You might want assistance with something specific, like budgeting, taxes, investing, debt repayment, or retirement planning. Some financial professionals specialize in one area, whereas others can offer more holistic guidance including multiple aspects of financial planning.
The Annual Retirement Study found that people from varying backgrounds have different financial priorities. For example:
- Paying off credit card debt is a top financial goal for 38% of Black and Hispanic Americans, compared to 30% of all Americans.
- Saving enough and making plans to live a comfortable retirement is a top goal for 45% of all Americans, while only 36% of Black Americans said the same.
- Leaving a legacy for family is a top goal for 31% of Black Americans, compared to 23% of all Americans.
By determining the top priorities for your financial professional, you will have a better chance of finding someone with the right strengths for your needs.