Some people may believe that only the super wealthy can benefit from the services of a high quality, reputable and knowledgeable financial advisor. In reality, nearly everyone can benefit from a financial advisor’s services, depending on their stage of life or sudden changes to their financial situation.
A relationship with a financial advisor doesn’t have to be a constant thing. It can be sought specifically during those times when extra help and advice is needed about the smartest way to handle personal finances. Sometimes it’s good to have a neutral third-party take a look at one’s finances and give professional advice based on their knowledge and experience.
Times When Advice Of A Financial Advisor May Be Necessary
There are certain times in life, especially when big life changes are happening, when the expert advice of a financial planner or advisor is welcome and necessary. These can include times like:
– Retirement approaching – a great time for financial advice, but it’s smart to get that advice before the retirement date is too close to make sure that everything is ready on retirement day
– Marriage, divorce or re-marrying – These are all good times for extra financial advice to be sure that hasty decisions aren’t made or decisions based completely on emotions at the time
– Death of a loved one – Another time for advice, when a person suddenly comes into an inheritance of cash, real estate or other financial windfalls
– Receiving large sums of money – Whether it’s from a job bonus, a buyout that sometimes affects entrepreneurs, or a large pay raise that impacts financial status
– When starting a first job – This is another good time for financial planning advice to be sure a good plan for retirement is being set up, along with a good saving strategy
– When one finds they suddenly need to leave a job – To care for someone, or if parents or elderly family members need care, especially if the person needs care in their home from a nurse or a visiting health aide
– If net wealth has increased – If it’s gotten to the point where there’s an accumulation of a quarter million to a half million dollars, this is a good time to set up regular meetings with a financial advisor
– When one is considering coming up with a will – To pass on their wealth eventually, the advice of a financial advisor can be valuable to help come up with the best plan
Everyone Can Benefit From Professional Financial Advice
Sometimes investments can be challenging for the average person to understand and investors can use extra help with interpretation. Even if a person is very good with money and smart about the best ways to keep that money working for them, it might be helpful to get advice from a professional.
Sometimes the best course of action is having a neutral third-party look over personal finances and pointing out areas that are being managed well, and areas that need improvement or could benefit from changes. Even people who are good with money may not be aware of the latest and newest investment opportunities available to them. Advisors like Patrick Dwyer Merrill Lynch try to help potential investors every day to make decisions that will work well for them.
Ways A Professional Financial Advisor Can Help
The best ways a financial advisor can help include making tactical moves with money to help investors make the most out of current investment trends, with knowledge about new short-term investments that can be beneficial, help with diversification of a person’s portfolio and help with allocating one’s assets in the most effective ways. Investment advisors who keep a good working relationship with clients and who take a real interest in helping them use their wealth wisely are the best advisors to work with.