Historically, personalized financial advice was only available to the wealthy—those with enough investable assets to meet an advisor’s minimums for investable assets. If you didn’t have a certain amount of wealth, you were left to figure things out on your own. However, the financial services industry has evolved. Thanks to innovative business models and a shift in priorities, high-quality financial advice is now accessible to a wider audience. Most importantly, it's available to people of all ages, not just retirees.
But with more advice readily available, the challenge is no longer finding it—it's decoding what’s best for your unique situation. This is where a financial planner steps in, helping you make informed decisions that align with your goals, lifestyle, and priorities.
Key Life Events That Might Prompt You to Seek Financial Advice
Most people don't consult a financial advisor until major life events begin to unfold. Often, these pivotal moments act as triggers for a deeper look into your finances. In my experience, that trigger for millennials includes things like:
Paying off Student Loans: Deciding on the best repayment plan or weighing the benefits of refinancing.
Buying a Home: Navigating mortgage options, understanding true homeownership costs, and ensuring you don’t overextend yourself financially.
Getting Married: Combining finances, discussing joint financial goals, and planning for future expenses.
Having a Child: Preparing for new expenses, considering education savings, and planning for the financial responsibilities of parenthood.
Starting a Business: Reviewing the financial implications of entrepreneurship and ensuring you’re financially prepared to take the leap.
There are also other financial events that may arise, prompting a need for expert guidance, such as:
Company Liquidity Events: Understanding how to manage stock options or a sudden influx of capital.
New Employer Benefits: Reviewing your 401(k), health benefits, and retirement contributions to make sure you’re maximizing your new benefits package.
Receiving a Windfall: Whether through inheritance or another means, managing a sudden increase in wealth often requires a sound strategy.
Updating Estate Documents: Ensuring your will and other important documents reflect changes in your life and are structured to protect your loved ones.
A Large Pay Increase: Managing increased income effectively to ensure long-term financial growth and security.
Why a Financial Planner Matters
Financial planning is more than just about numbers. It’s about building a roadmap that brings peace of mind and keeps you on track toward your long-term goals. Whether you’re seeking ongoing financial guidance or just need a second opinion during a transitional phase, working with a financial planner offers invaluable benefits. They can help you answer pressing questions like:
Am I on the right student loan repayment program for my situation?
Is this house within my budget, and how do I calculate the total costs beyond the mortgage?
Can I afford the wedding I’ve envisioned without compromising my financial future?
What should I be doing now to ensure my family is supported as we welcome our first child?
How can I set myself up for financial independence sooner?
Am I financially ready to start my business?
Avoiding Mistakes and Seizing Opportunities
One of the greatest advantages of working with a financial planner is that they help you avoid costly mistakes and missed opportunities. In my opinion, this is the biggest benefit of working with an advisor in an ongoing relationship. Whether it’s catching an overlooked tax deduction, optimizing your investment strategy, or advising you to adjust your spending habits, having an expert in your corner can make all the difference.
These key life events are often times of great excitement, but they can also bring stress. Financial decisions, when not handled properly, can add unnecessary pressure. With a well-thought-out financial plan, you can enjoy these moments, confident that you’re making the best decisions for your future.
How to Choose the Right Advisor for You
As you begin your search for a financial planner, it’s important to do your homework. Don’t settle for the first advisor you meet. Take the time to interview multiple professionals to ensure you find one who specializes in your specific needs and truly puts your interests first.
A good advisor doesn’t just offer financial guidance—they become your long-term partner, supporting you through every stage of life. Choose someone you trust, who specializes in your situation, and who will always act in your best interest.