When Can a Financial Advisor Be Useful?


Money worries are not uncommon. They are one of the biggest causes of stress that people can face in life. Even if you’re not up to your eyeballs in debt, wondering how you can plan for the future and prepare yourself for unforeseen circumstances is something that can easily keep you up at night. While making sure that you put a sensible percentage of your paycheck aside each month is a good place to start for some financial security, speaking to a financial advisor might give you better peace of mind. Below are some of the most common circumstances where someone would use a financial advisor, and perhaps one of them is familiar to you?

Preparing for Retirement

After years of hard work, retiring can be the respite that many people long for. Having a life of leisure and indulging in your hobbies, travel, and other activities that you enjoy are all things to look forward to, but managing your finances on a drastically reduced income can also be cause for concern. For those who are reaching retirement age, speaking to a wealth management firm can help them feel more at ease, as they will get expert advice on how they can utilize their savings and pensions to live the retirement years to the fullest.

When You Want to Start Investing

If you are interested in investing your money into things like property, stocks, bonds, or even start-up businesses, a financial advisor can be very helpful, particularly if you don’t have a lot of previous experience in investments. Keeping up with the markets and understanding what makes a good and bad investment can be confusing if this isn’t an area that you work in or have been involved in before, and a financial advisor can give you some guidance on the best way to invest your money to make a good profit.

Starting or Managing a Business

Another time you might want to hire a financial advisor is if you are interested in starting a business or already have done so and would like to improve your company’s financial health. With so many other areas you need to manage as a business owner, having a finance expert there in offering some advice on where you can improve your profit margins and even make some sensible investments can make a big difference to your business and even help it expand.

Receiving Inheritance

If you have received an inheritance from a loved one who has died, this is another circumstance where a financial advisor might be able to help. This is especially true if the amount of money you have inherited is substantial, or perhaps you have received other assets such as real estate. They can help you make the most out of this large lump sum, whether that is putting it into a particular type of saving account, making investments, selling property, etc.

If you have found yourself in any of the situations listed above, and you’re not sure how to get the most out of these financial positions, consider contacting a financial advisor for some expert advice.