Why do I Need a Financial Advisor? (Part 1)

This is the first of a two part series on reasons why and when a financial advisor may make sense for you

Knowing the value of a financial advisor, is the first step to getting your financial house in order. An advisor can help you plan and optimize your portfolio for your working years, and prep you for the sunset-riding days of retirement. 

It’s never too soon for sound financial guidance. Money can be a tricky thing, and whether you have plenty or not much at all, it’s time to take control of your portfolio. To get you started we’ll explore a few answers to the question: Why do I need a financial advisor?

Financial Planning

A good financial advisor will identify the risk profiles and vehicles best suited to your investment approach and cash flow situation, and build you a financial plan that guides your spending, saving and investment habits. 

Tax Planning

An investment strategy geared toward reducing taxable income ensures you keep more money in your pocket long term. Particularly for high net worth investors, a range of investment vehicles that will reduce your tax exposure is key. 

For example, philanthropic giving is a great way to reduce the amount of tax you pay each year. A financial advisor can help you identify a cause or charitable organization that aligns well with your values, and establish how best to contribute your resources. 

Estate Planning

Estate planning isn’t an easy topic, but it’s vital that you know what will happen to your money when you’re gone. If you don’t have a clear plan, the government will decide on your beneficiaries and asset allocation, all while collecting its share of the proceeds. You don’t want that to happen.

Retirement Planning

By the time you retire, and in the years leading up to retirement, you’ll want to make certain that you’re financially ready to stop working. How will you structure your finances? How will you pay cover expenses without a steady paycheck? Planning for this massive transition takes time, patience and expertise. 

And it takes money, too. You’ll want someone you can trust and can relate to who will look out for that money. In these moments a financial advisor with a retirement focus will be your best friend.  

A last word

We understand that even with all of the facts in front of you, finding a financial advisor can feel paralyzing, but it’s important to realize the value they can bring to the table. Contact Wimple today to get connected with financial advisors in your area that can help you to take control of your financial future. 

Look ahead

In part II of this article we’ll look at milestones in life where it may make sense for you to start working with a financial advisor.


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.


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