When Should You Contact a Financial Advisor?

If you’re not currently working with a financial advisor, you may be missing out on valuable advice, insight, and a clearer understanding of your finances. That’s especially the case during times of transition and change or when you’re anticipating certain milestones. If you’re not sure of the reasons why you might want to reach out to a financial advisor, we’ve collected a few key moments when financial guidance is necessary.

If any of these events are on the horizon for you, consider bringing in a financial advisor to provide a new perspective. When your financial outlook is in flux, it can be helpful to consult with someone who is aware of your financial goals and can give advice about all the possible paths forward.

1. If you begin a new job or position

Starting or changing a job can be an exciting but uncertain time in your life. As you’re adjusting to new expectations and a new workplace culture, don’t forget to check in with your financial advisor about your new benefits package. A financial advisor can offer you insight on how your company’s retirement plan works.

An advisor can also ask you questions about your overarching financial goals in order to determine how much you may want to contribute to any retirement accounts. That’s especially true if you have held several positions over the years, each with its own separate retirement account.

Depending on the situation, you may want to consolidate retirement accounts or keep them separate to maximize their benefits. A financial advisor may also be able to explain the pros and cons of a health savings account (HSA) or other benefits your employer offers.

2. If your marital status changes

Meeting with a financial advisor as an engaged couple is a good way to open the discussion about marital finances and start a constructive dialogue. As you enter a marriage together, a financial advisor can help both members of a couple understand what financial assets they’re bringing into a relationship.

A skilled financial advisor can also help you discern your financial goals as a couple. Two individuals can have two very different financial philosophies. It’s worth taking time to map your shared goals and make a plan for how you, as a couple, will handle finances. Your advisor can also give you insight on how your income bracket may change after marriage, and if it would be wise to file taxes separately or jointly, depending on that information.

Meeting with a financial advisor is also wise if you’re considering a separation. If a divorce is in the cards, it’s wise to receive financial advice about how to split up assets, or the best way to move forward financially after a breakup.

3. When you buy a house or other major investment

Buying a home or selling a home can make a drastic difference in your financial outlook and taxable income for the year. While most individuals are aware of capital gains taxes and property taxes, it’s scheduling a meeting with a financial advisor to walk you through the financial basics of owning or selling a home.

Your advisor may be able to offer advice on loan origination, interest rates, capital gains taxes, and the effect a home can have on your net worth and investment strategies.

4. If you have children who are preparing for college

The world of college financing grows more complex with each year, and your financial advisor may be able to offer insight on what loans, payment plans, or assets might be available to help you finance a college education for your children.

If you’d like to start a 529 plan or invest in educational savings bonds, a financial planner can help you put money aside early on to fund one of the most important investments of all: education.

5. If you’re ready for the estate planning process

Financial planning after retirement can be filled with questions, and a financial advisor can help present you with many different estate planning tools. Whether you’re considering a trust, an annuity, or another way to share generational wealth, a conversation with a financial advisor can give you more information about your options.

Once you have that information, you can choose what’s right for you and your financial situation. Having a trusted financial custodian can help you feel secure about the future of your estate.

Southwestern Investment Group Can Help You Navigate Life Changes

While major life changes can be overwhelming, a trusted financial advisor can help you navigate uncertain waters with confidence. Southwestern Investment Group takes an informative, educational approach to financial advising.

We know that if we arm our clients with enough information about their financial options, our clients will be able to determine the financial choices that are right for them. If you’re facing life changes in the next few months, make an appointment to meet with a financial advisor at Southwestern Investment Group today.

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