There are many reasons why you need a financial advisor. As a CFP®, I can tell you all the reasons why I think you need a financial advisor. But let’s see why you might think you need a financial advisor.
This is coming from the voice inside your head – the super responsible, accountable, always on top of everything version of yourself. Your ideal self.
5 reasons why you need a financial advisor:
To stop worrying about whether you’re on track for retirement.
If you know what you need to save to stay on track for your future, then you know what you can spend today and let go of the guilt associated with some negative money scripts. Maybe you need to save more, maybe you can take that trip to Portugal you’ve been dreaming about. Let’s find out and help you live your best life now, not just in retirement.
Your compensation and taxes have gotten too complicated.
When your wages were W-2 only, things were simple. Now you have had a few promotions and your company really values you. Your compensation packages include stock options (take a peak at our video for Restricted Stock Units), non-qualified deferred compensation plans, or potential liquidity events from mergers and acquisitions. On the personal side, perhaps you’ve dabbled in some private placements or rental real estate. Time to bring in a professional like Spark Financial Advisors to incorporate your goals and your tax planning.
You know you are dropping balls and you have the resources to fix things but you no longer want to spend the time researching where to start.
When you were in your 20s and 30s, you had all day (and sometimes night) to Google ideas, strategies, and tools to level up.
Now you are waking up in the middle of the night knowing you are missing something. You are afraid you might be missing something you don’t even know about:
Do I even need to be sitting on this much cash?
What about saving into 529s for tax-free growth?
Do you finally need to get those estate documents finalized or updated? Should you establish a trust?
Are all your beneficiary designations up to date? What about your partner’s beneficiaries; are you listed?
Do you need to make changes to your investments accounts considering everything going on in today’s world?
Ugh, should you update your insurance?
You want your financial house to be just as organized as your clothes (or linen) closet.
Organized by category, by favorites, by color, or by style (HGTV’s tips for home organization)…how do you accomplish this with your financial house? You want to make sure you have yourself and those you care about covered – Plan As, Plan Bs, and everything in between.
What if something happened to you or your partner, would the other one know where to look, what they are looking for? Would there be a professional you trust to help them out?
Time to finally take inventory of what you have (gather what is most important), make a prioritized list of what needs to be done, and then take a measured approach to tackle right size chunks.
You recognize the value in hiring professionals to help you get further faster than you could have gotten on your own.
Coaches see your potential and then guide you across the finish line to get there. It isn’t that you aren’t fully capable but rather the world pulls at your attention with a the multitude of other goals and to dos.
Laser focus will help you stay consistent and disciplined to what is most important to you…not the Jones.
A financial advisor helps you articulate your values, connect them to your time and money, and then diligently execute the financial plan. Your Net Worth can grow, you will feel more confident in your future (“…65% of people with a written financial plan say they feel financially stable…”, according to Charles Schwab), and trust that a credible fiduciary is looking out for you.
Bonus points for building a team of professionals around you so your financial advisor can be the quarterback. Read here to learn more about Spark’s suggestion around how to Build Your Team of Experts.
