5 Indicators Your 401(K) Could Benefit From An Investment Advisor

9 August 2021
 Categories: , Blog


Could you use the help of an investment advisor to aid you in getting the most out of your 401(k)? Many Americans are uncertain and nervous about their retirement savings plans, so they can often use some help they may not even know they can get. To help you get the services you need, here are five indicators that your employee retirement plan could benefit from an advisor. 

1. The Account Is Large

How much of your retirements assets are tied up in your 401(k) account? As many savers get closer to retirement, their accounts grow quite large, but they aren't sure what they could be doing better with that. In addition, if your 401(k) represents the bulk of your savings, you need to maximize its potential. 

2. You Have Multiple 401(k)s

Many people have two, three, four, or more old 401(k) plans sitting around from prior employers. Properly integrating these into one account or at least one overarching plan ensures no money gets left behind. Having it all together also allows you to plan an investment strategy with all the information and ensure you have the most appropriate risk levels. 

3. Retirement Is Closing In

The last decade before retirement is a crucial time for crafting a workable plan to avoid outliving your money. Most savers need to adjust their risk tolerance on a regular basis as they get closer to using the money. You may also be finalizing retirement budgets and plans to move, travel, or work after retirement. All these decisions must be properly factored in as soon as possible as retirement looms. 

4. You Have Plenty of Options

Every employer's retirement plan is different, so some offer a wide variety of investment options while others are very limited. The more choices you can make, the more an advisor can tailor these investments to your particular wants and needs. But the fewer funds you can choose from, the less impact they can have.

5. You're Unfamiliar With Investing

Many people are intimidated by managing their own investment accounts because they don't know what to do with them. This confusion or fear can lead to much lower returns than you need for retirement. If you find yourself overwhelmed by the idea of handling investments, a trained professional gives you confidence and expertise. 

Do you find yourself in any of these situations? If so, start making the most of whatever 401(k) plan you have by getting professional advising services. Make an appointment with an investment advisor in your state today to learn more.