By Hiring a financial advisor is a very personal choice that lots of people have made to help them achieve financial success. But often I hear, especially from younger folks, that they’re waiting for the right time to start working with an advisor. Usually that “right time” involves having a certain net worth that they feel would make financial advice beneficial.
But there are plenty of ways that financial advisors can be a huge help, even early in your career. Small investments now can turn into major nest eggs later, and the earlier you start, the better your chances of setting yourself up for financial freedom.
Not sure if you’re ready to get started with an advisor? Take a look at these three signs that it might be time.
You’re coming up on a life transition.
There are a few major life changes that most of us go through at some point in our adulthood: Marriage, birth of a child, a promotion or raise, kids going to college, retirement, etc. Each of these moments is special and usually involves a significant shift in where your money comes from and where it goes.
These are such common situations that Family Financial Partners has created specific fee-based plans to help with each of them. Maybe that’s a good first step to working with an advisor. Or maybe coming up on one of these life events is just the nudge you need to enter a full advising relationship.
You feel like you’re missing out on opportunities.
Most of us have found ourselves in a conversation with that one person who talks about the investment they made that’s propelled them to a new level of wealth. It can be frustrating to hear from those around us who have seemingly made all the right financial choices and set themselves up for success.
The truth is, they probably just got lucky. But that doesn’t mean that there aren’t opportunities out there to help you grow your wealth beyond just what you’ve put in your 401(k) every paycheck. Financial advisors are paid to find those opportunities and make informed decisions about investing in them. They have the experience and the resources (time) to seek them out. It can be helpful to take the burden off yourself and let a professional help you make those kinds of decisions— with your input.
You don’t know your retirement goal.
Ask most young folks about retirement, and they’ll probably envision traveling, taking up a new hobby, and spending time with grandchildren. But ask them how much money they need to do it, and you’ll likely get a blank stare.
Everybody’s retirement goals are different, and they should be! But they’re still goals, and it will take a well-managed plan to help you achieve them to their fullest. Take a second to think about your retirement goals, what they’ll cost, and how you’ll get there. These aren’t easy questions to answer, are they? This might be the number-one benefit of a financial advisor. They can talk through these goals with you and design a plan built specifically to help you achieve them.
Do any of these signs apply to you? This might be the perfect time to meet with us. Get in touch with us today and take the first step toward financial freedom.
Article by Alex Roig, Senior Partner and Wealth Advisor at Family Financial Partners — a financial services firm in Lexington, Kentucky.