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Is it Time to Hire a Financial Advisor?

by | Sep 12, 2023

Prior articles focused on questions to ask a prospective financial advisor, but how do you know if you need one? There are many instances when hiring a financial advisor is a smart decision. For some people, a major life change may instantly impact your financial situation. For others, it could simply be a growing complexity in your financial life to the point where you realize you need help to manage it all. Our next four articles will focus on situations where adding a comprehensive financial advisor to your team may make sense in the long run. Here are three common reasons you might need a financial advisor.

Not sure where to start

You know you should be saving, but don’t know how much or in what account. Dealing with the alphabet soup of savings vehicles: IRA, Roth IRA, 401(k), 403(b), 529 , etc. can be daunting. Looking for advice online may provide a primer on the topic, but usually doesn’t match your specific situation. Having an advisor who is able to customize a savings and investment plan specific to your circumstances and goals can help to educate, simplify, and reduce overall frustration.

No time to do it on your own

Everyone is busy. Perhaps you used to enjoy checking your 401(k) investment options, determining whether a Roth or Traditional IRA contribution would be best for your tax situation that year, or making sure your life insurance coverage was sufficient for your family. But as your life grows more complex, it can be hard to find the time to manage it all. Having an advisor allows for you to handoff those responsibilities to make more time for the things that matter most. A trusted advisor can also hold you accountable when it comes to sticking with your financial plan.

You are considering retirement

As you get closer to retirement, thinking about how your finances are going to last you throughout the rest of your life becomes an important concern. Letting a financial advisor help to set you up for retirement tends to ease the burden and answer common questions such as, “What age should I retire?” and “How much more do I need to save?” As you approach your 60s, hiring a professional financial advisor for retirement planning could be in your best interest.

If any of these situations apply to you, we would be happy to help. Please contact us here. Our next article will focus on how a financial advisor can help you through major life events.