January 16, 2019 • Retirement 101 / Articles and Insights

Seven Times to Talk to a Financial Professional

Everyone needs someone to talk to, a source of practical advice—especially when it comes to your finances. Luckily, there are a number of experienced financial professionals you can go to for guidance. 

But how do you know if you need a financial professional, or when it’s time to consult a pro? Here’s a list of seven times you should consider ditching the advice of friends, family, and other resources in favor of a financial professional. 

Seven Times You Should Talk with a Financial Professional

1. Getting married 

You’ve decided to tie the knot. Congrats! Now is a great time to evaluate your finances as a couple. You’ll want to start planning for the future, including protecting your assets—and each other—in case of the unexpected.

2. Buying a home

You think you can afford it, but how do you know? Are there any hidden costs involved? Could a home be a good investment? How do you protect your property? Can you reduce the risk of the mortgage obligation if something happens to your income? A financial professional can help you weed through these questions—and more!

3. Having a child

They’re a blessing, but also a big responsibility. And part of that responsibility is making sure their future is financially secure. For example, you may want to start planning for your children's education, and to offer them the best opportunities in life. A financial professional can help show you how.

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Remember this: a financial professional is here to guide you toward a better future—for you, your spouse, your children, and even your extended family. 

4. New job

You’re leaving your place of employment to work at a different company. In some ways, it’s like starting over again with a new health plan, new retirement plan, and a new company stock plan. But what happens to your old retirement plan? A financial professional can help explain your options.

5. Retirement planning

If you’re hoping to retire someday (and who isn’t?) you’ll need to start planning now. The fact is, your company’s 401(k) plan may not be enough. A financial professional can help guide you in choosing the right financial strategy to help you reach your retirement dreams.

6. Aging parents

As your parents grow older, there’s so much to consider: How and where will your parents like to be cared for as they age? Do they have a will or a living will, and do you know how to execute it? If one of your parents passes away before the other, will the remaining parent be able to maintain their current lifestyle? Your role in understanding your parents’ wishes and their finances will become very important. A financial professional can help you and your parents as you consider options and make choices about the future.

7. Leaving a legacy

You’ve worked hard throughout your life. You should be able to choose where and to whom your money and property go after you pass away. Do you have a family you would like to support? Is there a charity that you favor? By consulting a financial professional, you can help ensure that your wishes will be carried out.

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If you’re still not sure if a financial professional is right for you…
Remember this: a financial professional is here to guide you toward a better future—for you, your spouse, your children, and even your extended family. Think about your goals—starting your own business, traveling the world, buying a vacation property, or just a lifetime of financial comfort and independence. Now, think about whether you have a strategy—a real, solid strategy—to achieve those goals. If not, a financial professional could offer the guidance you need to help you reach your retirement dreams.  

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