When do you need an advisor?
Money management is complicated and won’t get easier even for non-aircraft owners. And, when you add aircraft ownership, things get even more complex. This is where the value of a financial advisor shines, in light of aircraft ownership.
There are many dimensions to the aviation activity that affect you and your life partner’s financial future. Your life partner may be someone who does not share your passion as strongly as you, and may not understand your perspectives, costs, needs, and constraints. There are two opinions, multiple incomes to consider, two lives, and points of view to combine. Add to the aircraft a home purchase, which brings along mortgage and insurance considerations. And start thinking about the ‘what ifs’ in life. How would we weather unexpected challenges, like losing one of our incomes, or an unexpected aircraft expense? And finally, retirement, although still a distant thought, is nevertheless a true down-the-road concern.
Finally, children bring joy and complication to your life. Medical insurance becomes a bigger challenge. All of this can be intimidating and using a professional financial advisor can assemble all of this complexity and help you, and your partner make sense of it all and lead you by the hand on how to accomplish it all.
How do you use a Financial Advisor?
A study by Morningstar found that advice from a financial advisor can add 29% more wealth through retirement. But, there are so many knobs to turn. A Health Savings Account to save for future health care needs? How will you help your children with college and how much debt will they need to take on? And, now retirement thoughts start becoming more prevalent. Your money management is no longer easy… it is officially getting complicated!
The day comes that retirement is no longer an eternity away, but at your front doorstep and the million-dollar questions are: Can you retire? Did you save enough to live the way you want? What retirement and tax mechanisms are right for you and your partner?
THE BENEFITS OF A GOOD FINANCIAL ADVISOR
John Hancock found that 70% of those who work with a financial advisor are on track or ahead on their saving for retirement. The value of a financial advisor becomes evident when they help you with the daunting number of financial questions at each stage of your life. Whether you are starting your first job or in your later years, your financial advisor can provide the expertise and resources to guide you through all of these very complicated, but real-life decisions. Using a financial advisor that is very versed in the nuances and complexity of aircraft ownership and feeding is crucial to assuring they understand and consider your passion intimately.
SEVEN CRITICAL VALUES A FINANCIAL ADVISER MUST BRING TO YOU:
- Aviation Experience. Deep experience with owning and operating an aircraft will be important for you. The aircraft and its care and feeding will be a large part of the financial equation.
- Organization. Bring structure to your financial life, by assisting in defining your financial needs, wants, and plans.
- Proactivity. Work with you to anticipate your life transitions and be financially prepared for them, by regularly assessing any potential life changes, and creating an action plan.
- Accountability. Help you follow through on financial commitments, by working with you to prioritize goals, show you the steps, and regularly review your progress.
- Education. Bring specific knowledge necessary for success in your situation, and explain your options and risks to facilitate your decisions.
- Objectivity. Bring insight from the outside to help you avoid emotionally driven financial decisions, by consulting at key moments of decision-making.
- Partnership. Work together to achieve the best life possible for you, by taking the time to genuinely understand your background, philosophy, life goals, and needs.
If you would like to speak to a financial advisor about your aircraft ownership dreams, schedule your free consultation.