There’s no age, income or life stage that dictates when to hire a financial advisor. But there are a variety of situations in which it can make a lot of sense.
Is it really worth it to have a financial advisor?
Not everybody needs a financial advisor, but for those who do, a financial advisor can be a game-changer. Most provide help and guidance around retirement planning, asset allocation and investing decisions. Great financial advisors, however, can also help you identify, track and achieve big goals. They can provide crucial support during those stressful life moments that require big or quick decisions that you might not have the bandwidth to manage on your own. And there can be a lot of those moments.
10 ways to tell it may be time to hire a financial advisor
You’ve been through one or more major life change recently, or have one on the horizon in the next few years.
You don’t have any specific financial goals, or you have a financial goal but no idea whether and how you’ll reach it.
Your professional life is getting more high-stakes, your compensation package is getting more complicated or you’re running a business.
You’ve received unexpected tax bills or suspect you could be living your life more efficiently from a tax perspective but need to understand how to do it.
You have aging parents, a family member with functional needs or a serious illness, a divorce or other circumstances that may involve special expenses.
You and your partner disagree about what approach to take, or you find discussing money very stressful.
You feel like your finances are disorganized.
You have no time for or interest in financial planning but you know you need to do it anyway.
You have time and interest in financial planning but need someone to validate your decisions and strategy.
You’ve accumulated enough assets to consider leaving your heirs an inheritance, or you expect to receive an inheritance soon but aren’t sure how to manage the paperwork, family dynamics or planning.
This quiz can help you decide if it might be a good idea to get a financial advisor. The maximum score is 50 points; if you score 20 or more, it’s probably time.
