You can work with a financial advisor at any time or any age at any stage in your life. Many think you need a high net worth, but you don’t. Finding a financial advisor to fit your needs and specific situation is key. If you feel stressed, overwhelmed, confused or scared about your financial situation, it is wise to accept help and advice from a professional financial advisor.
It is also a good idea to visit a financial advisor if you’re feeling confident in your financial situation, just to get some guidance and make sure you’re on the right track. Here are a few specific signs that it may be time to hire a financial advisor:
None of Your Savings is Invested or You Don’t Know How
Investing your money is the only way to ensure your money will grow. By keeping it in a low investment account, or keeping cash, isn’t enough in this world of inflation. Most people don’t have an exceptionally large amount of income, so investing is the smartest way to increase your financial situation. However, if you are new to investing and need guidance on how to get started, it is recommended that you consult with a financial advisor first.
You Have Investments But Are Consistently Losing Money
When the market is down, or a decision is made that doesn’t turn out like you would have hoped, even the best investors lose money from time to time. However, investing should increase your net worth and if you’re not seeing that happen, it is time to get some help from a qualified and experienced financial advisor to help you. They can help to point you in the right direction and let you know if you’re doing something wrong before it’s too late.
You Don’t Have A Current Estate Plan
If you don’t already have an estate plan, a financial advisor can assist you with putting one together to ensure your assets are taken care of according to your wishes after your pass. If you aren’t insured properly, or don’t know what insurance you need, they can assist you with that as well. They tend to offer less biased opinions than an insurance agent would.
Choosing The Best Financial Advisor
Just like in any other business industry or field, not all financial advisors offer the same services, or have the same level of expertise and training as others. It is important to find a financial advisor that can tailor to your specific needs and help you reach your financial goals. You should research their certifications, fee structure, regulatory history with your state regulatory agency, and the SEC’s Investment Advisor Public Disclosure database.
All of this information can help you make the best decision and choose the right financial advisor for you and your needs.