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Financial Advisers – Do You Need Them?

financial adviser with a thumbs up

Some people can be really popular like George W, The Joker or those nice people who work for the IRS. But what about ‘the financial adviser’? Well they can actually be of great assistance in planning for retirement or generally investing, but you need to choose someone reliable.

Remember, anyone can call themselves a financial advisor! Or in for that matter financial planner, investment advisor, even retirement specialist. Yes, like one of the transformers they can change shape, but remain virtually the same thing underneath.

So How Do I Know I Need One?

Well everyone knows their own personal situation best and you may have a number of things to consider or just one or two. Planning for retirement for example or looking after some investments can get quite complicated and you may not understand all the jargon or the small print.

Advisers can help you with this, and of course they can spot good opportunities for your money. In short, any form of adviser will take care of the both the complex and little things so you can just get on with your life. Once you’ve considered what your long term plans will be it’s pretty certain you’ll know whether you need one or not.

But I Need a Little More Advice

financial adviser briefing to a young couple

Well that’s fine but the key is to look at the complexities involved in your personal finance very closely. You may have been remarried, been divorced, have a business to run or have other changing personal issues. The rule of thumb seems to be:

IF YOU HAVE A NET WORTH TOTALLING $150,000 OR MORE THEN THIS CAN BE CLASSED AS A COMPLEX CASE!

Either at or past this threshold there will be both inheritance and tax issues and you need to know exactly how to deal with them. A financial adviser can be a huge boost here. This however, doesn’t mean ‘You’re in over your head’ or it shouldn’t be classed as being in ‘a mess’. It simply means you’ll have the advice of an expert who can enable you to take full advantage all the options out there.

What Do I Need to Do Next Then?

Goals are very important of course and if your financial situation has always been methodical and simple then you can carry on in the same way. You may not need any sort of advisor at all. By the same token if you seem to be indecisive or not sure of anything then an adviser can help sort your future plans and take the stress or anxiety away from you. At the very least he or she will review your savings, investments and long term plans, and help you make a decision as to the best way forward avoiding potential pitfalls.

What Do I Need to Do Next Then?

a very happy family spending their vacation at a beach

What are the plans for the rest of your life? Of course you want to enjoy each moment of life and the here and now is really the most important thing. But it’s best to give some thought to the rest of your days especially if you are in fact nearing retirement age.

If you are still not certain what you’ll do with your finances or if you have any other problems at home, then you should talk to a financial adviser.

Check out: https://www.americanfunds.com/about/adviser.htm

Remember a financial advisor can do you a great service – but make sure you find the right one!

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