8 Situations When You May Want to Consult a Financial Advisor

8 Situations When You May Want to Consult a Financial Advisor

Business ownership requires a certain level of financial knowledge, but with many owners that knowledge is specifically what they need to operate the business. When it comes to other areas of their business or personal lives, often there is a gap in knowledge that can be quite costly over time. Or, you could have family members with financial decisions to make, and they could use some help that you are not able to provide. Here are 8 situations in which a financial advisor can provide highly valuable advicei.

#1 – Planning for when you are no longer here.

If you think it is complicated to start and operate a business, it does not hold a candle to the financial mess your family, business partners, and heirs will find if you pass away or become incapacitated without proper planning. It is not as simple as just preparing a will, though that is a critical step. There are other documents, such as a medical power of attorney, that are necessary to provide for the proper treatment of your assets or personal care.

#2 – You want to plan for a safe and comfortable retirement.

Retirement planning is the number one reason business owners and investors turn to financial advisors, and with good reason. When it comes to planning for the current situation and through decades until retirement, the complexities multiply. From investment return to taxation and determination of what you will need for income in retirement, there are critical decisions that have major consequences.

#3 – Major life changes require decisions.

Getting married is a happy time that requires extensive event planning. However, financial planning should also be an important part of the pre-marital period. Especially if there are extensive assets or a business owned by either or both partners, there should be planning as to shared or individual ownership. On the less happy side of marriage, divorce can also be an important time to consider financial advice. Having children is another time when financial advice can be important, whether to consider their care if you are no longer in the picture or to finance their education.

#4 – You have hit a financial milestone.

Many advisors consider a quarter-million dollars in assets as an important milestone. The accumulation of $250,000 is a nice accomplishment, and this milestone often makes things like investment, retirement planning, and tax savings more complicated. Maximizing investment returns with acceptable risk is one area where a financial advisor can be quite valuable.

#5 – Setting and reaching a significant financial goal.

Retirement is the first major goal that comes to mind, but there are other goals in the shorter term that you may want to plan for life’s enjoyment. Perhaps you want to move to the seashore, or just buy a condo there for vacations. Maybe your goal is an expensive boat or a recreational vehicle for vacations. Whatever the goal, the more expensive, the more planning that is required if you want to reach it.

#6 – You have received a sudden financial windfall.

Whether it is an inheritance, lottery winnings, or even riding Bitcoin up, you suddenly find yourself with a cash infusion and you want to put it to good use. Perhaps paying off debt is the best way to go, or should you invest. If investing is the plan, what is your tolerance for risk and what are your goals for investing? Are you interested in some active short-term investments or more passive long-term activity? Financial advice is the way to go before making a misstep with your new cash.

#7 – You must care for aging parents.

Were your parents financially unprepared for their own living expenses as they aged? Or perhaps they have special medical or other expensive assisted living needs. They cared for you in your younger years and now you find the roles are reversed and you want to care for their needs. This is a situation with an open timeline, and careful planning is important to assure consistent elder care.

#8 – One of your children just got their first job.

We all want financial success for our children. We may need them to help us someday! Seriously though, starting them off right, salary not considered, is one of the most important things you can do for them at this important point in life. Seeking financial advice on their behalf teaches them the importance of doing the same down the road. And it will help them to being saving for the future.

Many people, whether they own a business, are investors, or both, will find one of several of these situations in play at different times in their lives. Consulting with a qualified financial advisor is the way to make the most of your income and assets.

i 8 Times When You Might Want to Talk with a Financial Advisor – NationalDebtRelief.com


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