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When Should You Consult A Financial Advisor?

wealth management

Taking care of finances is considered a top priority for many. Most people equate success with having material wealth, which is why they pour effort, time, and energy into attaining financial stability. It’s common for people’s aspirations to be intertwined with their financial status. So, it’s no surprise that people strive to capitalize on their incomes, revenues, and assets. 

However, not everyone may have the skills, knowledge, and time for effective financial planning. Staying on top of your finances is more than just setting a budget and paying bills on time.  

Keeping track of cash flow, expenditures, and other financial aspects may become a complex task. While most people would benefit from having access to sound financial advice, it’s not common practice to turn to a professional advisor for help. According to a recent study, only about 1 out of 3 or 32% of 2,000 American respondents consult experts for financial advice.  

Financial advice isn’t just for the rich. It’s for anyone who wants to secure their family’s long-term future and theirs, build and protect their assets, and make the most of their investments. For instance, a financial advisor can inform you of which insurance products are worth getting for a secure financial future. 

They can assist you in searching for the right combination of assets as well. Since they understand that investing is both about aiming for maximum growth and protecting against potential downsides, they perform a comprehensive assessment of your attitude to risk before offering recommendations. They show you how to diversify across accounts, asset classes, product providers, and individual funds.

But when is the best time to consult a financial advisor? Read on to find out.  

1.After a windfall 

Whether you’ve come across a large sum of money from an inheritance, asset or property sale, or a work bonus, it’s wise to use the windfall strategically. Planning to make full use of the money would protect its value and boost your financial standing. Plus, you get to avoid wasting the funds on unnecessary purchases or poorly selected investment vehicles.  

To optimize a windfall, you can consult a financial advisor who can give you wealth management advice or introduce you to financial strategies you can use for this purpose. Consider this move a wise investment toward your financial future.  

2.Before starting a family 

Entering a marital union is a significant life event and a financially impactful one. Getting married entails financial responsibilities, including sharing the costs of housing, food, clothing, healthcare, and other essentials with your significant other. Furthermore, these responsibilities expand once you start a family, which is why planning is necessary. 

One of the most substantial expenses you must prepare for is the wedding ceremony and the celebrations. In the United States, the average wedding cost amounted to USD$34,000 in 2021. Prices may vary, depending on your preferences regarding the rings, wedding service and venue, clothing, and other elements.  

Aside from the wedding, there are other significant expenses you need to prepare before starting a family: 

  • Healthcare 
  • Housing 
  • Insurance coverage 
  • Childcare 
  • Education 
  • Debts and other liabilities 
  • Savings 
  • Investments 

As you can see, starting a family requires extensive financial preparation, so it’s advantageous to work with a financial advisor. By doing so, you get the help that you need and keep yourself from making costly mistakes along the way.  


starting a family

3.When you’re considering retirement 

Retired US citizens can start receiving their Social Security benefits at 62. However, they can receive a higher amount should they opt to put off receiving benefits until they reach the full retirement age of 66 up to 70 years.  

Choosing either of the scenarios above may be advantageous to a would-be retiree, but talking to a financial advisor is just as beneficial since you can gain insights and weigh your options better. 

Professional consultation may help in other ways. An advisor can guide you through estate planning, investment management, and elderly care expenses. These are crucial aspects of your finances that you need to plan strategically to ensure that all your needs will be covered once you retire.  

All in all, financially preparing for your retirement helps you plan how you can use retirement benefit to your advantage, stay on budget, and live comfortably. 

4.When you want to improve your finances 

You can also benefit from expert guidance if you want to improve your financial status significantly. For instance, you can consult a financial advisor if you need help meeting obligations, getting out of debt, or paying taxes.  

In fact, there are people who seek assistance to find investment opportunities, get life insurance, build trust funds, purchase stocks, and make other financial decisions that can impact their economic status in the long term. 


You don’t have to wait for an event to seek advice from a financial advisor. The best time is now. After all, a financial advisor can help you better manage your money, meet obligations, make sound investments, and prepare for life events that come with financial repercussions.


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