7 Financial Planning Questions an Advisor Can Answer

When is the best time to hire a financial advisor? That is the most frequently asked questions we often received. The truth is, there is never a bad time to hire a financial advisor because a financial advisor can help you with any of your financial goals, at any stage of your life. However, there are specific questions and times in your life when they are uniquely positioned to help you with their expertise.

If you find yourself asking one of the following questions, then perhaps now is a good time to seek out the help of a financial advisor. Their job is to guide you through your own journey to answer these questions.

  1. Why is managing my finances cutting into my personal life?

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

2. When is the right time for me to 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.

3. Now that I’m retired, how can I replace my paycheck? 

Not having a fixed salary can be an emotional burden to overcome. An advisor can help to replace your monthly salary 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.

4. 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.

5. How can I extract wealth out of my business?

Business owners typically have the majority of their net worth tied up in their business. A financial 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.

6. 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.

7. How will having a child affect my finances? 

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

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