WiserAdvisor – Blog

Main Menu

  • Main
  • Financial Advisor Guide
  • Financial Planning
  • Retirement Planning
  • Education Planning
  • Investment Management
  • More
    • Personal Finance
    • Estate Planning
logo
I Want to Take Charge.
HELP ME FIND AND COMPARE TOP VETTED FINANCIAL ADVISORS IN MY AREA.

FINRA/SEC Registered Advisors

  Your Information is Safe and Secure

WiserAdvisor – Blog

  • Main
  • Financial Advisor Guide
  • Financial Planning
  • Retirement Planning
  • Education Planning
  • Investment Management
  • More
    • Personal Finance
    • Estate Planning
Financial Advisor GuideFinancial Planning
Home›Financial Advisor Guide›Why and When do you need a Financial Advisor?

Why and When do you need a Financial Advisor?

By WiserAdvisor Insights
July 8, 2019
8482
0
Financial-Advisor

Just how you have friends to listen to your problems and help you solve them, you have financial advisors to tell you “I am all ears” when you are hit by financial roadblocks. They not only listen to your problems but, much like good friends, help you come out of it.  You may feel the need of talking to a friend for various reasons. Let’s look at why and when you would need a financial friend – a financial advisor.

Why do you need a Financial Advisor?

  1. Financial planning
  2. Investment Planning
  3. Tax planning
  4. Retirement planning
  5. Estate planning
  6. Insurance Planning
  7. Debt Management

A financial advisor can help you with the following:

1. Financial planning

Financial planning refers to the process of creating a plan for managing your finances well and ultimately meeting your financial goals. It involves saving regularly, spending cautiously, writing down goals, investing money and so on. Your financial advisor can help you achieve these with ease. For example, they will tell you how you can curb impulsive buying or spending.

2. Investment Planning

For your money to grow, you must invest it. But not all investments suit your needs. Different investments have a different risk-return profile. They even differ on factors such as exit load, taxation, charges and fees, etc. A financial advisor takes you through the pros and cons of different investments. They even help you invest in tools that best match your needs.

3. Tax planning

As Benjamin Franklin said, “In this world, nothing can be said to be certain except death and taxes”. You cannot avoid taxes, but you can certainly minimise your tax outgo with efficient tax planning. Your financial advisor can help you arrange your finances intelligently to save tax. Their expertise helps you make the most of deductions and exemptions available.

4. Retirement planning

Retirement is said to be the golden period of one’s life. However, for your second innings to be golden, you must prepare for it right from a young age. Retirement planning helps you leverage your youth for ensuring a financially secure old age. Your financial advisor not only motivates you to save for retirement but also helps you identify the right retirement accounts for building your corpus.

5. Estate planning

Under no circumstances, would you want your loved ones to struggle or face any difficulties in your absence. Estate planning plays an important role in ensuring this. It involves making a list of what you own and owe, deciding whether you need a will or a living trust, appointing beneficiaries and so on. Your financial advisor can handhold you through the entire estate planning process.

6. Insurance planning

Much like estate planning, insurance planning is important to ensure your safety and that of your family. A life insurance plan acts as a safety net for your family in your absence. Health insurance, on the other hand, ensures you have financial support during medical emergencies. With a plethora of insurance policies to choose from, you can be spoiled for choice. You may want to settle for the ones offering the lowest premium rates or you may end up buying a small insurance cover. A financial advisor can help you know the downsides of your insurance decision.

7. Debt management

It is said that interest on debts grows without rain. Increasing interest means depleting earnings. Debt management is, thus, important. Working with a financial advisor can help you create a debt profile and also prioritise your debt. Advisors also help you rationalise your spending to avoid debt in the first place.

When can you approach a Financial Advisor?

You now know how a financial advisor can simplify your financial life. Let’s look at a few instances when you would need a financial advisor.

1. When there are major changes in your life

Milestones like engagement, marriage, entering parenthood, etc. change your life – even your financial life. Your financial state, risk appetite, responsibilities, goals, etc. change. You, thus, need to modify your existing plan or devise a new financial plan. While the milestone can take most of your time and attention, you can ensure your financial plan is in line with them, through a financial advisor.

2. When you are too busy to handle your finances

One of the main reasons why people don’t plan their finances is because they believe it is time-consuming and their schedule is too tight to accommodate it. Whether true or not, your financial advisor can ensure that your finances are on track. All you need to do is give them a thorough lowdown of your financial state – your income, expenses, assets, liabilities, financial strengths and weaknesses, etc.

3. When you want a second opinion for your finances

Sometimes it may happen that you have enough time to manage your finances, but you aren’t sure of your financial decisions. You can approach your financial advisor for a second opinion. They can help you view your financial situation from a different perspective. This, in turn, can help you take a well-thought-out decision.

To sum it up

A friend in need is a friend indeed. Be it preparing for a big life change, or needing a second opinion for your finances, help is always at hand, thanks to your financial friend. They can help you stay afloat when financial worries try to drown you in the ocean of stress.

Need someone to talk to about your finances? Approach a financial advisor today! With their expertise and years of experience, they can help you keep financial worries at bay.

Tags#debt management#financial advisor#need financial advisor#role of financial advisorfinancial planningretirement planningtax planning
Previous Article

Retirement Planning checklist

Next Article

How to prepare for a meeting with ...

