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A Beginner’s Guide to Hiring a Financial Advisor: The When, What and Why


Do you want to make sure that all of your money is saved for when you need it? Are you starting a business and don’t have the time needed to manage the financial aspect of it yourself?

If so, then it may be time to find the services of a financial advisor in your area. These professionals make sure that your investments, insurance, and savings are where they need to be.

However, there are several factors that you need to consider when thinking about if it is the right time and place to hire these advisors. With our knowledge of finances and planning, that decision will be easy to make.

Here is a beginner’s guide to the when, what, and why to hiring a financial advisor.

1. Best Times for Hiring a Financial Advisor

If you’re wondering to yourself when to hire a financial advisor, then it’s important to know that these professionals come in handy in a variety of situations. Money issues can happen at any point in your life, and it is important for you to consider where you are at in your life now and how an advisor could help.

Some of you reading this may be in your early to mid-20s and want to make sure that you can not only retire 40 years from now but perhaps earlier, depending on what you plan to do with your life. In this case, you will want to meet with a professional such as Christopher Sarofim to go over what you need to do once you have more money to your name.

There are others who are young but may not need a financial planner as much as their parents, who are getting older and may need help managing their money. This can come in handy if the parents aren’t as educated in finances and the son or daughter notices that they are having trouble paying bills or making purchases that they aren’t educated enough about.

Married couples can also benefit from an advisor, especially with the costs that come with owning a home and living together. One of the spouses may be the only one who is working, so it might help to find someone who can explain how to keep the bills paid and the house running accordingly with one person’s income.

These advisors can also help couples who are preparing to have children, as kids costs that range from childcare when they’re young to student loans when they get to the college years. This will allow parents to save money so that their kids can have a bright future.

Senior citizens approaching retirement should also consider these advisors so that they don’t need to work longer than they planned or are capable of working. With the right professional, you can detect any roadblocks to your retirement that you wouldn’t have found on your own.

2. Financial Situations

Another important factor to consider for the question “Should I hire a financial advisor?” is the financial situation that you are currently in. While certain periods of our lives come with different obstacles with managing money, it is possible to experience different scenarios at different periods, as well as several at once.

You may be a new business owner and can’t take the time to keep an eye on where your money is flowing in between the production of your services and communicating with potential business partners. Your financial planner could manage your money while you make significant business moves.

Owners of companies that have a longer track record can also benefit from having money experts check in on how much they are saving on both a professional and personal level. This will allow the finances of the company and the individual to not get in the way of each other, and it shows how people of different financial situations need advisors.

When a marriage ends, whether through a divorce or a spouse passing away, whoever is left will face a greater challenge moving forward financially. The widow(er) and divorcee can use this as a chance to keep whatever money they have in order while they get a more reliable job or move into a more affordable home.

Even if some of you are dealing with unsteady cash flow, loan payments, lawsuits, or a financial goal, the thought of having to deal with them may be a big concern. You can attack these issues early by hiring a financial advisor and setting contingency plans for any problems that might come your way.

3. Types of Planners

It takes more than just knowing your past, current, and future financial situations for knowing the answer to “Why hire a financial advisor?” and secure your money. There are different types of advisors that you should consider so that your finances are in order.

Some of you may need a planner for just one situation that you are dealing with at the moment, as well as when you want to secure your money right now. You can pay these professionals for one-time financial advise at a flat fee or by the hour, depending on how much help you need.

If you want a guarantee that you are not taken advantage of in this process, then your best bet is to find a fiduciary. In this case, the planner is legally required to focus on your exact needs, whether it’s planning for retirement or saving for your kids’ college funds, and most of them have certifications and/or are paid based on fees.

While there are times when you might only need help from an advisor once, some people may need the assistance of a planner on a regular basis. This comes in handy with investments, managing accounts, and other activities that have long-term effects on your money.

Financial planners also come in digital form in case you don’t want to put as much effort into researching your prospects’ background and are trying to save money in this process. Automated investment management services use algorithms to determine where your money is best placed, as well as how much.

Our Take

Hiring a financial advisor takes time and effort in order to find the right person for the right situation. It is also important to find a professional who can keep you prepared for whatever money problems life might throw at you in the future.

People of different backgrounds and money situations can use this as a chance to save what they have now and multiply it going forward, and planners come in different forms that are suited for your situation. With this guide, you can have your money in order for whatever and whenever you need it.

Check out more of our financial expertise right here on our blog so that you can secure your wealth.

So, what do you think ?