If I Could Only Teach One Financial Lesson

By Brett Gottlieb

After nearly 20 years in the financial services industry, I’ve come across many pieces of sound financial advice. You’ve probably heard some of them as well, such as the importance of living within your means, managing risk, and maximizing your 401(k) contributions. You would do well to follow any of those lessons, but if I could give just one piece of financial advice, it would be this:

Don’t be afraid to ask for help.

In today’s financial world, there is more information available at your fingertips than ever before. That can make it easy to feel like you can or should manage your finances on your own. But as with most things in life, it’s never a bad idea to get a second opinion.

Seek Advice

I often see clients who have gotten stuck in outdated financial decisions, choosing to stick with what they know over what they don’t. That choice may have been right when it was first made, but 10 or 15 years later, it may no longer be in their best interest. For instance, forgoing life insurance as a young adult with no spouse or children is a much different decision than forgoing life insurance when married with kids.

It’s important to take the emotion out of your financial plan and revisit financial choices that may need updating. It never hurts to have a financial professional take another look at your financial plan to help ensure it’s up to date, relevant, and designed to make progress toward long-term dreams.

Understand Your Financial Needs

Life is constantly changing, which means your financial goals and needs are changing too. Good financial advice should be tailored to your specific needs, no matter which stage of life you’re in. To better understand what type of advice you will need and what specific strategies apply to your goals, it can help to identify where you fall in the “standard” financial life cycle:

  • Wealth accumulation: This phase, lasting from ages 25-45, is when usually the bulk of your wealth is saved. In this phase, you are focused on paying down debt, accumulating assets, and saving for retirement.
  • Wealth preservation: In this phase, from ages 45-65, the focus shifts generally to preserving the wealth you have accumulated in preparation for retirement.
  • Wealth distribution: Lasting from retirement through the end of life, the wealth distribution phase typically focuses on spending down the money you have saved, whether in retirement or through gifting assets to others by bequest or inheritance.

We believe periodically reassessing your goals and strategies in the context of a comprehensive financial plan is a crucial part of any good advice. Just because a strategy or financial relationship was working in the accumulation phase doesn’t mean you won’t outgrow it in the preservation or distribution phases. Don’t be afraid to reevaluate and make changes when needed to keep your plan on track.

Be Open to New Ideas

As your financial needs change, the way you achieve your goals may need to change as well. If this is the case for you, be open to hearing new ideas and strategies that could better your financial plan. The financial services industry is vastly different than it was just 10 years ago, and new strategies are continually being developed. The last thing you want to do is treat your plan like it’s a floppy disk when everyone else is using the cloud.

I encourage all my clients to expand their financial networks, whether that be a CPA, a financial advisor, an estate attorney, or an insurance agent; each person will have a different perspective and being open to the ideas presented helps you make more informed decisions.

Get Started Today

Sometimes the hardest thing to do is let go a little and ask others for help. If there’s one thing I’ve learned and can pass on, it’s that taking that step is often the best decision for your long-term financial goals.

Don’t let yourself get stuck in outdated financial decisions. At Comprehensive Advisor, we have the tools and expertise to help you navigate every stage of your financial life. If you would like to learn more about how we can help, email us at info@ComprehensiveAdvisor.com or call (760) 813-2125 to get started today.

About Our Advisors

Brett Gottlieb is the founder of Comprehensive Advisor and a financial advisor with nearly two decades of industry experience. He graduated from California State University-Chico with two bachelor’s degrees in Business Administration and Economics. Brett is Life Insurance licensed in several states. He is passionate about guiding his clients on retirement income planning, helping each client pursue their specific retirement goals and defending the assets his clients have worked so hard to achieve. Brett is a California native and currently resides in San Elijo Hills with his beautiful wife and three children.

With a combined experience of over three decades in the financial services industry, our advisors hail from some of the largest independent broker/dealers and banking institutions in the country. They have dedicated their professional careers to creating personalized financial solutions for individuals and families who seek successful retirement planning and currently offer investment advisory services through AE Wealth Management, LLC. Our advisors take a common-sense approach to the planning process and work with clients to create a retirement road map to help ensure their assets are protected and they receive the income needed to enjoy their future. Based in Carlsbad, California, they work with clients throughout San Diego County and beyond. Learn more by connecting with Brett on LinkedIn or email them at info@ComprehensiveAdvisor.com.

Comprehensive Advisor, LLC is an independent financial services firm that utilizes a variety of investment and insurance products. Investment advisory services offered only by duly registered individuals through AE Wealth Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and Comprehensive Advisor are not affiliated companies. C.A. Financial & Insurance Services, CA Ins. Lic. #6000262. This material is intended to provide general information and is believed to be reliable, but accuracy and completeness cannot be guaranteed. Neither the firm nor its representatives may give tax or legal advice. Investing involves risk, including the potential loss of principal. Any references to protection benefits, safety, security, lifetime income, etc. generally refer to fixed insurance products, never securities or investment products. Insurance and annuity product guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. 1278967 – 4/22.


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