When the term “financial advisor” is branded around, the immediate assumption for most people is that it’s for the rich and famous. In other words, for the Average Joe out there, most of us feel like one of these professionals really isn’t for us.
However, if you were to look deeper into the field, it would become clear that this isn’t necessarily the case. Sure, the high-profile uses might suggest otherwise, but there are plenty of other “normal” instances where a financial advisor might be suitable for the masses.
According to Keith Springer, these instances can include even the basic life experiences that many of us just gloss over. Let’s take a look at some of the reasons why one of these professionals might be of use.
Case #1 – Your first job
Remember we spoke about those “normal” occurrences that hit pretty much everyone out there? Well, here’s the first case.
As soon as you get your first job, there’s a reason to at least consider a financial advisor. Again, let’s reiterate that this job doesn’t have to pay hundreds of thousands of dollars per year; it could be a basic starting salary of less than $20,000. The fact is that you are now on the ladder and while it might seem like early days, you really can take advantage of the situation if you plan correctly.
In some cases you might look towards retirement (although we’ll cover that in more detail later on), while in others you might be turning to one of these experts to take stock of the benefits package you are enrolled in.
Sure, this is unlikely to be an ongoing commitment. However, as this stage is the first time where you are provided with a regular income, it’s also a stage where financial advisors can prove to be very useful indeed.
Case #2 – If you’re thinking about retirement
We mentioned retirement in the last section and if you are nearing that age, it’s again another good time to at least consider a financial advisor.
Of course, when we say “nearing” the age of retirement, we don’t mean just a few weeks before. If you can start planning for it years in advance, a financial advisor really can allow you to get the most from your retired income.
Some even suggest contacting an advisor two decades before the big R-day – just so you can take all of the precautions and understand exactly what you have to do to live comfortably in the future.
Case #3 – If you get married (or divorced)
Emotional mistakes are pretty common when it comes to marriage – and even more so if divorce occurs. It’s for this reason that obtaining the help of a third party can be the most advisable option, so that you can start to remove those emotional ties.
In the case of marriage, there are all sorts of considerations in relation to combining assets, while divorce should be all about minimizing losses for both parties. Suffice to say, a financial advisor will understand both avenues better than the couple themselves.