5 times you may need a financial advisor

May 24, 2021

The role of a financial advisor can go beyond investment planning. They can also provide guidance for key moments throughout your life.


Maybe your career has taken off and along with it, your salary. Maybe you’ve received a large inheritance that you’re not sure how to manage. Or maybe you’re thinking about retirement, wondering if you’ll have enough money to make your retirement dream a reality.

Even if a financial advisor* isn’t the first resource to come to mind, here are five life events they can help see you through, depending on their expertise and credentials.


1. Getting married (or divorced)

Whether you’re starting newlywed life or transitioning through a divorce, you’re embarking on a complex path with financial factors that need be addressed.

A financial advisor can help you make informed decisions regarding individual or joint bank accounts, investment accounts and merging or dividing assets.


2. Getting a raise

Whether your bank account is growing because you got a promotion or you changed jobs (or both), you may find yourself wondering the best way to save and allocate your money.

A financial advisor can help you answer: 

  • How much should go into a 401(k) or other workplace retirement plan?
  • How much should go into savings?
  • How much should go toward paying off debt?
  • How much should be set aside for other goals?


3. Receiving an inheritance

Inheriting money can be a life changing event with many decisions to make, including how you can carry on the legacy and values of the deceased or make sure the new funds enrich your life instead of burdening it.

A financial advisor can help you prioritize these decisions, such as:

  • Paying down debt
  • Adding to your emergency fund
  • Saving in your retirement accounts
  • Tailoring an investment strategy for your financial goals and risk tolerance


4. Buying or building a new home

Before you break ground or make an offer, it’s important to assess the risks and long-term financial commitment that comes with owning real estate.

A financial advisor can walk you through budgeting and how to balance the costs of home ownership with your other financial goals.


5. Nearing retirement

The closer you get to retirement, the more questions you may have, chief among them:

Working with a financial advisor can help you determine:


Bonus: When you're ready for a financial plan

A financial advisor can help you create a comprehensive financial plan that encompasses all aspects of your financial life. This includes things like budgeting and saving, investing, taxes, retirement, estate planning, and insurance planning. They can help you work toward both short-term goals, such as incorporating more travel into your life, and long-term goals, such as paying for your child’s education.

A financial advisor can be there every step of the way as your goals or financial situation change over time.


Start working with a financial advisor today to create a strategy customized toward your financial goals.

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