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6 Life Events That Call for Professional Financial Advice

Words like retirement, investing and insurance are usually associated with financial advice. But what about topics like birth, relocation or launching a business? It’s astounding how many common life events are overlooked that could greatly benefit from professional financial advice.

Here's a list of six life events to help you recognize scenarios in which you or your loved ones might benefit from meeting with an experienced financial advisor. (For related reading, see: How Much Is a Financial Planner Worth?)


According to the U.S. Department of Agriculture, the predicted cost of raising a child from birth to age 18 was approximately $245,000 in 2013—and that’s not including the cost of college. The word “pregnant” is rarely associated with things like college planning or life insurance, and while perhaps money is not your first thought after receiving the exiting news, it certainly shouldn’t be your last.


Many young couples need help managing debt, joining their assets, and have tons of questions regarding insurance, home ownership, and their overall future together. Not to mention, the average wedding cost in 2013 was a whopping $29,858, not including the honeymoon. Perhaps offering the name of a trusted financial advisor to the happy couple will be the best engagement present you can offer. 


Losing someone is difficult enough by itself. If a will is not in place, or if money is not available to cover funeral costs, it can make an already distressing situation even more heartbreaking. By working with a financial advisor to ensure that all paperwork, insurance issues and after-life decisions are agreed upon and securely in place, you’ll be left with peace of mind and the necessary time needed to mourn their passing, and celebrate their life. (For more, see: Why It's so Important to Update Your Estate Plan.)

Job Change

Congratulations are certainly in order, but a new job also means possible insurance questions, a 401(k) rollover, and perhaps even relocation. While you’re busy learning the ropes of a new company, let a professional financial expert who understands the process work behind the scenes to make the transition easy.


The decision to separate can be one of the most difficult a couple must make. If a house, children or even pets are involved, the situation is propelled into an even higher level of difficulty, and must be handled with extreme care and attention. While many recognize the need for an attorney, it’s also essential to receive professional financial advice to help support yourself, your spouse and your family now and in the future. (For related reading, see: How Advisors Can Help Surviving Spouses.)

Owning a Business 

Their phones are never turned off, their inbox is constantly full, and most have never heard of a lunch break. Business owners are truly a unique group of individuals. They have recognized their passion, worked extremely hard, and hopefully created a successful business or product. Because entrepreneurs tend to deal with very particular financial matters and have very specific concerns, its key for them to choose a seasoned financial professional that can relate to their hopes and pacify their fears.

Although retirement planning, investment advice and estate planning are all recognized as crucial pieces of your financial wellbeing, it’s also important to recognize common life events that warrant financial advice. Being financially prepared is the best defense against the expected and unexpected experiences that life throws your way. (For related reading, see: 6 Questions to Ask a Financial Advisor.)

This article was written by Kelley Caponigro, Assistant to the Chairman & CEO at R.W. Rogé & Company, Inc.

Ronald Rogé is an Investment Advisory Representative of R.W. Roge & Company, Inc., an SEC registered advisory firm.