When Should you Call a Financial Advisor?

You may feel confident in managing your money along, but there are times when it is prudent to seek outside advice.

A financial advisor is an unbiased third-party that can offer advice, direction, expertise and planning during the critical financial moments in your life. This process can be a great way to stay on track and ensure your plans for the future don’t become derailed.


Some people may not wholly trust a financial planner, thinking they work for the companies whose products they sell and that can be the case for some specific products, but most financial planners work on a fee-based system which usually amounts to a 2% charge on investments made in their care.

If you are hitting significant milestones in your life, now might be the time to book a consultation and ensure your financial goals are on course.

When you start your first job.

Despite how much money you are making, a full-time job has some responsibilities you might not be familiar with, such as retirement planning and taxation. To make sure you are benefiting the most you can with your companies benefits program as well as taking advantage of their retirement program and any tax benefits you might be eligible for, talking to a financial planner will give you the answers you seek.

When you are marrying or divorcing.

Here is a good example of where meeting with an unbiased third-party will be of great benefit. Marriage is a journey that two people are on and making sure you both on the same path in regards to your financial wellbeing is one of the most important steps in a happy marriage. Sadly divorce is another time when a financial advisor can be of great assistance. When divorcing, you may lose as much as 50% of your accumulated wealth. Understanding how to bounce back from this or what the risks and benefits are in dividing retirement saving plans or selling your home can help lessen the blow of a painful divorce.

When you are preparing to pass on your wealth.

You can’t take it you, so you may as well pass it on. Whether you choose to leave your money to your family or the local animal shelter, that is your business but doing son in a way that does cost the ones you’ve left behind any undue hardship is important. There are many tax implications to be considered. Planning your estate is of vital importance before its too late.

When you are worth a quarter million.

In most of the examples provided you may only need one or two visits with an advisor. However once your financial worth passed the quarter of a million dollars mark, it might be a good time to have someone on a regular retainer to manage your wealth. At this level, you can take bigger risks and get greater payouts. Working with a financial advisor such as David Barcomb means you will have years of expertise and a team of professionals who can help you take your portfolio to the next level.

After all, even professional athletes have coaches.