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When to Talk to a Financial Advisor

Managing your money can be a difficult task at times and going it alone may not always be in your best interest. There are many financial advisors out there that are ready to help you better your portfolio, whether it is through investing, setting up proper long-term savings or helping you determine how best to plan for your financial future.
4-3 Finance Advisor
Doing the right research when choosing a financial advisor and asking questions can make sure your financial future is safe.

Before learning about when to talk to a financial advisor it is very important that you always research potential advisors to ensure you get a reputable one that will work for you, and in your best interests. It is also important to know when to reach out to an advisor.

Getting Your First Job

Getting your first job is a major milestone in your life, and while getting a part-time job as a teenager likely doesn’t warrant a financial advisor, getting your first full-time job almost always does. From starting your contributions to your RRSP to properly managing your monthly bills, the earlier you start planning your financial future, especially retirement, the better off you will be in the end. Saving or investing early has big payoff. Of course, what you start planning is never set in stone and you should re-evaluate your plans as your situation changes.

Getting Married

Marriage is another big milestone in your life, and it often means combining the finances of two individuals to ensure their mutual success. If your future spouse has never had their own financial planner, this is the best point in which to bring them on into your plan and start working on your future together. Homes and childcare are expensive endeavours that require a combined effort between you and your spouse, and a financial advisor can help weave the web that joins your finances and helps build your combined financial portfolio for maximum returns.

Winfalls or Other Large Sums of Money

Getting a large sum of money suddenly appearing on your lap is a great thing for most people, but it can also be a burden if it is poorly managed. These can include inheritances, lottery winnings, lawsuit awards, job bonuses, buyouts, or big raises. Extra money is always a good thing, but you need to have the self-control to not just spend it all at once, thus a great time for another visit to the financial advisor. There have been many people that have found that after a large sum of money, their overall wealth remained the same or declined due to mismanagement. Don’t fall into this trap.

Passing on Your Wealth

Death is inevitable, but that doesn’t mean you shouldn’t worry about how your wealth is going to be passed on. Early financial management with the help of a financial advisor often also includes contingency plans as to how your wealth will be managed after you are gone, whether from old age, or accidental death. If you have no plans in place, your wealth could end up in probate court and take years for your family to properly gain access to it, creating a large burden on them beyond your death. Financial advisors can help you plan for the passing on of your wealth through estate planning with a living will.

The first step to your financial freedom and wealth building is through the use of reputable financial advisors that can guide you through the laws and world of money to ensure your financial future is secured.

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