Many people wrestle with the decision about whether to hire a financial adviser or financial planner. Sometimes, it seems counterproductive to spend the money when you’re so focused on getting out of debt, saving, or growing your wealth. But a good financial adviser is an investment that delivers returns. But, while it’s a personal decision—on the should largely be determined by how much you enjoy managing your own finances and how successful you are at it—there are some common compelling reasons to consult a financial adviser.
When You Should Hire a Financial Adviser
- You got married and could use some direction managing you and your spouse’s finances.
- You need to do some financial planning in preparation for having a baby.
- You got divorced or became widowed and could use some help managing your finances as a single person.
- You want to start investing and don’t know much about it or don’t enjoy begin too involved in it.
- You do like handling your investments, but want a professional opinion about how you’re going about it.
- You’re ready to start your retirement planning.
- You’ll be retiring soon and want to get a clear view of where you stand, how to budget, etc.
- You have aging parents and need to plan for their care.
- You need guidance to minimize your tax liability.
- You suddenly have a significant increase in your income.
- You’re overwhelmed by debt.
- You’ve just gotten out of debt and want to use the money you’ve been using for payments wisely.
- You recently came into a considerable sum of money, such as an inheritance or an award.
- You aren’t meeting your savings or other financial planning goals.
- Your financial situation is just too complex to manage on your own.
If any of these apply, you definitely have one or more good reasons to consult a financial adviser.