When it comes to financial planning for retirement, there are a lot of different options out there. There is a myriad of different kinds of financial firms in Kansas City, and it can be hard to decide which one is right for you. When you’re planning for something as important as retirement, you want to be sure you’re making the very best decision for you. So, how do you know which type of firm is right for you?
At OWLFI, we understand the importance of a competent financial planner on your side. With a myriad of planners and firms to choose from, it can be difficult to decide what is right for you and your personal retirement plan. To help you on the road to financial literacy, we've broken down the four most important types of financial firms to help you make the best decision for your retirement plan.
Investment banks are firms that underwrite and distribute new securities issues, advise companies on mergers and acquisitions, and provide other consulting services. They also trade securities for their own account and for their clients' accounts. For individuals, investment banks usually don't directly manage money, but they may sell products such as mutual funds and annuities. Merrill Lynch is one of the largest investment banks in the world.
At OWFLI, retirement is our specialty, and we know an investment bank can be an important financial firm in your retirement planning journey. An investment bank is one of many financial firms in Kansas City that will aid you on your retirement planning journey.
Commercial banks are depository institutions that take deposits from businesses and individuals and make loans. They also offer other services such as cash management, foreign exchange, and merchant banking. JPMorgan Chase is one of the largest commercial banks in the US, you’re likely already familiar with them! A commercial bank can be a great asset when it comes to financial firms in Kansas.
Insurance companies sell insurance policies that protect individuals and businesses from financial losses due to accidents, death, or property damage. Insurance companies may also sell annuities, which are products that provide a stream of income during retirement. Some of the largest insurance companies in the U.S. are State Farm, Allstate, and Prudential Financial. Annuities can be a lifesaver when it comes to your financial wellbeing through retirement.
Accounting firms provide attest (assurance) services as well as tax preparation and consulting services to businesses and individuals. Attest services involve issuing opinions on financial statements, while tax preparation involves preparing returns and planning strategies to minimize taxes owed. Many accounting firms also provide management consulting services on issues such as strategy, operations, and information technology. Some of the biggest accounting firms in the world are KPMG, Deloitte, and Ernst & Young (EY).
Planning for retirement can be a stressful endeavor, but that’s precisely why OWLFI is here for you! Don’t worry about what’s next in your financially future, OWLFI is here for you to help you navigate the challenges that go with looking for financial firms in Kansas City and planning for your retirement.
Now that you know more about the different types of financial firms out there, it's time to start thinking about which one is right for you and your retirement plan. If you need help making a decision or want to learn more about our retirement planning services, contact OWLFI today! We'll be happy to answer any questions you have about financial planning for your retirement.