There is no magic number that propels an investor to seek the help of a financial advisor. Many a time, some “life-changing” event needs to happen before people start scurrying for intervention!
Why do people overlook the value of a planner and misunderstand what they do? It boils down to a common misconception that a financial planner is just after the end game commission and will sell you everything and anything, including what you do not really need!
In fact it is quite contrary; a good financial planner will listen to your goals, look at your current finances and recommend how best to move forward with your money.
For those of us who don’t always need to work with a planner frequently, there are six milestones in life when it makes perfect sense to stop in for a financial check-up.
- When you land your first job
Regardless of how much you are bringing home with your first pay check, getting your first job is a good reason to check in with a financial planner who can advise on how best to begin saving and investing.
- When you get married or divorced
Another good time to get an opinion is when your marital status is about to change. Bringing in an unbiased third party can help minimise financial losses in a divorce, and may make it easier for engaged couples to have in-depth conversations about combining assets and income after marriage.
- When you come into a large sum of cash
Receiving an inheritance or pay raise, should be a boon to your financial health; yet many people squander the amazing opportunities it presents.Regardless of the amount, meeting with a financial advisor can ensure you put the money to good use. Think you need million dollar assets to work with a planner? That’s definitely not the case!
- When you need to take care of aging parents
Caring for the aged can be a huge strain on the finances. If you have elderly loved ones who will require care, either in-home or in a nursing home, talking to a financial planner can help you prepare for this considerable expense.
- When you are getting ready for retirement
Retirement planning is one area where financial planners shine. However, to make the most of their advice, you need to consult with a planner well before you decide to enjoy your golden years.Just think of it this way – would you plan a vacation a day before you leave? Likewise, retirement planning should never be left to the last minute. By taking stock of your situation 20 to 30 years before retiring, you still have plenty of time to make adjustments and save more if needed.
- When you are preparing to pass on your wealth
You’ve worked hard and planned carefully – no doubt you’re hoping that your wealth will outlast you and there will be something left to pass on to the loved ones you leave behind. While it seems simple enough, like all financial matters, it requires careful planning. A financial advisor can suggest and put together an estate plan that suits your needs.
Article sourced from http://money.usnews.com/money/personal-finance/articles/2015/08/28/7-times-you-need-to-talk-to-a-financial-advisor
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