7 Signs It's Time To Hire a Financial Advisor

September 1, 2021
Thomas Kopelman

People often wonder if now is the right time for them to hire a financial advisor. And if not now, then when?

While almost anyone could benefit from working with a financial advisor, there are certain times in life where it really pays off to be working with one.

1. You have a major life event happening

Every major life event is also a major financial event. Whether it is graduation, marriage, having kids, buying a house, or retirement, life is about to drastically change. These changes, as exciting as they may be, also tend to bring on a large amount of stress. This is why it can be beneficial to bring in a 3rd party expert to help you navigate the waters ahead and adjust to the new norm.

2. You have a large increase in household income

It is often a good idea to get a plan in place around your finances when you see a salary change. A plan can help keep you grounded and ensure you don’t fall victim to lifestyle creep and use all of your new found money for short term satisfaction. It’s totally okay to raise your standard of living somewhat, but remember to also plan for your future as well. A financial advisor can help you understand where and how to use this extra income to help plan for the future ahead.

3. You recently received an inheritance

There are few things in life more exciting than receiving an inheritance. As fun as it would be to go spend it, that’s usually not your best option. Your family member worked hard for this money so you should want to make sure it is used wisely. Should you pay off debt, invest, buy a house, start a college fund, etc.? Having a financial planner can help you make the right decisions to make sure your money goes the farthest.

4. Your life is becoming more complex

Sometimes life becomes very complex -- whether it’s equity compensation, your business being sold, your family is growing, you are starting a side hustle, etc. life can move from simple to complex quickly. This is a great time to start working with a financial planner to ensure you make the right decisions during these times. If you can, try and work with someone before the last possible day so you have ample time to plan and maximize the options you have.

5. You are going through a divorce

No one wants to experience what it is like going through a divorce. Divorces are messy, emotionally and physically draining, and financially stressful. You have to decide who gets what, who lives where, etc. Don’t go through this time alone, let a professional help you craft a plan so in this emotional time of life, finances aren’t the main focus.

6. You are either too busy or just want someone else to manage your finances

Life is crazy busy for most of us. It feels like there is always another task to do. For many people, hiring a financial advisor is all about taking another one of these tasks off their plate. It’s the same reason many people have someone clean their house, mow their lawn, or even cut their hair. We all have a limited amount of time in the day and an array of different skills so shouldn’t we choose to do the things we are good at and enjoy and outsource the rest? If this is you, it may make sense to hire a financial advisor to help open up some time in your schedule.

7. You want to repurpose your life

You have always had this dream to do what you love. Maybe it’s starting a business, maybe it’s leaping to a new career. Whatever it is, you owe it to yourself to explore the option of turning your dream into a reality. At AllStreet, this is precisely who we work with. We help people align their money with their purpose. If you want to learn more about this, feel free to schedule some time with us.

The moral of the story is that if you have a major financial event occurring and are unsure what to do, reach out to a financial advisor for help. Don’t wait too long and make a mistake that could’ve been avoided.

Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining to your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimers page.

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