14 reasons you may need a financial advisor

Often, consumers mistakenly believe that financial advisors are investment advisers, although in reality the true financial provide a wide range of financial advisory services for a wide variety of personal financial situations. Here are 14 reasons or situations where you may want to seek the services of a qualified financial advisor.

1. Organize and manage your finances. Many of us have complicated financial lives, yet we lack the time, knowledge, discipline and objectivity needed to sort our home financially. A consultant can review your net worth and financial situation, help you identify the goals and objectives of his life and recommend strategies to get the most out of every dollar you earn and spend so that you can achieve those goals.

2. Marriage and children. Blending two independent financial lives can be complicated and stressful, especially if there are conflicting financial figures or whether there were previous marriages. It is essential to address issues such as insurance, titling of assets and delegation of tasks of money management.

3. Divorce. Often, the end of a marriage has implications far more devastating than the impact of a prolonged bear market. Simply divide the assets in half is usually a bad idea. A consultant can help you design an equitable settlement that will serve the long term.

4. Receiving a financial windfall. Inheriting a large sum of money or winning the lottery usually attracts relatives or sellers of products that offer “business” investment. Have them examined by a consultant can eliminate those that are inappropriate. However, windfall profits often involve other financial and nonfinancial factors. For example, it may be better to invest the money to pay off debts, or you may want to donate some to charities. The inheritance tax in particular often come loaded with deep emotional problems and family conflicts, so that independent, external advice can be invaluable.

5. Retirement planning. Decisions on investment are of course a critical component of retirement planning. However, generally overlooked the issue of how to withdraw funds from your savings when you retire, and especially what kind of retirement you want to live. A consultant can help you crystallize your vision of retirement, and design a plan for achieving that vision.

6. Saving for college. In addition to selecting among a large number of investment options, other key issues including financial and tax considerations. Families should also consider carefully and strike a balance between saving for college and save for retirement.

7. Facing a financial crisis. The loss of a job, serious illness, legal trouble or a natural disaster can cause the search for financial advice.

8. Career advice. The consultants can advise on issues such as the financial consequences of a career change, or separation compensation package, stock purchase options and retirement plans such as deferred compensation and 401 (k).

9. Running a business. A consultant can help you through the entire process, from buying the business to establish a retirement plan for owner and employees and to create a realistic succession plan, an issue often forgotten by owners.

10. Buying and selling a home. Generally, buying a home is the largest acquisition that makes a family and generates many questions that a counselor can help answer. What type of mortgage? How long? How much should I borrow? What are the tax implications? Should I pay some point?

11. Death of a spouse. Very often, the surviving spouse making important financial decisions related to long-term insurance, investment and retirement plans in haste and under great stress. There is rarely a more important time to receive external advice, informed and objective.

12. Donations to charities. It is possible that families blessed with enough discretionary income and assets and want to donate significant assets to one or more favorite charities. But there are many options, some of which can save you more in taxes and thus leave a larger percentage to charity.

13. Sure. While an insurance agent can always sell insurance, a financial advisor can analyze your insurance needs (many of which are overlooked, as attention to disability and long-term care) in relation to their circumstances and objectives General Financial.

14. Estate planning. The terrorist attacks of September 11 prompted many people to rely on advisers to discuss wills, living wills, powers of attorney, life insurance, trusts and other topics related to estate planning. Though still need a lawyer to draw up the draft documents, the consultant can put those documents in the context of their financial circumstances and your vision of how you want to distribute your estate.