In Part I of this article (1) we looked at reasons to start working with a financial advisor. In the second installment, we look at a few notable milestones in life when hiring a financial advisor may make sense for you.
Life is full of inflection points where working with a financial advisor can start to make more sense. Everyone’s situation is different. Whether you have a healthy portfolio, or know that you need to put the little that you have somewhere stable, working with a financial advisor is a good idea in a range of instances.
Starting out in the working world
We can’t stress enough the value of starting to save early. Even if you don’t have much in reserve when you start working, a financial advisor can do wonders for a young portfolio. For starters they’ll build you a financial plan that will force you to build healthy habits, and can potentially help turn a smaller initial reserve into a more significant sum of money.
Getting married is one of the few times in life when people line up to give you money. Fine, you have to throw a good party for their trouble, but it’s a small price to pay for a nice little lump sum of cash. For some, a marriage is the first time they’ll come into a significant amount of money at once. But remember that you and your newfound assets are legally bound to the person you marry.
Working with an expert to make sure that everything is in order, and that the windfall from your wedding is put to good use, is an excellent idea. You want to make the most of this money, whether it’s a deposit on a house, a rental property, or just stashing it away in smart investments where it can grow.
Inheriting a large chunk of money is usually a welcome occurrence, however it’s often the case that recipients of an inheritance aren’t ready for the sudden shift in fortunes. Ensuring that relevant taxes are covered, and planning for how to use the new funds is a daunting task best left to an expert financial advisor.
A last word
Life is fluid. Things will happen that will force unexpected change on you and your family. Starting working with a financial advisor, whenever it happens, is an intelligent first step in your financial journey.
It’s important to have someone in your corner that knows your goals for the present and the future and has your best interests in mind. Wimple can help you connect with a financial advisor in your area that can help you to do just that, and have you feeling more in control of your financial future. Contact us today to get started.
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Disclosure: This article is not to be taken as investment advice and should not be relied on for such advice or as a substitute for consultation with professional accounting, tax, legal, insurance, or financial professional. The observations made in external articles are independent of Wimple and should not be read as financial recommendations.