Is Hiring a Financial Advisor Worth It? (The Answer is Absolutely!)

21 Apr 2020

People are often ambivalent about hiring a financial advisor. They wonder if the cost of their services is worth the money. After all, shouldn’t your goal be to save more money, not spend it?

While you certainly should be mindful of your spending habits, hiring a financial advisor could end up saving you and/or making you tons of money in the long-run. How we manage our finances now has a major impact on our future. Do you know what you’re doing?

Keep reading to find out how you can benefit from hiring a financial advisor.

1. Planning for Retirement

Planning for retirement can be complicated, regardless of your current financial situation. There are a lot of questions that need to be answered, such as:

• When should you start collecting social security?
• When should you start pulling from investment accounts?
• Should you stop working?
• When is it too late to start investing money for retirement?
• How much money do you need to set aside so you can retire comfortably?

A financial advisor can help you plan for a successful retirement based on your income, lifestyle, and future plans. They’ll tell you exactly what you need to do to make your goals a reality.

2. Managing Your Assets

One of the most important reasons to hire a financial advisor is if you have a high income or net worth. They can help you manage your wealth through various accounts, assets, and investments, as well as provide valuable information about planning for taxes. They can help guide you through the management process or take the reins with your permission, keeping you apprised before, during, and after each decision.

If you make a lot of money, you’re also going to need help holding onto it rather than forfeiting a large portion over for taxes. A financial advisor can help you legally manage your funds to save as much of it as possible come tax season.

3. Understanding Investment Options

Another important role of a financial advisor is providing information and advice about investing. Many of us don’t know much about stocks, bonds, IRAs, and other forms of investing. A financial advisor can put you on the right path for investing money for maximum financial gain.

This includes everything from tax-exempt bonds, real estate investments, business investment opportunities, taxable bonds, and more. 

4. Planning for a Growing Family

Finally, many people find comfort in hiring a financial advisor when planning their life and future for a new or growing family. A growing family has a significant impact on your finances. You’ll need a bigger home, a bigger or more practical vehicle, and more.

When raising children, you need to plan the costs of:

• The baby stage (cribs, diapers, safety modifications, etc.)
• Clothing
• Food
• Toys
• Education
• Activities
• Vacations
• Etc.

A financial advisor can help you plan for a future with a growing family to make sure you provide a full and enriching life for your children.

Think You Could Benefit From Hiring a Financial Advisor?

If you need help managing your finances, planning for the future, or understanding your investment options, we’re here for you. Contact us today to speak to a financial advisor and learn more about what we can do for you and your family.