How to Know When It’s Time To See A Financial Advisor

Money is, for many people, a very personal topic. They often don’t want other people knowing about their financial situation, getting involved with it, or messing it up. But in many cases, the person most likely to mess it up is themselves. This is especially likely when people are dealing with situations, life events, and financial products that they’ve never encountered before. Speaking to somebody about their finances can be very valuable at these times. 

However, professional financial advice can be expensive, and it is not always clear when somebody is in a situation where they could significantly benefit from it. This guide will walk you through what financial advisors can help with, how to know when you should speak to one, and how to find one who is reliable. 

What can financial advisors help you with?

In short, financial advisors help people manage their money. Their main role is to help you develop a spending, saving, and investing strategy that strikes the best balance for you between an enjoyable lifestyle now and the lifestyle you desire in the future. 

They can also help you meet specific goals, such as saving up for a house, and advise you on getting out of sticky situations like too much debt. They can also help you analyse specific financial opportunities to see whether they are a good fit for your financial means and goals. 

Signs that you need professional financial advice

Financial advice itself costs money, and not everybody needs it. It helps to know whether it’s really valuable or not before spending your money. Here are some of the signs that you need financial advice.

A major life event has happened

Many major life events affect our financial situation, including getting married, buying a house, having children, starting a new job, or starting a business. These may require us to rethink our financial plan, so it can be a good time to get professional advice. 

You are considering a new financial product

If you are weighing up the decision of investing in a new pension scheme, taking out a mortgage, getting a new type of insurance cover, or investing in a new financial product, financial advisors can help you figure out if these will help move you closer to your financial goals. 

You want to save for something but don’t know how

Sometimes, there are things we know we should have, like an emergency fund or our own roof over our heads, but we never seem to have money left over at the end of the month to pay for them. Financial advisors can take a look at your spending habits and help you find areas to cut back and save towards your goals. 

How to find a reputable financial advisor

Most people need financial advice at least once in their lives. This means there is a good chance you have relatives or friends who can recommend an advisor. Failing that, you can search online for advisors near you by googling “financial advisors in Newcastle” or similar. Like accountants and other professionals who are often independent, there are usually several advisors serving any local area.

It can take a long time for the effects of financial advice to become apparent, so online reviews are often limited. Most advisors offer a free consultation where you can gather more valuable information. Some useful things to find out are whether they are fiduciaries, whether they receive commissions from any financial companies, and how they have helped clients in your situation before.

Conclusion

Financial advisors cannot give you the secret to getting rich quick, but having a professional give realistic and pragmatic advice about how to do the best with what you have can be very valuable at certain times in life. Now, you can better know when you have reached one of them.

Image Source: Freepik