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When is it Time to Hire a Financial Planner?

Personal finance is no different than fitness and weight loss.  Google yields 787,000,000 results in .75 seconds for “How do I lose weight”.  Knowing what source is accurate, trustworthy, and right for you is a challenge.  A good financial advisor, like a good dietitian or fitness instructor, will take inventory of where you are today, understand what you are trying to accomplish, build a plan for you to get there, and make sure you are staying on track as life happens. You may think that you can handle your finances on your own or that you’re able to figure everything out for yourself. The truth is, though, that almost everyone can benefit from the advice and expertise of an experienced financial planner.  Working with a financial planner can help you navigate life changes, organize and structure your personal finances, and manage the ins and outs of complicated business decisions. So, when is it a good time to start working with a financial advisor?  Take a few minutes to review the following events and consider if any of them resonate with you— if so, it may be time to consult with a financial advisor. 

Major Life Changes: 

Job changes: The Bureau of Labor Statistics say people born between 1957 and 1964 held an average of 11.7 jobs from 18 to 48.  That means 11.7 401(k)s from previous employers to address. 11.7 new 401K plans to read through and understand options.  11.7 compensation changes and benefits packages to decipher, and the list goes on. A financial consultant can provide guidance and advice on managing and maximizing your employee benefits throughout job changes to ensure you are making the most of your investments and retirement accounts. 

Growing your family:  This includes marriage, kids, and home upgrades.  Whether you’re combining finances with your significant other or planning to spend roughly $13,000 a year on raising a child (not including education costs), seeking professional advice makes sense. By reviewing your current situation and understanding your goals, a personal financial advisor will ensure you are making the right choices for your family’s future. 

Sudden windfall:  In the next 30-40 years, Accenture reports that $30 trillion in assets will pass from baby boomers to their heirs.  The tax considerations alone involved with an inheritance are reason to speak with an advisor.  In addition, planning for your future now suddenly looks very different for you and/or your family. 

Company buy-out: If you are one of the 30 million small business owners in the U.S. or have an equity stake in a company, you might be in a position to sell or be bought out. This liquidation event would warrant having a conversation with a competent advisor to discuss your ongoing asset allocation, income needs, and tax planning. 

Most people need help navigating major life changes. Whether it’s a career change, growing your family, or selling a business, it can be overwhelming handling everything yourself. Furthermore, there may be options available to you that you’re unaware of and not taking advantage of. From guiding you through tax processes to making the right investments after a windfall, a financial planner will handle everything for you so that you have less on your plate. 

 

If you need help leveraging other resources:

We run into this often.  You’ve hired an accountant.  Maybe you’ve taken steps to create an estate plan with an attorney, but the missing link is a financial advisor to coordinate your planning.  Financial planners function as a liaison to your wealth management experience so that you can be sure every aspect of your finances are working together to benefit you as much as possible. Since we take a comprehensive approach to your entire financial health, we’re already familiar with your tax and estate plans so we’re able to discover the best options available to you and facilitate that with your accountant or attorney. 

 

If you are self-employed:

In addition to the complexity of running your business, you have even more options for retirement planning, estate planning, and tax planning.  And, that planning isn’t just for you, but also your employees and family. Trying to navigate the complexities of retirement plans, business succession plans, and business structures can quickly become overwhelming. A lack of thorough financial planning can be detrimental to the growth of your business, so the smartest option is to begin planning before it becomes a problem. A financial planner experienced in managing small businesses can navigate each of these topics for you so that you are spending time on what is most important to you— your business. 

 

If any of the above events apply to you, it is advisable to enlist the help of an experienced financial planner to ensure you are continually working towards your goals. With substantial experience and a thorough understanding of your situation, the financial advisors at Financial Independence Advisors will make sure you’re making the right decisions for your future. 

 

Ready to get started? Schedule a free consultation to discover how we can help you grow. 


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This information has been obtained from sources deemed to be reliable but its accuracy and completeness cannot be guaranteed. Any opinions are those of the author and are not necessarily those of Raymond James. Neither Raymond James Financial Services nor any Raymond James Financial Advisor renders advice on tax, legal or mortgage issues, these matters should be discussed with the appropriate professional. Investing involves risk, investors may incur a profit or loss regardless of the strategy or strategies employed. Retaining the services of a financial professional does not ensure a favorable outcome. Links are being provided for informational purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members.

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Mitchell Custenborder, CFP®
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200 Ledgewood Place, Suite 101
Rockland, MA 02370
781.780.5920

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