When do I need a financial advisor?

Becoming a homeowner – if you hope to take your first step onto the property ladder, you’ll need to take things in two stages. Stage one is budgeting, planning and saving for the deposit and the costs of moving/buying. Stage two is creating a post-mortgage budget and accounting for other expenses, like homeowners insurance. The right financial advisor can guide you during both stages, confidently leading you to the moment when you’re ready to contact a mortgage advisor. 

Getting retirement right – retirees and soon-to-be retirees hoping to get the best out of their golden years have much to consider on the financial side of things, from investment and savings management to long-term care and estate planning. A financial advisor can lead you through all that and more with ease, giving you peace of mind and helping you to maximize your retirement income and the amount your loved ones will be able to inherit after your passing.  

Getting out of debt – debt management and consolidation is a massive priority for many Americans. Unfortunately, high interest rates and readily available credit products make it easy for a person to get into debt and much harder to get out of it. Financial advisors can use their expertise to help you create the most viable, effective payment plan for your situation. They can help you rebuild, whatever your situation.  

Going through a divorce – the financial impact of a divorce is almost as notorious as the emotional impact, and financial decisions made during divorce proceedings can have enormous, long-lasting consequences. If you’re in the unfortunate process of separating from your spouse, receiving help from a supportive expert in the finance field is hugely advised. Not to be confused with help from a lawyer, a financial advisor’s support can give important early shape to your settlement and plans. 

Growing your portfolio – if you’re interested in investing but have no experience with it, or you’ve made a few investments already but aren’t sure where to go next, a financial advisor can bring shape to your budding portfolio. You can communicate with your advisor about your preferences, interests, attitude to risk, etc., slowly building the perfect strategy for you. A strategy that keeps you 100% comfortable while maximizing your ability to protect and grow your finances.  

Planning for a significant purchase or event – if you’re planning to do something out of the norm, like buying a new car, relocating to a different country or even having your first child, you’ll likely need to rearrange your finances and change how you budget. A financial advisor is poised to help with this shift and anything that comes with it. In the case of having a child, for instance, this might include helping you to set up a high-yield college savings fund for them to utilize in 18 years. 

Protecting your life, health and wealth – according to Statista, around half of Americans have term life insurance policies, and around 92% have health insurance. If you want to take out one or the other, an advisor can help ensure you get the best deal, product, and coverage for your needs. An advisor can also talk you through other less common options that you might benefit from, including long-term care insurance, critical illness insurance and income protection insurance.  

Managing your taxes – whether you’re an employee or a self-employed business owner, you must consider taxes no matter where you live in the US. You’ll need to account for federal and state-level income tax in most states. A financial advisor should be on the cards for those seeking to minimize their tax burden and make proper use of deductions. As well as potentially saving you money, hiring someone else to do your taxes offers incredible peace of mind.