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Tag: financial advisor

Business Expansion is Still Possible

As someone who has served Front Range businesses with over 14 years in the industry, as a commercial loan officer with Elevations Credit Union I’ve seen, and helped, businesses weather the hard times and prosper in the good times. Most of what I do is advisement. Yes, I am going to secure your loan, but I am also there to share how to achieve milestones and take the next steps for your business.

The COVID-19 pandemic certainly surprised us all in how quickly we had to pivot to a world where sheltering at home was safest, and we are still navigating this new normal in our daily lives. The pandemic has also amplified many of the barriers to expansion that businesses face: hiring a skilled workforce, cost of and access to building materials, and the availability of land as demand increases. Looking at this list can be daunting for any business owner, and there are challenges facing businesses of every size across industries and across the country.

Something I’m passionate about is helping businesses overcome challenges and find opportunities to achieve their long-term goals, and many businesses share the goal of expansion.

For those wanting to expand — with the right preparation, guidance, and planning you will be able to achieve your goals. Part of navigating these challenges to achieve your goals comes down to being aware of the nuances of the issues and identifying organizations, funding sources, and individuals capable of helping achieve your goals.

The first step is planning — and it’s something you can do each day without being overwhelmed by world events.

Preparation

The first step is planning — and it’s something you can do each day without being overwhelmed by world events. If you have your finances, staff, and realtor in order, you will not have to scramble when the time is right to make a move. Being prepared is one piece to the puzzle, and having trusted advisors involved in the conversation to help guide you makes expansion more attainable.

Build a Team You Trust

With trusted advisors, organization, and planning, you are enabled to make an informed decision. When you have a team you can depend on for honest input, it makes it easier to answer questions, like whether or not now is the right time to expand, if it makes more sense for you further down the road, and what may be other options.

Timing, Timing, Timing

A lot is possible for you and your business, the key is finding the right advisors, being prepared and — perhaps most importantly — timing. This can also be the one factor most out of your control. This is why being prepared and having a trusted team of advisors will lead to not only you feeling ready to take the next step, but actually being ready when the timing is most advantageous toward meeting your long-term goals.

While these times are unpredictable and daunting, it’s good to stay optimistic about your goals and continue to work each day to lay the foundation for future growth and expansion.

 

If you’re ready to take the first step in building your trusted team, visit: Elevations Credit Union.

Barnes Jason 220126 0303 JpegJason Barnes is a Commercial Loan Officer for Elevations Credit Union.

Do you need a financial advisor?

Asian,business,adviser,meeting,to,analyze,and,discuss,the,situation

Navigating financial matters can be challenging. Your financial goals and priorities can shift over your lifetime.

Friends and family, even bloggers, can offer advice, but is it the experienced financial advice you need at this time and place in life? That’s when you might consider consulting with a professional.

Retaining a financial advisor provides you with the necessary experience to handle this critical area of your life.

Ask yourself the following five questions to help you determine the correct answer for you. 

What’s Your Financial Plan?  

We’ve all heard the adage that if you don’t have a plan, you’ll never reach your goals. However, if you don’t have a plan, no matter your stage of life, you probably want to rethink that. Your plan should be based on both your short and long-term goals. Have you assessed your current financial situation and what you’ll need to do financially to pay off debt, save for an education or retirement? Considering these needs and more is critical in developing and implementing a financial plan. A financial advisor is experienced in helping individuals create these plans and offers advice to assist you in crystallizing your thoughts on how to work toward your overall financial goals over your lifetime.   

How Complicated is Your Current Financial Situation? 

The complexity of your financial situation is essential to determining your level of necessary advice. For example, if you’re single and just starting your career, a simple financial plan might suffice. However, as you face life changes such as a marriage, divorce, etc., a financial advisor brings a wealth of knowledge and experience. They can help you strategize your priorities, goals, and investment decisions. Advisors can also help you put together a financial plan for the unexpected, such as an inheritance, the death of a family member, or a job loss.  

Have You Identified Your Short and Long-Term Goals? 

It’s critical to know your goals when putting together a financial plan. For example, your short-term goals might include saving for a beach vacation. Longer-term goals include accumulating capital to purchase a home, saving for a child’s education, and investing for your retirement. Do you have a goal of leaving a legacy to your children or a nonprofit? And, what are the best ways to do these simultaneously? A financial advisor can help you develop a plan, determine milestones, and make adjustments as your scenario changes.  

When and How Do You Want to Retire? 

I frequently say that you should think about what to retire to, in addition to what you plan to retire on. Determining your retirement plan could benefit from the help of a professional advisor. Understanding when you’d like to retire, as well as what you’d like to do in retirement, are important considerations when determining how much you’ll need in your retirement account to fund it. Your financial advisor will consider your income, savings, and investments while factoring in the effect of inflation on your funds to develop an investment plan to help you work toward your goals.  

