Basically, itís time to hire a financial advisor when you need and/or want help with your finances. It could be because youíre feeling stressed dealing with money or, youíre ready to work toward certain financial goals or, youíre just too busy to do it all yourself.
Having a financial advisor to support your financial goals isnít a necessity. It depends on your individual monetary situation and future financial plans. For example, if youíre in need of advice on different ways for funding a college education or want to know the options available for ensuring a profitable retirement income then it is probably time to begin interviewing professional financial advisors.
Here is a quick list of some reasons for hiring a financial professional:
1. When you donít have the time to research all your financial options. Dealing with the complexity of finances can be time consuming and at times confusing. When finances become confusing, itís probably the right time to hire a financial advisor who can advise you on your current financial situation and also help you aim toward the future.
2. When your life and/or financial circumstances have changed and youíre in need of financial advice. Some examples are: divorce, death of a spouse, an inheritance, employment changes, birth of a child or grandchild, an illness, marriage, a disability that leads to unemployment or long term care, or starting / closing a business.
3. When youíre in need of specialized financial advice. This often occurs when youíre ready to invest in the stock market, begin planning for retirement, decide itís time to do estate planning, begin looking for long-term care insurance, etc. When you find yourself in need of help with financial advice, it is time to seek out a professional who can assess the situation and provide you with workable and viable suggestions and options.
4. As soon as you make the decision that it would be better to have a professional handle your finances. There comes a time in life when you may want to turn over some your financial responsibilities to others. Once the decision is made, itís time to seek out professionals who are trained to advise you on how to manage your current and future financial needs.
Youíll know when the time is right to hire a financial advisor. Itís up to you to be proactive when selecting a financial advisor and do your homework. After all, it is your money and financial future!
**Please check with a financial professional before making financial decisions. This article is not intended as investment or financial planning advice.**
I recommend David Bachís Smart Women Finish Rich because there is an entire section on choosing and working with a financial advisor. I've included a link to Amazon.com: Smart Women Finish Rich
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