Prudential shares tips on working with a financial professional during ‘Financial Literacy Month’

NEWARK, N.J.--()--Most Americans don’t work with a financial professional even though those who do are more likely to feel confident about achieving financial goals, engage in good financial planning practices, and make better investment choices, according to a recent Prudential study.

“Americans are overwhelmed by the amount of information out there and the complexity of the options that exist when it comes to planning for retirement,” says Caroline Feeney, president of Agency Distribution, Prudential’s national sales organization. “A trusted advisor can ease them through this process.”

Prudential’s research found that 65 percent of Americans don’t work with a financial professional. In light of this and in support of National Financial Literacy month in April, Prudential is encouraging more Americans to put their financial house in order. Choosing a financial professional that can help them take a comprehensive approach to planning for the future financially is a good starting point, according to Feeney.

When selecting a financial professional:

  • Focus on the "Big Picture" – A good advisor will give you the framework to weigh each financial decision in relation to its short and long-term effects on your overall goals.
  • Set Measurable Goals – Specificity can help shape a successful, well-focused plan. A financial professional can help you quantify your financial goals and determine when/how you can achieve financial wellness.
  • Share the full story – Getting an accurate plan in place is incumbent on knowing all the details, such as debt, income, expenses and investments to name a few. The more you share, the better the plan will be.
  • Ask for a referral – Friends, family members or other professionals like accountants may be able to refer you to a good financial professional.
  • Put a team in place – Continuous financial, tax and legal developments demand the expertise of more than just a financial professional. You should also consult with legal and tax advisors. The financial professional you’re working with should be willing and able to coordinate with the efforts of any other specialists you retain.
  • Monitor and adjust – Working with a financial professional doesn't mean yielding control of your finances. Make sure that you monitor the performance of your portfolio. A good financial professional will look to schedule regular meetings to help track results and make appropriate adjustments based on changes in the economic environment or your personal life.

Choosing someone to help you plan for the financial future is an important decision,” says Feeney. “You want someone who’s knowledgeable but can break things down in simple terms, someone you feel you can trust and certainly someone you feel at ease with.”

To learn more about the value a financial professional can provide, click here.

April was first promoted by the Jump$tart Coalition as Financial Literacy Month for Youth and later National Financial Literacy Month to highlight the importance of financial literacy in America.

Prudential Financial, Inc. (NYSE:PRU), a financial services leader with more than $1.1 trillion of assets under management as of December 31, 2013, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.

Investment advisory services offered through Prudential Financial Planning Services, a division of Pruco Securities, LLC (member SIPC).

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Contacts

Prudential Financial, Inc.
Janet Gillespie, 973-802-8012
janet.gillespie@prudential.com

Contacts

Prudential Financial, Inc.
Janet Gillespie, 973-802-8012
janet.gillespie@prudential.com