I’ve met with many Manitobans who have gone decades of adult life without hiring a Financial Advisor. Some haven’t felt the need (minimal debt and savings, no kids, healthy pension) and a few DIYers simply enjoy researching all things personal finance! No matter the situation, there always seems to come a time when professional advice is a must. So when is the right time to get advice?
Listen to your gut:
The best tip I can give for beginning to work with a Financial Advisor is to listen to your gut. If you’re feeling an inkling of ‘doubt’ in your current plans you likely need some assistance. One of the biggest value adds from working with a good Financial Advisor is confidence! Even if you’re on the right track already, assurance from an experienced professional can go a long way to avoid losing sleep!
A second gut signal may be the sensation that you’re “spinning your tires” when it comes to financial progress. If you don’t feel like you’re on the right trajectory with your current plans, a Financial Advisor can give you direction. Or at the very least some perspective on the actual progress you’ve made.
Watch For These Signals:
What if you’re not feeling like anything is off in your plans? Are there any events or triggers that should inspire a conversation with an Advisor? Watch out for these “red flags” as they may be a sign that it’s time to consult with a professional:
- You’re getting serious about a retirement date. Don’t wait until you’ve handed in your notice to start planning the financial side of your retirement! Even if you’re 10 or 15 years away from actually retiring, you will find tremendous value in being financially prepared. Your Financial Advisor can model a variety of scenarios and outcomes to help you pick the right path for your family.
- You’re undergoing a BIG life event. A major milestone or life event can necessitate a chat with a professional. Changing careers, having kids, separating from a spouse or losing a loved one can trigger a myriad of financial decisions. Having someone in your corner to help work through the details can really save you time and stress.
- Stuff is getting complicated. Blended families, family trusts, holding companies. Sometimes accounting and legal affairs creep into our lives and the complexity can really stack up. If you find your life is getting too complicated to keep track of, a Financial Advisor can organize and simplify your financial picture.
Where To Start:
Figuring out you’re ready for a financial planning relationship is hard enough as it is. The next steps are to find an Advisor who is right for you! Consider asking friends and family for a quality referral and make sure you interview more than one.
No two Advisors are alike in their processes, experience, expertise or personality. Retirement is a long-term commitment and hiring the right Advisor to work through it with you can make all the difference!
Recent Comments