Times You Need to Talk to a Financial Advisor

Over the past few years, doing one’s financial planning has been increasingly popular. Financial planning tools have made it easier than ever for anybody to build a budget, pay taxes, or save for retirement. There are, however, circumstances in which it makes sense to employ a financial counselor.

A financial advisor is a specialist who may offer advice on various economic issues, including retirement planning, tax planning, and investing. Even though anybody may call themselves a financial advisor, professional qualifications such as the certified financial planner and chartered financial consultant show that an advisor has achieved a higher degree of competence.

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When To Talk To A Financial Advisor

Your First Job

Any new employment, no matter how high or low the salary, is an excellent opportunity to consult with a financial advisor about your long-term financial goals. A financial planner may not only advise you on how to begin saving for retirement but also guide you on high net worth tax planning.

Marriage Or Divorce

When you are married or divorced, it’s a good idea to seek the advice of a financial expert. With a neutral third party, divorce settlement costs can be minimized, and also making it more straightforward for engaged couples to talk about merging their assets and incomes when they get married.

Caring For Elderly Parents

The average yearly cost of a home health assistant in 2017 was $49,188, as per Genworth Financial. A financial planner is an excellent help if you anticipate your parents or another older family member may require in-home or nursing home care in the near future.

A Significant Monetary Bonus

Getting substantial money, whether through an inheritance, bonus, buyout, or hefty rise, should be a blessing to your financial health. Unfortunately, many individuals waste their time by not planning it properly by meeting financial advisors.

A Spouse’s Death

Financial issues arise when a loved one dies. A surviving spouse may be required to live on a reduced income or decide how to effectively handle assets such as a home, life insurance, and investments. This may be the first time a spouse is in charge of the family’s financial affairs making matters more complicated. During these times, a financial advisor can come of great help.


Starting a family necessitates a significant financial shift. For many couples, the life event also marks the beginning of estate preparation. Even though most financial advisors are not attorneys who can draft wills and trusts, they can offer advice on these matters related to money management. In addition, estate planners and attorneys may work together to ensure a smooth transition from one step to the next.

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Retirement Planning

Before you retire, it may be the most apparent moment to see a financial advisor. A financial advisor can provide valuable guidance, but only if consulted before your anticipated retirement date.

However, this does not rule out the possibility of meeting with a financial advisor even earlier in the planning cycle. To ensure that you’ll be financially secure when you retire, it’s a good idea to take stock of your status 20 to 30 years in advance.

When You’re Worth $250,000 Or More

In most cases, you may just need a single consultation with a financial advisor, or you may not even require regular financial assistance at all. At some point, if your income and assets have grown to a particular level, it may be time to establish an ongoing working relationship with an advisor. As per some financial gurus, after you have accumulated $250,000 in assets, it is an excellent time to move away from your investments and let an impartial third party take over.