Fiduciary Financial Advisor & Wealth Management in Millburn, NJ

Trying to find a fiduciary financial advisor in Millburn, New Jersey? Financial planning and wealth management can help provide you with a clear path towards your financial goals and remove uncertainty around your finances.

Finding the right partner is a critical decision, but you may not feel completely equipped to start the process. To help, Grand Life Financial, a fiduciary wealth management firm, offer the following guidance to help in your decision.

Not all advisors are held to the same standards. The way your advisor is compensated can influence the recommendations they make, and some are more costly to you.

Both commissioned and fee-based (fee plus commission) receive compensation based on the specific financial products they sell you and may even be incentivized to prioritize their firm’s own products before others that have the same objective but carry a higher commission, and ultimately more costly to the client. Because of the inherent conflict of interest in these transactions, these advisors may have difficulty putting the client’s interest above their own.

A fee-only model legally requires a financial advisor to always act in their clients’ best interests. We believe clients deserve to work with someone who always puts their interests first. We do not earn commissions from selling securities or investment products.

Click here to schedule a complimentary introductory discussion to begin exploring how you can create a path towards achieving your financial goals.

Retirement planning is complicated. You have been in a savings mode for most of your life and retirement will be a big adjustment as you will be withdrawing money for the first time. You will also have a lot of available time, and you will want to devote that towards things that bring you happiness and fulfillment.

The first thing we do as a fiduciary wealth management firm is help clarify your goals and consider what you will do with the extra time that you have. Commonly, we see people doing more travel, finding a new hobby, buying a second home, or taking classes. Legacy goals would be things like funding education for grandkids or leaving a substantial amount to your favorite charities. Some others include helping adult children purchase their first home, taking the extended family on a vacation, or becoming more engaged with nonprofit organizations.

Next, we would look at your existing living expenses and determine how those would change during retirement. There are several phases of retirement where your expenses will look quite different, and the financial planning community affectionately refers to these as the “Go-Go years”, “Slow-Go years” and the “No-Go years”.

During your early retirement years, you are likely to spend as much or more than when you were working because you are more active and have the time and energy to enjoy more experiences with family and friends.

In mid-retirement years, you have crossed off bucket list items and find more fulfillment staying closer to home. Your expenses during the slow-go years are generally much less.

And finally, we enter the No-Go years, which is where health constraints come into play, and you are therefore unable to do as much. Medical costs are highest in late retirement and comprise a large amount of your living expenses. Oftentimes, these costs can quickly erode wealth transfer plans such as leaving a legacy to loved ones.

Lastly, we review various Cash Flow scenarios based on expected expenses and returns on your investments. This includes when to begin taking social security, including weighing the benefit of delaying the start year to help increase your retirement income.

By clarifying your goals and learning how your living expenses will change during various phases of your retirement, this will allow you to better determine the right time to fully enjoy your next stage of life.

Grand Life Financial is an independent, fiduciary financial advisor in Millburn, NJ. We offer our clients a relationship uncorrupted by affiliations with big banks or other financial institutions, so we answer only to our clients. We’re compensated by providing advice only. As a fiduciary wealth management firm in Millburn, we do not receive any commissions and there’s no hidden fees. Learn more about Our Difference.