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Do You Need a Financial Advisor?

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Kewho Min, a certified accountant, deals with numbers and money on a daily basis. But he recognizes that many people are still mystified by the idea of number crunching for themselves. So how do you know if you should call on a professional financial advisor to help? Here are a few things to consider.

Published in: Economy & Finance
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Do You Need a Financial Advisor?

  1. 1. DO YOU NEED A FINANCIAL ADVISOR? B Y K E W H O M I N K E W H O M I N . C O M
  2. 2. YOU'RENOTSAVINGENOUGHMONEY— ORYOUDON'TKNOWKNOW HOWMUCHYOU'RESAVING When it comes to saving, you won't know what "enough" is unless you have a financial plan (a budget, a forecast for your financial future, and general guidelines to follow to achieve your goals). You can set these up by yourself using various DIY tools on the internet, but if you've tried and failed to maintain a grasp on your savings contributions, then it might be time to hire a professional to help.
  3. 3. YOU DON'T HAVE A LEGACY PLAN While many advisors don't write wills, trusts, and other legal documents that outline what to do with your assets after your death, they can steer you in the right direction. You're never too young for estate planning, even if you don't think you have much of an estate to speak of.
  4. 4. YOU WANT TO GET SERIOUS ABOUT YOUR FINANCIAL FUTURE If you've succeeded at saving a cushy emergency fund (that amounts to three-to-six months of living expenses) and you can now afford hiring a financial advisor’s fee without dipping into the fund (or going into debt), then you might be a candidate for professional financial planning for reaching your other financial goals and making sound money decisions and investments.
  5. 5. YOU'RE PREPARING TO MAKE A BIG PURCHASE —AND YOU WANT A THIRD- PARTY OPINION The financial landscape is intricate and constantly changing, no matter if you're talking about buying a car or a house or underwriting a costly tuition. A professional planner likely has experience that can assist you when it comes not only to crunching the numbers but also navigating the nuances of a particular purchase or investment.
  6. 6. YOUGENERALLY FEELCLUELESS ABOUTMONEY Sometimes you just need help in the form of a real-live person who knows your situation and has the expertise to talk you through your necessary action steps. Not everyone is a DIY-er when it comes to money. And that's okay.
  7. 7. THISPRESENTATIONWASADAPTEDFROMTHEFOLLOWING: US News' "5 Signs You Need a Financial Advisor" by Kelly Campbell http://goo.gl/tRntll Money Under 30's "When Is It Time To Hire A Financial Advisor?" by David Weliver http://goo.gl/ON0gaN

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