When Are You Ready to Work With a Financial Advisor?

Not everyone needs a financial advisor. For instance, if your assets are modest and you are saving to either get out of debt or establish and build up an emergency fund, you don’t need to waste money for someone to tell you what to do; you already know and are doing it. Similarly, if you are a retiree with few assets and are living on social security and pensions, you’re probably fine with no help. But for the vast majority of the rest of us, sooner or later there will come a time when we’re ready to work with a financial advisor. Here are some key signs to be aware of:

Dislike money management

Some people simply don’t like “numbers,” and money management is all about thinking in those terms. For others, there is a general reluctance to speak or think of acquiring wealth. If you’re one of those people, it makes sense to find a qualified professional financial advisor to take over a task you want no part of.

High earner

Many who earn good incomes are quite capable of making good financial decisions with positive results. However, are the results as favorable as they might have been? And how much time is consumed making decisions on investing, taking away from the job? In the end, it may be more profitable to focus on work and hire an advisor.

High net worth individual

Among other complexities of a high net worth, tax exposure is an important concept. Proper asset allocation, long-range planning and maximizing net income are all complicated issues that most individuals are ill-prepared to handle.

Starting a family

Important, life-changing events are typically a good time to consider your finances and how the new changes will impact your plans moving forward. A new family means an increased monthly budget and the necessity for saving for future needs, and it may require a change of residence, which in itself is a major life-changing event.

Starting a business

Even if the hurdle of opening doors to a new enterprise is accomplished, issues such as cash flow, financial resources and unexpected events require the business owner to be on a solid financial footing. A financial advisor can help you consider these potential problems before you jump in.

Approaching retirement

It’s especially important if you’re nearing retirement that you have a good understanding of the big picture and all the variables. You’ve got to make sure what you have will last as long as you do.

At Spinnaker Investment Group, we understand everyone has individual needs, and there is no one financial plan to fit all. If you know someone who you believe could benefit from a consultation with a fiduciary financial advisor, please use our referral program.


The information contained herein is based on internal research derived from various sources and does not purport to be statements of all material facts relating to the securities mentioned. The information contained herein, while not guaranteed as to the accuracy or completeness, has been obtained from sources we believe to be reliable. Opinions expressed herein are subject to change without notice.

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