When Do You Need To See A Financial Adviser?

If you aren't sure how to plan for retirement, have money but don't know about investments, or simply want a third party to help you with financial planning, then you are probably in need of a financial adviser. Many people believe that a financial adviser or financial consultant is only needed when you have a fortune, but that couldn't be further from the truth. A lot of people can actually benefit from this type of money expert. Here are some different times when you might be in need of a financial adviser.

You Need Someone to Assess Your Financial Situation

The first sign that you are in need of a financial adviser is when you honestly have no idea where you stand on a financial level. You are employed and you pay your bills on time, but aside from that, you're not sure where you could improve things, what your investments are, and how much you are currently saving for retirement. One of the major benefits of using a financial adviser is that they can look through all of your financial records and give you some more insight into how you are doing financially. They can get copies of your tax returns to see your income, find out what investments you have, look through your insurance policies, and total all of your assets. The adviser will then help you obtain some reasonable financial goals for the future based on the current status of your financial stability.

You Have Not Done Any Estate Planning

Estate planning, which is essentially helping to determine what to do with your assets after your passing, is something many people are intimidated to do. You're not sure how much money you will have, what assets should be included, and how to get started. Luckily, a financial adviser can help out with this as well. They are not a lawyer, so can't give legal advice as far as writing up a will, but they can let you know about your current finances and assets, let you know what your retirement savings are, and help give you some direction as far as how to get started with estate planning. This ensures your loved ones have some financial protection after your passing.

You Recently Came Into Some Money

A common reason to see a financial adviser if you recently came into a large sum of money. It doesn't have to be millions of dollars, but if you received an inheritance from a loved one or a pension after leaving your job, you might be wondering what the smartest thing to do with that money is. As opposed to just putting it in the bank, the financial adviser gives you some options for saving and investing it in a smart way.