Seven Scenarios Where You Should Seek Out a Financial Advisor

There are certain milestones in your life where seeking the advice from a financial professional can be extremely beneficial in planning for your future. A good financial planner will listen to your goals, examine your current financial situation, and will make recommendations on how you can best move forward with your money. While you might not need to work with a financial advisor regularly, there are specific life events in which going in for a financial check-up can be extremely beneficial to your future financial health.

When You Get Your First “Real” Job

After you get your first job, your financial planning can make a big difference in how you save and spend your money. It is important to be financially sensible in order to plan for your future, and if you plan well, you can prepare for major financial goals like owning your own home. For example, financial experts recommend that you save 10%-20% of your monthly earnings.

Talking to a financial planner can also help you to best invest your earnings to plan for retirement. If your job has a pension plan that you are able to invest in, they can provide you with guidance on how much to put in to reach your future retirement goals. Likewise, if you ever leave that job for greener pastures, your financial advisor can give you the best advice on what to do with that pension.

When You Marry or Divorce

Another great time to get advice from a financial planner is when you make any changes to your marital status, including getting married or divorced. When you bring an unbiased third party into your life in order to help plan your financial future, you will have an easier time talking about combining your income and assets during your marriage. Likewise, if you are separating, a financial planner can help both parties to minimize their losses.

When it comes to a change in marital status, emotions can often cloud judgment. For this reason, working with a financial planner is essential, as you’ll avoid emotional mistakes. You’ll feel more prepared to move on with your life if you are organized financially.

When You’re Buying a Home

Buying your first home will likely be one of the biggest milestones in your life, and it is a decision that you shouldn’t take lightly. You also need to do your research in order to ensure that you are getting the best deal when it comes to mortgage rates, and an independent adviser can help.

Employing a financial expert can also help to protect your investment once your home is purchased. Income protection coverage, life insurance, and critical illness coverage can be discussed at this time. The guidance that you receive could make a big difference in your financial future.

When You’re Organizing an Event on Finance in your Company

If you are hosting a financial event in your company – whether this is for your employees or customers – it is important to have financial experts available in order to provide guidance. Talking about personal or organizational finance isn’t always the most exciting topic, so hiring experts like Steph Mcgovern and Professor Nicholas Barberis can help to keep your audience engaged and interested throughout the presentation. By bringing in experts, you can make sure that your audience is getting the best possible information to make informed financial decisions.

When You Receive an Inheritance

Receiving an inheritance or another large sum of money, whether this is a significant raise, a bonus, or a buyout, should be a major benefit for your financial health. Sadly, many people miss out on the opportunity that this situation presents. Studies show that most people who receive an inheritance only save about half of the money that they receive, and many people see their overall wealth either decline or stay the same as a result of their poor financial decisions. Regardless of the amount of money that you receive, meeting with a financial planner can make sure that your money is put to good use.

When You’re Considering Retirement

Financial advisors shine when it comes to planning for retirement, but it isn’t going to be much help if you contact an advisor right before your last day of work. You’ll need to consult with a financial expert well before you anticipate quitting rather than leaving it for the last minute.

Financial planners agree that at the very latest, you should start to plan for your retirement in your 50s. That’s because some of the best retirement income planning strategies need to be started 10-15 years in advance. However, to get further ahead of the game you can consult with an advisor even earlier – everyone at about 40 years of age should check in with their advisor just to see where they stand in terms of future financial health and retirement. These meetings will give you an idea of what you have and what you might not be thinking about.

When You’re Ready to Think about Estate Planning

After you have retired, you may want to begin thinking about your estate and what you plan to pass on to your children and grandchildren. When you start to have these considerations, bringing in a financial professional can be beneficial. Your financial advisor will suggest ways that you can minimize taxes on your estate, plan for your long-term healthcare costs as you age, and put away money for your final expenses. You’ll also have the opportunity to review your beneficiary details as set up on all of your accounts so you will know exactly where your money will be going after you have parted.

You don’t need to be a millionaire in order to get help from a financial advisor. If you are approaching or are in the midst of any of these financial milestones, you should be sure to seek out financial guidance. Without this assistance, you could make some costly mistakes, and the advice of a financial expert can help to secure your financial future.