Countless occupations offer valuable services to customers. Car engine acting up? Give your mechanic a call. Do you have a toe that’s bent and mishappen? A podiatrist will know how to fix a hammertoe. Is rain dripping into your living room? Hire a roofing contractor. We’re living in an age where any problem we have can be solved by a trained professional. The only problem is that they all cost money. Luckily, there are also professionals to help with your funds: financial planners. These individuals can assist in preparing you for your financial future in more ways than one. But are they worth your time and money to hire? Very much so, and here are some reasons why you might need to consult with one.
Lack of Time and Knowledge
You might very well be capable of managing your own finances and performing the necessary actions to put away money into specific funds, but you’re also probably busy dealing with everything else life has to offer. Even then, there will be considerable gaps in your financial education when compared to a professional financial planner. Are you well versed in the latest investing practices, the stock market, and managing multiple savings accounts with specific growth rates? How much should you put towards retirement, your child’s college fund, or saving for a house? If you have the drive, time, and know-how, then perhaps you could take a stab at it, but many would agree that hiring someone to dedicate a stronger focus towards your wealth management might be the wisest course of action.
A Major Life Occurrence
Sometimes certain events can lead to an unexpected increase or decrease of wealth, or leave a person scrambling for guidance, which can be a good time to look into some financial assistance. This can be anything from inheriting a large sum of money, reaching or preparing for retirement, or getting married and managing multiple salaries. It could also be a result of operating a single account or income after not having to do so for many years, such as getting divorced or becoming widowed. Are your parents getting older and need your help managing their finances as the sole trustee or benefactor. It could just be that you don’t feel comfortable being solely responsible for the money that will determine your future and wish to have a closer set of well-trained eyes on it. Whatever the reason may be, it would not be abnormal to hire a financial planner under any of these circumstances.
One and Done Deals
Some might disregard the notion of having to hire a financial planner on the basis that they only need advice in a particular manner, and not years of assurance. Luckily for any doubters, many financial planners are open to assisting individuals with specific matters or setting up long-term plans. This allows people the freedom to explore their options for a short period of time rather than hiring a professional for long-term use, as one would a lawyer or travel agent. Payment for these one-off services is typically paid by the hour or as a flat fee.
People make the decision to hire financial planners for a number of reasons; whether to get a headstart on their future planning or due to an unexpected snag in this crazy ride we call life, there are many worse decisions one could make than getting some extra help with their finances.