How Much Risk Can You Tolerate? 

If you’re considering entering the world of investments, you need to determine your risk tolerance. If you’re younger, your risk tolerance will probably be higher than if you’re closer to retirement. What’s your level of knowledge or experience in investments? If it’s low, financial advisors can help you navigate the many options and investment strategies to fit your financial goals.  

If, after asking yourself the above five questions, you feel that you may need some professional advice, talk with friends and family, and do some online research to find a financial advisor with whom you feel comfortable. When you meet with them, they will want to learn about your goals and personal and financial information so they can put together a personalized financial plan for you. A professional advisor helps take the “guesswork” out of your financial planning so that you can focus on your life’s priorities and goals.  

Securities and advisory services offered through LPL Financial, a registered investment advisor. Member FINRA/SIPC.

Steve Booren Photo Steve Booren founded Prosperion Financial Advisors in 1996. Since then, he has grown the practice to one of the top 20 largest financial advisory firms in the Denver area. Steve began his investment career in 1978 with EF Hutton. After nearly 20 years with the investment company, he left the corporate world to launch his own financial advisory firm. Backed by LPL Financial, one of the nation’s leading independent broker-dealers, Steve pursued his mission to provide clients with independent, objective investment advice. Utilizing his 40+ years of investment experience, Steve authored the book, Intelligent Investing: Your Guide to a Growing Retirement Income, in 2019, and was named as a 2021 top advisor by both Forbes and Baron’s.

Four mid-year money moves to make right now

With the pandemic causing the past year to be anything but predictable, it’s understandable to feel unsure of where to start when preparing for the future, especially when it comes to finances.

But, with the half-year mark right around the corner, now is a great time to ask what’s next for you and your financial planning, beginning with a few key steps.

Have–and preserve–cash on hand

Knowing we’re not yet fully past the economic implications of the pandemic, cash is the best line of defense when planning for the unexpected. Liquid cash puts you in a safer, stronger position if there is disruption in the market or your career, helping you avoid the need to sell or rebalance your portfolio at an inopportune time. If and when the market corrects, you’ll also have cash available for a buying opportunity.

With the pandemic driving lower interest rates, consider debt consolidation or mortgage refinancing to add some extra cash to your pockets. While it may take time to receive approval, refinancing can help lower your monthly payments long-term. Any extra money you save through this financial decision can be put toward your cash reserve, including an emergency fund.

Another option is a home equity line of credit, which can provide you with cash on hand in the event of a possible job loss. While employed, request a line of credit from your bank, but hold on drawing from it. In the event of an unexpected impact to your income, you can tap into this to avoid pulling cash from other places, like your investments.

Prioritize portfolio review

As we approach mid-year, take some time to review your investments to ensure your portfolio is properly allocated, with an investment mix that aligns with your financial goals. For example, someone approaching retirement might consider updating their investment mix to own a smaller percentage of stocks, which offer growth over time, but can be less predictable day-to-day. An advisor can help to assess whether you are diversified enough in your investments and provide suggestions on how to rebalance if necessary.

Consider also taking a look at Roth conversions. While you can’t fund a Roth IRA beyond a certain income, a conversion is simply taking your traditional IRA that’s never been taxed and turning it into a Roth. You’ll pay tax on that amount now, rather than in the future, and never pay taxes on it again.

Revisit your budget

With the pandemic causing each of us to shift how we live our day-to-day lives, revisit your budget to confirm it still reflects the reality of where your money is going. Maybe you’ve consistently traded gas costs for a higher monthly utility bill, or cutting back on food and travel costs has freed up funds in your budget.

Review your purchases and expenses over the past few months to get a good sense of where your money is (or is not) going and restructure your budget accordingly. This is also a good time

to evaluate whether any money you’ve potentially saved by cutting costs can be put toward paying off student loans, bulking up an emergency fund or even saving toward a new financial goal.

Be sure your plan is up-to-date

If you haven’t already, schedule a mid-year check-in with your financial advisor. You’ll want to confirm the status of items like your retirement, education and charitable planning and benchmark progress against your goals. If you’ve had significant life changes in the past year, or are planning for changes in the near future, your advisor can help ensure the accompanying financial adjustments are incorporated into your plan.

While there’s no one “right” way to plan for what’s to come, an advisor can support you in staying on track to meet your financial goals this year and the years to come.

Royce Zimmerman is a Wealth Management Advisor with Northwestern Mutual Wealth Management Company. For more information www.roycezimmerman.com.