When to Hire a Financial Advisor

Difficult or unexpected financial situations are a good time to consider speaking to an advisor.

Last Updated on November 25, 2014 by Brian Habibi

Many people view money spent on a financial advisor as a waste. This can be true if everything is going well in your financial life, but an unforeseen downturn could quickly change things. These situations are the best times to utilize a financial advisor, as with their expertise, they can help you navigate these rough times and put you on a plan to right the ship again. Below are some occasions when a financial advisor should be sought out for help:

Uncontrollable Debt
Debt that is getting out of hand to the point that you are having to decide which bill to pay and which bill to ignore is a time when a financial advisor should be counseled. This does not necessarily mean paying someone to help you. There are plenty of channels to get free expert advice online. This can either be done through forums, Q&As or just plain old research.

Career Change/Quick Wealth
Moving up the ladder in the corporate world is usually a sign of added income. This is an opportunity to seek the advice of a financial advisor. They will know where to invest the money for the future or what type of retirement fund will meet your needs. Younger people earning relatively higher salaries should use this opportunity to seek out investment opportunities that can put their money to work and offer a good return.

Whether it is an insurance payout, a lump-sum payment or an inheritance, using this money wisely and investing it in the correct manner can set you up for financial independence. It is a good idea to maximize this opportunity by picking a financial advisor’s brain.

Inheriting a Family Business
Gaining ownership of the family business will require someone well versed in the financial industry to understand what the options are, especially for those who are not interested in continuing down the same family path. Proper estate planning and an understanding of options for the future after a family member passes will negate a potentially ugly and difficult falling out between family members during these times.

Growing Family
If you are thinking of tying the knot, or adding another branch to the family tree, it is important to discuss the financial implications beforehand. A financial advisor can give advice as to how to merge accounts, what to plan for and how to properly budget for important expenses down the road.

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