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A financial advisor is a professional who can help you achieve your financial goals. But you may be wondering, “Do I need a financial advisor?”
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The answer is, it depends. Sometimes a financial situation may be too complex to handle on your own and it will be best to consult an expert.
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If you’re unsure about hiring a financial advisor or aren’t sure when to start considering one, we’ll cover what you need to know below.
A financial advisor is a professional who helps you manage your money and creates strategies to help you achieve your financial goals. They provide services such as retirement planning, creating a life insurance plan, or managing your investment portfolio.
Hiring a professional is best when your financial situation seems too complex to navigate. Consider the following scenarios if you’re wondering when to hire a financial advisor.
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Certain circumstances, such as changing your budgeting strategy or updating your retirement accounts, can affect your finances. The following life events may require professional financial advice:
Investing builds wealth and helps you achieve long-term goals, but it can be overwhelming without the right knowledge. A financial advisor can help you if you’re ready to start investing but don’t know where to start. They can evaluate your risk tolerance, financial goals, and time horizon, and then create a diversified investment strategy that fits your unique circumstances.
If you already have an investment portfolio, a financial advisor can also help you allocate your investments to avoid volatility and prevent your investments from fluctuating too much.
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For example, if your portfolio has many higher-risk industries, your financial advisor can help you move certain investments to reduce the risk of major declines.
Hiring a financial advisor can be smart when your financial situation becomes difficult. Scenarios such as juggling multiple sources of income, running a business, co-managing finances, or dealing with confusing tax issues may require advanced financial planning.
A financial advisor can point you in the right direction, create personalized financial plans, and configure your finances to strengthen your wealth and control risks and taxes.
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If you have specific financial goals, such as becoming a homeowner, retiring early, or starting a business, you may need a financial advisor.
Achieving these goals may require a well-structured financial plan based on your unique circumstances. A financial advisor can help you make the right financial decisions and stay on track to reach your specific milestones.
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Like any financial decision, hiring a financial advisor has advantages and disadvantages. We’ll dive into each one below.
When deciding whether to hire a financial advisor, weigh these pros and cons to determine if their services fit your financial needs and goals.
Hiring your first financial advisor can be overwhelming, but we’ll guide you through the essential steps to choosing the right advisor. To make the best decision, consider the type of advisor that best suits your financial needs and goals. We’ll cover both below.
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When looking for a financial advisor, be clear about your financial goals and objectives. Here are some personal considerations to help you narrow your search:
Clarifying your personal goals and preferences will make it easier to find an advisor who can provide you with the financial support you need.
There are many types of financial advisors and the type you choose will depend on your goals. Regardless, look for one that operates under a fiduciary duty, meaning you are legally obligated to put your best interests first.
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These questions will reveal the financial advisor’s experience, ethics, and whether they are right for you. That way you can make a smart and informed decision.
As you get closer to choosing a financial advisor, always check out the deal before making a final decision. Here is a simple checklist of things to look for when reviewing the agreement:
Take your time to read the agreement, feel free to ask questions or suggest changes, and keep a copy for your records. Taking care once and discussing any concerns will allow you to move forward with confidence and mutual trust.
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There is no one answer—the decision depends on your personal goals, the complexity of your financial situation, and how comfortable you are making decisions about your finances.
You may benefit from a DIY approach if your financial situation is simple and you can manage it effectively. However, calling a professional can be a smart move if your finances are complex or too difficult to manage on your own.
Before hiring a financial advisor, take time to evaluate your goals, understand your financial capabilities, and consider how you might benefit from professional help. That way, you’ll make an informed decision that puts you in control of your financial future, whether you opt for a DIY approach or hire a trusted financial advisor.
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Sometimes people use “financial advisor” and “financial planner” interchangeably because they both offer services related to investing, taxes, or other similar financial topics.
The difference is that financial advisors tend to focus more on portfolio management and investment guidance, while financial planners tend to focus on comprehensive financial planning, which covers areas such as retirement, taxes, estate planning and insurance, as well as investment guidance. Many professionals hold both degrees and offer a variety of financial services. The distinction may vary between individuals.
Financial advisor fees can vary, but typically fall into three categories: fee-only, fee-based, or commission-based. Fee-only advisors pay a flat fee or a percentage of the assets they manage for you, while fee-only advisors may charge fees and earn commissions. Discuss fees upfront with potential advisors to ensure their pricing structure matches your financial situation.
How To Become A Financial Advisor
To find a reputable financial advisor, seek recommendations from trusted friends, family, or colleagues. Also, look for online reviews, check their credentials, and set up initial meetings to discuss if they’re a good fit. A reputable advisor should have a transparent fee structure and be willing to provide references from their current clients.
There are many ways to improve your financial knowledge without a financial advisor. You can read personal finance books, listen to financial podcasts, attend local workshops or webinars, and research online courses.
Consider using financial tracking and budgeting tools to understand your financial habits and make better progress. There are many resources available to help you make informed financial decisions independently.
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Sarah Li Cain is an accredited financial advisor and financial writer who has appeared in publications such as US News, Fortune, Business Insider, and the Financial Planning Association.
This page is for informational purposes only. does not provide financial, legal or accounting advice. This material has been prepared for informational purposes only and is not intended to provide, nor should it be relied upon, for financial, legal or accounting advice. You should consult your own financial, legal and accounting advisors before engaging in any transaction.
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Use of third-party trademarks, logos or trade names is for informational purposes only and does not imply endorsement by the owner. Don’t want to find yourself buried under a mountain of debt? We got you. It’s time to be smart about what you owe. We talk about credit card debt, student loan debt, and mortgages with
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