5 times you may need a financial advisor

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

With your bank account growing, 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)?
  • How much should go into savings?
  • How much should go into 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:

  • What your ideal retirement looks like
  • The right time for you to apply for Social Security benefits
  • Your preferred withdrawal strategy and continued investment options


6. General planning

A financial advisor can help you plan for any short- or long-term goals you might have, including paying for your child’s education, incorporating more travel into your life or planning your legacy.

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


Knowing how to prioritize your financial goals begins with identifying your goals. Read more about how to manage your money.


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*For purposes of this content, a financial advisor is required to register with the SEC, which grants the Registered Investment Advisor (RIA) title. Financial advisors are legally obligated to act in your best interest and disclose any conflicts of interest related to managing your finances. It is possible to hold multiple titles; for instance, an advisor might be a CFP as well as an RIA. Always verify the title of a professional before you seek guidance.