Do You Need a Financial Advisor? 7 Signs You Need One

financial advisor

Someone once said that the only way to make money is to spend money – but the main detail they left out is to spend wisely. This is why so many people take their time when investing in savings and buying assets. They understand such decisions can either create amazing results or go horribly wrong.

The best way to avoid the latter is to hire a financial advisor.

A financial advisor is someone who will walk with you every step of the way in assessing the money you have available, exploring your investment options, and ultimately, making a decision. Their role is not to tell you what to do but rather to consult you and make sure you understand the situation you may be getting yourself into. 

Not sure if you need this kind of help?

Here are 7 signs to hire a financial advisor that you shouldn’t ignore.

1. You’ve Mixed Up Your Accounts

If you own a business, you need to make sure you keep your personal and corporate finances separate. Otherwise, your money management becomes a lot messier. It’s hard to determine where your personal expenses start and your corporate funding ends if everything is mixed into one bank account, or worse, intertwined in various accounts. 

But, the good news is you can get out of the mess you’ve made with the help of a financial advisor. He/she can help you restructure your accounts, which allows you to better understand the business opportunities and personal investment options available to you.

2. You Want to Expand Your Business

Speaking of business opportunities, do you feel like it’s time to expand your operations? Maybe you’re thinking about opening another branch or launching an entirely new set of products. Maybe you want to start offering healthcare for your employees or giving them retirement savings through the business. 

These are all things that you need to assess in full detail. It only takes a little bit of negligence to end up with a huge financial loss, and possibly, a lot of disappointed people.

3. You’re Ready to Start Thinking About Retirement

Whether you’re offering your employees retirement options or thinking about your own post-working plans, you should talk to a financial advisor. Investing in such a service now ensures that you get to enjoy the biggest amount of savings later. It helps you minimize the risk associated with retirement savings and pick the plan that best works for you. 

This is something worth taking advantage of regardless of the age you’re at or the financial state you’re in. Financial advisors can help people who are 25 and have few savings plan for retirement as well as those who are 45 and almost ready to enter the next chapter in their life, and everyone in between.

4. You Don’t Want to Make a Decision You’ll Regret

Maybe you think you’ve got your finances all figured out, or maybe you’re just not ready to make an investment at this point in time. Either way, it’s still good to make sure your current financial decisions aren’t going to blow up in your face later. 

Imagine if you invested so much money in a “great” opportunity just to have it fall flat and make you lose money. Or, if you realize 10 years from now that the money you have today could have been better spent on investments than sitting in a basic savings account! 

Both scenarios are equally disappointing. They each leave you out of money you could have had if you just hired a financial advisor before making any decisions.

5. You Don’t Have the Time to Take Care of Everything Yourself

Another reason to hire a financial advisor is to spend your time wisely as well as your money. Think about it: to truly make the best financial decisions, you need to invest a lot of time researching all your options and calculating how each possibility could play out in the long-run. 

This is time you probably don’t have if you’re trying to do more things with your family or if you have a business to run. But, it’s what a financial advisor dedicates their time to. There’s no sense in complicating your personal schedule if you can just hand this task over to someone who’s well-prepared to take care of it for you.

6. You Want to Understand All Your Options

If you talk to anyone who has hired a financial advisor before, they’re probably going to say something along the lines of how surprised they were to discover the options available. The same can happen to you. 

You might be so focused on an amazing investment opportunity right now that you don’t even realize there’s an even better way to use your money. But, a financial advisor can educate you on every single investment option you have so that you truly do choose the best option.

7. You’re Making Financial Decisions That Involve Other People 

The final reason to hire a financial advisor is to make the most of your money in a way that benefits you and your loved ones. This mainly applies to people who are in a good financial position and want to share that wealth with their spouse, offspring, or elderly family that they need to take care of. 

A financial advisor can explore things like estate planning and elderly care options with you. They’ll talk about various ways to cover funeral costs and medical expenses for you and your loved ones, and they can educate you about how to protect your family’s tangible assets, too.

Meet Your New Financial Advisor

It’s one thing to understand all the ways that a financial advisor can benefit you, and another to choose the right advisor for the job.

You can’t hire just anyone to inform you about your retirement options or help you manage your entire family’s assets. You need someone who is well-versed in the various forms of money management and investing, someone like one of our Senior Wealth Advisors. 

Contact us today and take the first steps in planning a better financial future! 

By | December 26th, 2018|Business|

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