Is it time to see a Financial Advisor?

Blog posted On July 26, 2018

When it comes to money matters, expertise counts.  You wouldn’t buy a home without working with a mortgage loan officer and you probably see a tax professional at least once a year to do your taxes.  But when does the average consumer need to consult a financial advisor?  When it comes to protecting your assets and planning for you and your family’s future, a financial advisor can help you chart your path.  Some major milestones where you should consider consulting a financial advisor include marriage or divorce, family expansion, wealth changes, and retirement. 


Marriage or Divorce

Getting married usually means combining finances.  Although many couples choose to cohabitate before marriage, they may not have mingled finances to the fullest extent, and they have not been able to file taxes jointly.  Seeing a financial advisor with your spouse-to-be is a great way to plan for the future and get on the same page before you say, “I do.”  On the other hand, seeing a financial advisor before divorce is also important, especially when there are joint assets and debt like a home or mortgage involved.  A neutral third party could prevent an uneven split. 

Growing Family

The birth or adoption of a child is another good time to consult a financial advisor.  A financial advisor can help you set up a plan for college tuition and other expenses that will come throughout the child’s life.  Likewise, if you have a parent or older family member moving in, consulting a financial advisor is a good way to plan for the living and medical costs that your household will incur.  Planning ahead with a financial advisor now can reduce family stress in the future. 

Wealth Changes

A big bonus, inheritance, or other windfall are all good opportunities to meet with a financial advisor.  To avoid misspending the extra money, consult a financial advisor to determine what bills or debts you could pay off.  Many sums will also incur taxes.  Paying taxes upon receipt of the extra money can eliminate bigger bills later.  A financial advisor can help you determine these costs and when to pay them.

Retirement Planning

It’s never too early to start saving for retirement.  Do you have a 401k or IRA?  Do you know how much is in the account?  Do you know how much it grows annually?  A financial advisor can answer all of these questions and even share new investment opportunities to grow your savings further. 


Many Americans may not understand what exactly a financial advisor does and when it is necessary to hire one.  Financial advisors can provide an informed, third-party look at your financial future.  One common misconception about financial advisors is that it’s only necessary for wealthy individuals.  Financial advisors work with people of all income levels to help them invest appropriately and save for a stable future.   If you’re making any big money moves, like buying a new home, consider meeting with a financial advisor first.


Sources: CNBC