial support to children with cancer and their families. St. Jude acknowledged the generous contribution in a letter from Senior Development Director Caroline Spiraco, who commended the firm’s efforts and highlighted the impact of donor support in providing critical services to the hospital. The fundraising campaign is significant as it helps alleviate financial burdens on families, allowing them to focus on their child's health and well-being. Sage Investment Advisers, LLC is committed to supporting this important cause, and through their contributions, they play a role in giving families hope for a healthier future. Based in Poughkeepsie, NY, Sage Investment Advisers is an independent financial advisory firm that offers services including retirement planning, Social Security Optimization, and various financial solutions tailored to meet clients' present and future needs.
We give a financial tip each week on our social media pages! Follow us on Facebook and LinkedIn to keep up to date on our latest financial tips of the week. Click the link below to view the latest weekly financial tip of the week.
View the monthly investment letters we send out to our clients to keep them up to date on everything going on in the stock market and economy. Click below to view the latest monthly Sage Investment Advisers, LLC letter.
MENU
GET IN TOUCH
Business Hours
- Mon - Fri
- -
- Sat - Sun
- Closed