Five Signs You Need a Financial Advisor


I recently had an interesting discussion with some coworkers about the necessity of a financial advisor. One was all for them, while the other was adamantly opposed.

If you’re not sure whether or not you need a financial advisor, or if you’ve never really thought about it, here are five signs you could use some professional financial help:

  1. You have no idea what you’re doing.
    Maybe you already have an investment portfolio. But is it part of a well thought out financial strategy, or is it more of an accumulation of accounts and investments you’ve accumulated over the years as you’ve changed jobs or dabbled in your own investing? If it’s the latter, a financial advisor can help you get organized and put together a financial strategy.
  2. You haven’t attached a plan of action to your goals.
    Chances are, you have lofty financial goals. Maybe you want to pay off your house, or retire by the time you’re 50. As the old saying goals, “A goal without a plan is just a wish.” A financial advisor will help you put together a plan that will help you reach your goals.
  3. You’re about to make a major life change. 
    If you’re getting married, having a baby, or preparing for retirement, seeing a financial advisor is, in my opinion, a must. A financial advisor will help you take care of saving for college, combine you and spouse’s assets, and help ensure your investments will provide financial security as you prepare for retirement.
  4. You want to start a business.
    Here’s a potentially discouraging statistic–80% of all new businesses fail within the first 18 months. One of the reasons so many don’t make it is poor financial planning from the start. A financial planner can help you manage your expenses and fluctuating income as you get off the ground.
  5. You want to take full advantage of company benefits.
    A financial advisor can help you make the most of your company benefits, such as stock options, 401k, and flexible spending accounts. They can also help advise you how to use a severance package or bonus to help you meet your financial goals.

So there you have it. Five great reasons why a financial advisor can be beneficial. Do you use a financial advisor? How does he or she help you?

Posted in: Money, Uncategorized

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