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0
WA-icon

WiserAdvisor Insights

A team of dedicated writers, editors and finance specialists sharing their insights, expertise and industry knowledge to help individuals live their best financial life and reach their personal financial goals. We believe that there is no place for fear in anyone's financial future and that each individual should have easy access to credible financial advice.

Related articles More from author

  • Retirement-fund
    Retirement Planning

    All About Withdrawing Retirement Funds

    January 7, 2020
    By WiserAdvisor Insights
  • 10 Reasons Why You Must Conduct a Mid-Year Financial Checkup
    Financial Planning

    10 REASONS WHY IT IS IMPORTANT TO CONDUCT A MID-YEAR FINANCIAL CHECKUP

    August 28, 2020
    By WiserAdvisor Insights
  • 6 things you must remember about dedicated portfolios
    Financial Planning

    6 Things You Must Remember About Dedicated Portfolios

    August 20, 2020
    By WiserAdvisor Insights
  • Planning-for-retirement
    Retirement Planning

    How to Factor Costs Related to Aging While Planning for Retirement

    January 6, 2020
    By WiserAdvisor Insights
  • Investing Successful in the Long Run
    Financial Planning

    7 Things that Make Value Investing Successful in the Long Run

    September 24, 2020
    By WiserAdvisor Insights
  • Financial-Advisor
    Financial Advisor Guide

    Does Your Advisor Need to Be Local in Times of Social Separation?

    November 1, 2020
    By William Hayslett

Leave a reply Cancel reply

You might be interested

  • What Is 401(k) Rebalancing
    Retirement

    How Often Should You Rebalance Your 401(k)?

  • Debt-to-equity-ratio
    Business FinanceInvestment Management

    What Is Debt to Equity Ratio? Why You Should Know About It?

  • Financial Planning

    How to know If Index Annuities are right for you

Don't miss out! Get our Helpful Financial Tips Newsletter

  • Popular Posts

  • The benefits of working with a financial advisor - WA

    The benefits of working with a Financial Advisor

    By WiserAdvisor Insights
    July 16, 2019
  • Financial-Professional

    How to prepare for a meeting with your Financial Advisor

    By WiserAdvisor Insights
    July 8, 2019
  • retirement-accounts

    Choosing the Best Retirement Accounts

    By WiserAdvisor Insights
    July 8, 2019
  • Retirement-Planning

    Retirement Planning checklist

    By WiserAdvisor Insights
    July 8, 2019
  • Why investing for goals is the right way of investing

    Why Investing for goals is the right way of Investing?

    By WiserAdvisor Insights
    July 16, 2019
  • Portfolio diversification

    5 Dangers of Over-Diversifying your Portfolio

    By WiserAdvisor Insights
    July 26, 2019
  • Financial Planning for couple

    The Complete Guide on Financial Planning for Couples

    By WiserAdvisor Insights
    August 1, 2019
  • Roth-IRA

    Can You Open a Roth IRA After You Turn 60?

    By Jonathan Dash
    December 19, 2021

Categories

  • Business Finance (2)
  • Education Planning (29)
  • Estate Planning (22)
  • Financial Advisor (1)
  • Financial Advisor Guide (32)
  • Financial Planning (123)
  • Investment Management (69)
  • Personal Finance (12)
  • Portfolio Management (1)
  • Retirement (21)
  • Retirement Healthcare (1)
  • Retirement Planning (79)
  • Retirement Plans (1)
  • Uncategorized (2)

The blog articles on this website are provided for general educational and informational purposes only, and no content included is intended to be used as financial or legal advice.
A professional financial advisor should be consulted prior to making any investment decisions. Each person's financial situation is unique, and your advisor would be able to provide you with the financial information and advice related to your financial situation.

WiserAdvisor is America’s oldest and largest independent network of screened financial advisors. We make it easy and convenient for consumers to find and connect with advisors in their area. We have successfully helped over 100,000+ individuals find their best financial advisor since 1998 with no match fees, no commitments, no obligation, and complete confidentiality. WiserAdvisor has been featured in The Washington Post, The Washington Journal, ABC, CBS, Yahoo and has been seen in numerous other leading financial news and information websites.

Follow Us

  • Recent

  • Popular

  • Estate Planning Strategies For High-Net-Worth Individuals

    Estate Planning Strategies For High-Net-Worth Individuals

    By WiserAdvisor Insights
    June 6, 2023
  • What are the Different Types of Financial Advisors?

    What are the Different Types of Financial Advisors?

    By WiserAdvisor Insights
    June 2, 2023
  • SIMPLE IRA vs 401(k) Plan

    The Pros And Cons Of A SIMPLE IRA Versus A 401(k) Plan

    By WiserAdvisor Insights
    May 31, 2023
  • The benefits of working with a financial advisor - WA

    The benefits of working with a Financial Advisor

    By WiserAdvisor Insights
    July 16, 2019
  • Financial-Professional

    How to prepare for a meeting with your Financial Advisor

    By WiserAdvisor Insights
    July 8, 2019
  • retirement-accounts

    Choosing the Best Retirement Accounts

    By WiserAdvisor Insights
    July 8, 2019

Contact Us

Corporate Headquarters

12150 Monument Drive, Suite 700
Fairfax, VA, 22033

Business Hours

8:30 AM – 5:00 PM EST (Monday – Friday)

Email Address

wa.assistance@wiseradvisor.com

Phone Number

(703) 651-2060

Fax Number

(703) 259-4487

  • Privacy Policy
  • Terms & Conditions
© Copyright 2023 WiserAdvisor.com. All Rights Reserved.
Go to mobile version