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5 Signs You Could Benefit from a Financial Advisor

Indicators That a Financial Professional Could Help You Accomplish Your Goals
| By: Randall E. White, CFP®, RICP®, CRPC®, CMFC®

5 Signs You Could Benefit from a Financial Advisor
Wednesday, 08 June 2022

When you get sick, you go to a doctor. If you find yourself in legal trouble, you go to a lawyer. When you have car trouble, you go to a mechanic. All of these make perfect sense, right? And yet, too often when people struggle financially, they hesitate to seek out the assistance of a professional. In fact, recent research on the topic shows that nearly 65% of adults are choosing to take a self-directed approach to financial planning. However, if you want to improve your finances, chances are you could benefit from a financial advisor.

Having a professional you trust to help guide you through the complexity of the financial world can be incredibly beneficial in both the short term and the long term. If any of the five signs below describe your current financial situation, you may want to consider hiring a professional.

#1. You struggle to find the discipline to save.

A key sign that you may need to seek out a financial advisor is if you’re making a steady income but can’t seem to find the discipline to invest in your future. It can be hard to hold yourself accountable and avoid temptation unless you have a professional advisor that you have to answer to. An advisor can help you create a budget so that you know how much you should be setting aside, as well as how much you should be investing into the markets depending on your risk profile.

#2. You’re unsure you’ve saved enough for retirement.

Without taking the time to calculate how much money you’ll need to support yourself throughout retirement, you’ll be unable to create a proper retirement plan. It can be difficult to accurately estimate how much money it will cost to support your lifestyle, especially when taking into consideration things like taxes, Social Security, investments, and required minimum distributions, which will all heavily impact how much you should be saving. A financial advisor will be able to help you create a comprehensive retirement plan to follow so that when it comes time to retire, you’ll be able to do so with the confidence of knowing that you saved enough for a comfortable and secure retirement.


SEE ALSO: Five Life Transitions Where a Financial Advisor is Helpful


#3. You don’t know how to build an investment portfolio.

Building an investment portfolio is a complicated business. You’ll want a portfolio that takes into account your risk tolerance, costs, asset allocation, as well as your time horizon. Yet, the investments you choose to put your money into will ultimately determine how much money you’ll have in retirement, so it’s crucial that you invest wisely. A financial advisor will be able to help you create an investment portfolio that can work with your other financial plans to help you achieve your long-term financial goals.

#4. You lack the confidence to create a long-term financial plan.

It can be difficult and uncomfortable to develop a financial plan, as it requires a deep dive into your financial situation. It can be even harder to stick to a financial plan once you create one. For some, it can be less stressful to have someone else create the plan for you and help hold you accountable rather than having to depend on yourself solely. Having a financial advisor can also help ensure that you’re making the most of all the resources available and making the right choices for your long-term goals. They’ll be able to create a plan that’s based on your investments such as stocks and bonds, as well as on your assets such as real estate and life insurance.

#5. You’re nervous about losing your money in the stock market.

The markets can be volatile and overwhelming, making investing an intimidating venture. Some people avoid it altogether, which means missing out on important opportunities to grow their wealth over time. Others may dip their toe into the investment pool, only to end up jumping in and out of the market depending on the current trends, which can ultimately reduce returns over time. Utilizing a financial advisor means help planning an investment strategy, plus assistance in working through your emotions and ensuring they don’t drive your investment decisions. Both can help you achieve greater wealth in the long run.


SEE ALSO: Do Your Adult Children Need a Financial Advisor?


Concluding Thoughts

Ultimately, choosing to use a financial advisor is a personal decision, but one that can bring you greater wealth and financial security over time. The most important thing is to find one that you can trust to prioritize your best interests. Though it may make you feel uncomfortable to put your hard-earned money into the hands of a stranger, having a financial advisor in your corner can help you make the most of your money by taking emotion out of decisions while you work towards those long-term goals.

At TriCapital Wealth, we are passionate about building long-term client relationships based on trust, which we strive to earn by showing that your needs and goals are paramount to us. If you’d like to talk with one of our professionals about your financial plans, call us today to schedule a complimentary meeting and see if our services may be right for you. We look forward to hearing from you!


Securities offered through Triad Advisors, LLC, member FINRA/SPIC. Advisory services offered through TriCapital Wealth Management, Inc. TriCapital Wealth Management, Inc. is not affiliated with Triad Advisors, LLC.

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