Financial Planning Questions an Advisor Can Answer

At certain points, many people consider whether or not it is the "right" time to hire a financial advisor. Financial advisors work with clients across every stage of life and can help with everything from beginning to save, to planning for legacy goals near the end of life. There is never a bad time to hire a financial advisor. They can help you with any of your financial goals, at any life stage you are in. However, there are specific questions and times in your life when they are uniquely positioned to help you because of their expertise.

If you've ever asked yourself one of these questions, maybe now is a good time to seek out the help of an advisor. Their job is to guide you through your own journey to answer these questions. (For more, see: How to Find a Financial Advisor/Planner.)

Why Is Managing My Finances Cutting into My Personal Life?

You don’t have the time to dedicate to navigate a continuously changing investment, tax, and legal landscape. You would rather dedicate your free time to the things that are most important to you. An advisor can help by acting as an outsourced solution to allow you to focus on what really matters to you.

When Can I Retire? 

The uncertainty regarding how much to save, how to invest and when to stop working can cause a lot of undue stress. An advisor can help by providing a savings goal, investment recommendations, and a roadmap to help you understand when you can claim financial independence.

Now That I’m Retired, How Can I Replace My Paycheck? 

Not having a paycheck can be an emotional burden to overcome. An advisor can help replace your paycheck by developing a tax-efficient account distribution strategy, taking into consideration any other sources of fixed income you have in retirement. This can help ensure you are still receiving a monthly paycheck once your employment income has gone away. (For more, see: Do You Need a Financial Advisor?)

How Can I Settle the Estate of a Loved One?

Settling the estate of a loved one can be an arduous, confusing process. Using an advisor can help simplify the process by developing a specific action steps to settle estates in an efficient manner. An advisor can also help decide how to invest the proceeds once the dust settles.

How Can I Extract Wealth Out of My Business?

Business owners typically have the majority of their net worth tied up in their business. An advisor can help by creating strategies to extract wealth while you own the business and prepare for an exit event in a tax-efficient manner.

How Do I Know My Goals and Legacy Will Remain Intact After I Pass? 

It’s important to decide how your legacy will be handled when you pass and not the state. Working with an advisor can give you the confidence that you have a sound estate plan that reflects your goals and avoids any unnecessary taxes or expenses.

I’m Starting My Career, Am I Making Smart Financial Decisions? 

When you’re starting a career, it’s important that your hard-earned money starts working for you as soon as possible. An advisor can help you establish a budget, understand employee benefits and balance wealth accumulation with debt repayment.

How Will Having a Child Affect Our Finances? 

Having a child will have a large impact on your expenses as well as call for a reevaluation of your estate plan and life insurance. You will also have to consider education funding strategies. An advisor can help you evaluate these needs, as well as determine the impact to your other financial goals.

An advisor can help answer financial planning questions and guide you through all the major milestones in your life that impact your wealth and related goals. (For more from this author, see: How Is Your Financial Advisor Getting Paid?)