Advertiser Disclosure

This post may contain affiliate links. We may earn a fee, at no cost to you, if you buy after clicking on the links.

DO I NEED A FINANCIAL ADVISOR?

Everyone needs to work with a financial advisor at some point in their lives. If you’re asking yourself the question: “do I need a financial advisor?” then the answer is: yes, you probably do.

A financial advisor can help you plan and achieve your big financial goals.

Some people do not need a financial advisor, however. But there are some turning points in your life where a financial advisor may be useful. More importantly, if you have significant assets and don’t know how to grow them, then you might need a financial advisor.

If you’re not 100 percent sure whether or not you need a financial advisor or you don’t know when to get a financial advisor, don’t worry. This article will explain whether you need a financial advisor and why.

Find the Top 3 Financial Advisors Near You

Finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with fiduciary advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is legally bound to act in your best interests. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.

Why a financial advisor is important?

Before answering your question: “do I need a financial advisor?,” it’s important to know why financial advisors are important. As mentioned above, you do not need a financial advisor for every aspect of your financial life.

But the experience and qualifications of a financial advisor can be beneficial to you if you’re dealing with larger or more complicated financial issues. Investing in the stock market is one example. Deciding which stocks to pick, knowing the right time buy or sell them, or the right time to allocate your portfolio may be complicated to you than it is to someone whose job is to do just that. So hiring a financial advisor can help you avoid major mistakes.

Should I get a financial advisor?

When to get a financial advisor really depends on your life circumstances. If any of these situations below apply to you, then you might need a financial advisor.

  • Thinking about starting a family – starting a family is a big step.
  • Buying a house – buying a house can be exciting. But when you have to borrow $500,000 to finance it and when you have to make monthly mortgage payments for over 30 years, you might need to consult with a financial advisor to make sure you’re making the right decision.
  • Saving for or approaching retirement;
  • Needing help to invest and grow wealth – If your long term strategy is to invest in stock, and you know little about investing, then you might need a financial advisor. Investing in stocks is one of the best ways to build wealth. But higher potential returns come with higher risks. A financial advisor with experience in the area can help you avoid making major mistakes.
  • Needing help to pay off debts;
  • Tax planning, estate planning, saving for college, budgeting, and other money topics.

Find more about financial advice

Similarly, if you’re feeling overwhelmed with your finances after a major divorce, the death of a spouse or a loved one, the birth of a child or a major illness, then you may need to find someone to advise you.

Perhaps, you just had a baby and want to ensure his or her financial future. A financial advisor can help with college savings for children and set up estates that can convey wealth to them and future generations.

Any of these situations can trigger the desire to seek professional help to manage your finances.

What can a financial advisor do for you?

A financial advisor will help you set financial goals and create a plan to achieve them. They can help you:

  • make the most of your money
  • avoid expensive mistakes
  • protect your assets
  • feel more in control of your financial life

Find a financial advisor

How to go about finding a financial advisor? One way to find a financial advisor is through the SmartAsset’s free matching tool. Through it, you will get matched up to 3 advisors in your area just under 5 minutes.

Find the right financial advisor who has the expertise to provide the service you are seeking. You’re almost there…

Find the right people to talk to

In sum, do I need a financial advisor?

There are times when you can make your own financial decisions. Other times, it makes more sense to seek professional advice. And there is no right time of when to get a financial advisor. If you feel like you need help and you would be better off having a professional handling it for you, then it’s time to hire a financial advisor.

Related topics:

A Financial Advisor is Here to Help

Finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with fiduciary advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is legally bound to act in your best interests. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.