I welcome good advice and assistance. Sometimes, I think that we as Americans have a tendency of thinking we need to “go it alone” in order to truly earn our success. But the truth is that while much can be attributed to a positive attitude and, more importantly, lots of hard work, few of us ever find financial success truly on our own.
On August 4, 2022, Newsweek reported that “a majority of Americans believe the U.S. is in a recession or will be over the next year.” In June, a survey by Allianz Life Insurance Company of North America found that 82% of respondents “worry inflation will have a negative impact on their purchasing power in the next six months” and that “71% said their wages are not keeping pace with rising expenses.”
In short, Americans are worried about their financial future in the face of a possible recession. They may need help, but that leaves us asking: From whom are they going to get that help?
If you’re worried about the impact a recession may have on your portfolio, it may be worth seeking professional assistance.
According to a recent survey by Transamerica Center for Retirement Studies, only about 29% of workers have a written retirement plan, and 63% of workers say they don’t know as much as they should about saving for retirement. Yet only 35% currently work with a professional financial advisor.
There’s nothing wrong with talking to family or friends about your financial situation, but you may wish to find a more knowledgeable source of information when it comes to deciding on a diversification strategy. Everyone’s financial situation is unique, so what worked for a brother or sister—or even a friend that has done very well for themselves—may not be right for you.
Seeking the assistance of a professional advisor can help you better understand the process of building a portfolio and get a handle on your unique financial situation and goals. Even though some fees may be involved, you can achieve peace of mind that can come from having professional assistance.
Different kinds of professionals can help you with your diversification strategies.
If you decide to seek professional help with your portfolio, you may find it helpful to know a few differences in the types of advisors available. For example, the term “financial advisor” is fairly broad. Forbes defines it as “a professional who helps guide your financial life,” but also states that “the trouble is that anyone can call themselves a financial advisor, no further training required.”
Their advice is to seek out those with certain certifications, like a certified financial planner (CFP), chartered financial consultant (ChFC) or retirement income certified professional (RICP). CFPs, for example, “complete more than 4,000 hours of training and pass a lengthy exam and must continue their education once certified.”
You can also ask if your financial advisor or consultant is a fiduciary—a professional who has “pledged to make recommendations with your best interest in mind, rather than their own financial benefit,” according to Forbes.
This is what I mean when I say that I welcome “good” advice.
If you decide that precious metals are right for your portfolio, our Account Executives at U.S. Money Reserve can help you make educated decisions.
Naturally, we at U.S. Money Reserve believe in the power of precious metals when it comes to adding an extra layer of protection to your portfolio. A well-diversified portfolio can reduce your overall risk exposure—which may be a very welcoming thought in our current period of economic uncertainty. But again, everyone’s portfolio, goals, and acceptable level of risk exposure are different.
What everyone does have in common is a place they can come to for more information about precious metals. At U.S. Money Reserve, we have a wide library of resources for you to explore to help you decide both if precious metals are right for you and how to go about adding them to your portfolio.
Whether you select a physical precious metals portfolio made up of multiple metals and products securely shipped to your door, a precious metals IRA that allows you to bring a new level of diversification to your retirement portfolio, or both, you’ll be able to make that decision with the kind of peace of mind that only comes from having done your research. And all along that journey, your dedicated Account Executive will be there to answer any questions or point you toward additional educational material.
According to a survey by Allianz Life Insurance Company of North America,
If you’re among the majority of Americans who believe we are or will soon be in a recession, you may still have time to get a handle on your unique financial situation and create and execute a diversification strategy. The key is finding good people with good information to help you make it happen.
To learn more about the protective power of precious metals, CLICK HERE to request a FREE copy of our Gold Information Kit.