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Seven Signs You Need to Hire a Financial Advisor

Delwin Graham & Eric Brown - Aug 10, 2020
You're smart enough to be a high earner. Hopefully, that means you can recognize the value of experts. If you're struggling with aspects of your personal finances, you may wonder: Can a financial advisor help?

These days, 75% of US adults choose to take care of their personal finances themselves. Yet, fewer than 50% of people say they could afford an emergency expense if it came up. Don't be like these guys— you have way too much to lose.

You're smart enough to be a high earner. Hopefully, that means you can recognize the value of experts. If you're struggling with aspects of your personal finances, you may wonder: Can a financial advisor help?

Financial advisors are individuals who help manage money. They can work for institutions or individuals to help optimize spending, saving, and investing strategies. Financial advisors design these strategies to produce unlimited income potential while you hardly have to lift a finger.

Sound good? Then it's about time you learned exactly how a financial advisor can serve you. Keep reading for our top 7 reasons our customers come to us looking for personal finance aid.

1.  You Have a High Net Worth

If you have a high net worth, odds are you're in one of the nation's top tax brackets. You don't have to be, though. A financial advisor can help you maximize savings opportunities to lower your taxable income.

For example, you may be able to put more into your retirement savings each year. This will reduce your nominal income and place you in a lower tax bracket.

A financial advisor can help you identify the ideal strategy for paying lower taxes now and during retirement.

2.  You Never Have Time for All Your Financial Projects

Whether it's a time constraint or lack of know-how, many high-net-worth individuals have trouble keeping up with their investment portfolios. If that sounds like you, you need a financial advisor.

A financial advisor has the bandwidth and the expertise to assist with your financial projects. They'll design a plan to achieve your goals by looking at your finances from a holistic standpoint.

3.  You're Getting Ready for Retirement

Do you know if you're on track for retirement? If you've been using your income the right way, you're more than likely in good shape. Still, you need to ensure your assets are allocated in such a way that they'll continue to grow during retirement.

A financial advisor can show you the best strategy for protecting your assets. At the same time, they can show you how to promote asset value growth even after you retire.

4.  Your Asset Values Are Dropping

If you're getting closer to retirement and the values of your assets are falling, you need the peace of mind a financial advisor can bring. After all, a decline in asset values means a smaller amount of income available to you during retirement.

A financial advisor will show you the long path— how to plan for retirement over time. They can give you a more accurate picture of your asset value. You may find that this picture is far different than what the volatile markets are telling you.

5.  You and Your Spouse Argue About Financial Decisions

A 2014 study polled participants about their reasons for filing for divorce. While infidelity, arguing, and getting married too young topped the list, financial problems were a close fourth. 36.7% of participants said their marriage failed because of them.

Do you and your partner share the same goals for your finances? If not, this can put a serious strain on your marriage and your personal finance goals. Financial advisors can help you get on the same track as your spouse.

Plus, a financial advisor will explain the pros and cons of each of your approaches. That way, you can get a more objective viewpoint of your strategies. The financial advisor's ultimate goal is to figure out which financial strategies are best for you and your family.

6.  You Have Nothing to Show for Your High Income

Many young earners don't know how to make their income work for them. It could be that your money seems to disappear as soon as it hits your account. Or maybe you don't know which investments are best for your future.

That's where a financial advisor comes in. Financial advisors do more than simply advise you on where to invest. They can also help you come up with spending, saving, and investing strategies to get you on track to meet your long-term goals.

7.  You've Undergone a Major Life Change

Getting married or divorced, having a baby or sending a child to college, and inheriting a large sum of money are all major life changes. With these changes often comes a need to change the way you spend, save, and invest.

A financial advisor can help you figure out how to deal with these life changes in stride.

They'll show you how the life-changing event might impact your personal finances. Then, your financial advisor will design a plan to handle that change with minimal impact on your finances.

Hire a Financial Advisor and Hit Your Personal Finance Goals

Being a high earner comes with a lot of nuances surrounding financial planning. Whether you're preparing for retirement or thinking about starting a family, a financial advisor will help you arrange your finances to prepare for whatever life throws your way.

Are you searching for a financial advisor to assist with your wealth planning needs? Graham Wealth Partners can help you:

  • Manage your investments and assets
  • Grow your long-term wealth
  • Strategize for your future


Get on the path to success today— book a consultation with one of our expert financial advisors.