Chartered Financial Planners

When You Should Hire a Financial Advisor, and When You Shouldn’t

Posted By on January 20th, 2021 in Blog, Financial Advisor

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A financial advisor is an industry professional who can help companies or individuals plan for their future finances. This can be through a range of methods including buying stocks and shares and/ or building an investment portfolio. If you want the advice and guidance of someone who has a great deal of experience in the field, and who can help you plan for your future, then you may want to enlist the help of a financial advisor. Although you are able to hire their services at any time, there are particular points and milestones in your life that financial help may be even more important, our team of financial advisors in Farnham have given some examples of when these times are.

When You Should Hire a Financial Advisor

When Don’t You Need A Financial Advisor

1) You are at, or are close to, retirement age
Some of your biggest money questions and concerns will arise when you are close to retirement age. Do you have enough money for the lifestyle you want to live? What are your pension options? Can you save more? Financial advisors are trained to help you navigate the unique challenges retirement poses.

2) You have just received a significant raise
When you have more money coming into your account than you are used to, it can be a good idea to put together a plan. The raise can improve your short-term quality of life, but it could also be put to use increasing your wealth and future financial position. Our team of financial advisors in Farnham would give you ideas of how to put the money to use so that it increases your overall wealth.

3) You received and inheritance
One of the most necessary times to seek the help of a financial advisor is if you have just received and inheritance. You might want to put the money to use by investing it, so that it increases, and you have more to leave your own children. Our financial advisors in Farnham regularly deal with people who have just received an inheritance and will help them manage their new funds efficiently.

4) When you are going through a divorce
Going through a divorce is known to be one of the most emotionally stressful times of your life, but it can also be financially stressful. Who gets which assets? Do you need to reallocate anything? There are lots of questions to be asked, and a financial advisor is able to answer many of these.

5) If You Have Had a Major Life Event Happen
Any other major life event that can impact your finances can require the help of a financial advisor. This could be a new job, having a baby, selling a business or getting a new source of income. A financial advisor such as our team in Farnham can help you manage your assets and funds.

When Don’t You Need A Financial Advisor?

1) When you live pay day to pay day
You might want a financial plan, but you don’t necessarily need a financial advisor if you live pat day to pay day. There are range of online sources such as budgeting and cost-cutting tools that can help you get ahead, but hiring a financial advisor, such as our team in Farnham, would be a waste of money at this stage in your life.

2) If you are deep in debt
A financial planners main concern is helping people grow wealth and their advice is not free, so they are not the best solution for someone who is deep in debt. Instead ,a credit counsellor or professional who specialises in getting people out of debt is a better solution. After you are out of debt and want to start focussing on the future then you can look into the help of a financial advisor such as our Farnham team.


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