Do I need a financial advisor?

January 20, 2023

Are financial advisors worth it? They can be, especially if there's a change in your financial situation. A financial advisor can help you identify your goals and design a plan to work toward them. 

 

Why use a financial advisor*? Well, there are all sorts of reasons. A new job, marriage (or divorce) or receiving an inheritance are just some of the situations where you might benefit from some thoughtful and objective advice from a financial professional. Going through big life changes are easier when you have someone to take the guesswork out of the financial aspects.

A financial advisor can help you create a comprehensive financial plan that encompasses all aspects of your life. They can help you with budgeting and saving, investing, taxes, retirement planning, estate planning and insurance planning.

All of this work ladders up to helping you meet both short-term goals, such as incorporating more travel into your life, and long-term goals, like paying for your child’s education or maintaining your lifestyle during retirement.

 

When to get a financial advisor

 

Maybe your career has taken off, giving you a higher income. Or perhaps you’ve received a large inheritance that you’re not sure how to manage. You could even be thinking about retirement, wondering if you’ll have enough money to make your retirement dreams a reality. These are all situations that a financial advisor can help you manage.

A financial advisor with the right expertise and credentials can assist you during key life events. Here are some examples of when you might benefit from using a financial advisor.

 

1. Getting married (or divorced)

Whether you’re starting newlywed life or going through a divorce, you’re not just navigating new emotional and relationship landmarks. You’re also dealing with complex financial factors. A financial advisor can help you make informed decisions about individual or joint bank accounts, investment accounts and merging or dividing assets.

 

2. Getting a raise

Whether your bank account is growing because you got a promotion or you changed jobs (or both), you may find yourself wondering about the best way to save and allocate your money.

Working with a financial advisor can help you answer questions such as:

  • How much should I put into a 401(k) or other workplace retirement plan?
  • How much should I have in savings?
  • How much should I put toward paying off debt?
  • How much should I set aside in an emergency fund or for other goals?

 

3. Receiving an inheritance

Inheriting money can be a life-changing event, leaving you with many decisions to make, such as how to carry on the legacy of the deceased and how to ensure the new funds enrich your life instead of burdening it.

A financial advisor can take an objective look at your new financial reality and help you establish your priorities, which may include:

  • Paying down debt
  • Adding to your emergency fund
  • Saving in your retirement accounts
  • Tailoring an investment strategy for your financial goals and risk tolerance
  • Increasing your charitable contributions

 

4. Buying or building a new home

The process of starting fresh in a new home is thrilling—and sometimes overwhelming. Before you break ground or make an offer on a new house, it’s important to assess the risks and long-term financial commitment that comes with owning real estate. A financial advisor can walk you through the budgeting process and advise you on how to balance the costs of homeownership with your other financial goals.

 

5. Nearing retirement

The closer you get to retirement, the more questions—and financial anxiety—you might have. You may wonder: Do I have enough money to retire? How can I save more? What can I do to make my money last as long as possible?

These questions bring up a larger one: Do I need a financial plan for retirement? As you assess your needs, know that a financial advisor can help you determine:

 

Are financial advisors worth it?

 

The short answer is yes, financial advisors can be worth it if you want to create or update your financial plan, or if you’re going through a life event where you could benefit from objective financial advice.

Whatever your situation, a financial advisor can offer invaluable advice every step of the way, even as your goals and life stages shift over time.

 

If you need a financial advisor, you don’t have to look very far. Start working with a financial advisor from U.S. Bancorp Investments today and create a strategy customized to your financial goals.

 

 

*For purposes of this content, a financial advisor is required to register with the SEC, which grants the Registered Investment Advisor (RIA) title. Financial advisors are legally obligated to act in your best interest and disclose any conflicts of interest related to managing your finances. It is possible to hold multiple titles; for instance, an advisor might be a CFP as well as an RIA. Always verify the title of a professional before you seek guidance.

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