Do I Need A Financial Advisor A Quick Assessment

Do I Need a Financial Advisor? - A Quick Assessment

If you’ve recently begun to ask yourself: “do I need a financial advisor?” the answer is likely yes. Most people could benefit from the services of a financial advisor.

Updated on Dec 17 2019


If you’ve recently begun to ask yourself: “do I need a financial advisor?” the answer is likely yes. Most people could benefit from the services of a financial advisor. And, there are no specific requirements for hiring a financial advisor, you don’t need to be a certain age or earning a particular salary. Plus, the cost of a financial advisor can be negligible compared to the benefit they provide.

You might start thinking about hiring a financial advisor for a whole host of reasons. People often opt to hire an advisor when going through major financial and life changes. For example, getting married will significantly change your financial situation. This is why many young couples will hire a financial advisor to help set them on the right track. Finding an advisor that you feel comfortable with can make all the difference.

But, everyone’s different, and people need help planning at different stages in their lives. Some people will seek out a financial advisor when planning for their first child. Having a child can be overwhelming for anyone, but even more so when you aren’t prepared financially. A fiduciary financial advisor can help you come up with a plan that considers your growing family and expenses.

Wondering: “do I need a financial advisor?” is perfectly natural. There are no specific requirements, so you need a financial advisor assessment. Consider these questions:

Are you going through any major life changes?

Are you lacking a financial plan?

Are you thinking about saving for retirement?

Did you recently come into a large sum of money?

If you answered “yes” to any of these questions, you would probably benefit from a financial advisor. Learn exactly how they can help you below:

Major Life Events

Big changes in your personal life can often mean big changes for your finances. Your financial life becomes significantly more complicated when you get married. Unfortunately, the same is true of a divorce. Because of this, either of these situations could mean that you should hire a financial advisor.

Most big life events will have financial implications for you to consider and deal with. Starting a new business, for example, could call for a complete overhaul of your finances. If this isn’t something that you feel up to, you may need a financial advisor. The same can be said of caretaking. It’s a massive responsibility to begin caring for a family member, and sometimes the financial consequences can be overlooked. But, caring for family members can entirely change your financial life. This is why many caretakers opt for a financial advisor to help create a plan for the future. And, speaking with an advisor can help you get a better overall handle on your situation.

Planning for Retirement

Planning for retirement is a necessity that we become more and more aware of as we go. To retire the way you’d like, you’ll need to have thorough and proper planning. If you personally aren’t a retirement planning expert, you’ll probably want to contact a financial advisor. A proper financial advisor will assess your situation and help you come up with a plan for the future. Plus, it’s been proven that a proper retirement plan will drastically increase happiness during retirement. So, you should consider a financial advisor the moment you begin planning for retirement.

Receiving a Windfall

Receiving an unexpected lump sum can be life-changing. But, you should be sure that you’re managing this newfound wealth effectively. A surprisingly high number of lottery winners end up bankrupt or in a worse position financially after their win. This is typically attributed to the winner’s shock and lack of preparation.

Now, you don’t necessarily need a plan ready in the off chance that a hefty sum drops into your lap. However, having an expert financial advisor on your side could make the situation much more manageable. There can be quite a few unexpected elements, like tax implications, in situations like these. So, having an expert on your side can make the process move a lot more smoothly. Consider your need for a financial advisor after receiving a windfall.

Beginning to Invest

Investing can be an integral part of your retirement plan. Additionally, it can be a great way to get other financial plans going. But, making valuable investments isn’t easy, and is only made more difficult if you don’t have a lot of money. Thankfully, this is where an advisor comes in. They have the expertise to point you in the right direction and give you advice relevant to your specific situation. This way, you can make some smart initial investments with what you have.

Finding a financial advisor in your area can make things even easier. Or, you could opt for online advising. The key is to be sure that you’re choosing the option that you feel comfortable with and works best for your specific situation.

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