The Benefits of Working with a Local, Connecticut-Based Financial Advisor

There are several benefits to working with a local, Connecticut-based financial advisor when it comes to achieving your financial goals.

As a busy professional living in Connecticut, navigating the complex world of personal finance on your own can be a daunting task. Yet with so many financial advisors competing for your business, finding the right one can be challenging.

Still, working with the right financial advisor can add value far beyond the cost of their fees. In fact, an extensive study from Vanguard found that investors who work with a financial advisor believe they are 16% closer to their financial goals than they would be without an advisor.

Indeed, there’s a multitude of factors to consider when hiring a financial advisor. In this article, we’ll explore the key benefits of working with a Connecticut-based financial advisor who not only understands your needs and goals but who also understands the nuances of the local financial landscape.

Consider the following benefits of working with a Connecticut-based financial advisor:

#1: Local Expertise

Above all else, clients value a financial advisor who helps them reach their financial goals, according to a 2020 Morningstar study. When it comes to achieving your personal objectives, having a financial advisor who understands the local economy, tax laws, and regulations is essential.

For example, WalletHub reports that Connecticut has one of the highest tax burdens in the country due to above-average property and personal income tax rates. A Connecticut-based financial planner like Milestone Asset Management Group, who is intimately familiar with local tax laws, can help you proactively identify strategies to help you minimize your overall tax burden.

#2: Strong Client-Advisor Relationship

A solid relationship with your financial advisor is essential for a successful financial planning experience. Even as virtual and robo-advisors become more commonplace, a recent NerdWallet survey found that most investors still prefer to communicate with a live financial advisor.

Working with a local financial planner in Connecticut allows for more frequent face-to-face meetings, fostering trust and open communication. This proximity enables us to develop a deep understanding of your financial needs, goals, and risk tolerance, allowing us to provide tailored guidance and ongoing support.

#3: Fiduciary Advantage

According to data from the Economic Policy Institute, financial advisors with conflicts of interest cost Connecticut retirement savers nearly $300 million every year. As you search for a Connecticut-based advisor, make sure they’re going to put your best interests ahead of their own.

Fiduciary, fee-only financial advisors like Milestone Asset Management Group are legally and ethically obligated to prioritize your financial well-being above all else. This ensures our advice is transparent, objective, and free from the conflicts of interest that often arise when advisors receive commissions for selling financial products.

#4: Full-Service Financial Planning

A recent survey by Charles Schwab found that 65% of people with a written financial plan feel more confident about reaching their financial goals. As your income and net worth grow and your financial needs become more complex, a comprehensive financial plan is essential.

Thus, it’s important to find a Connecticut-based financial advisor that offers holistic financial planning services to address the various aspects of your financial life.

At Milestone Asset Management Group, for example, we offer in-house tax and estate planning services in addition to financial planning and investment management. By overseeing your entire financial picture, we help you create a comprehensive plan that maximizes your financial success and helps you achieve your long-term goals.

#5: Expert Guidance

Lastly, be sure your Connecticut-based financial advisor has the skills and expertise to make sound recommendations for your future. In addition to having a deep understanding of financial markets, your advisor should be up to date on local, state, and federal regulations that may impact your financial plan.

For example, the SECURE 2.0 Act introduced a number of important changes that affect retirement savers and retirees. Meanwhile, the Connecticut Department of Revenue Services regularly updates its tax guidelines.

A financial planner who’s well-versed in current events and industry-specific news can help you capitalize on opportunities as they arise and avoid costly missteps.

Consider Working with a Connecticut-Based Financial Advisor Like Milestone Asset Management Group

A Connecticut-based financial advisor like Milestone Asset Management Group can help you reach your financial planning goals. From our local expertise and fiduciary commitment to our comprehensive financial planning approach, we’re dedicated to providing the highest level of service to our clients.

To learn more about how we help our clients achieve financial success, we invite you to schedule a call with a member of our team and start your financial planning journey today.