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Five Life Transitions Where a Financial Advisor is Helpful

Having someone you trust can help you make better decisions during unexpected times.
| By: Randall E. White, CFP®, RICP®, CRPC®, CMFC®

Five Life Transitions Where a Financial Advisor is Helpful
Wednesday, 09 June 2021

No matter your phase in life, the financial decisions that you make now are likely to impact your future. Navigating complex matters such as tax planning, establishing an estate plan, figuring out the right investment strategy, purchasing life insurance, planning for long-term care, or preparing for retirement can be incredibly overwhelming.

For certain financial matters, having a financial advisor at your side can help ensure that you’re making the right choice for your personal situation. The following scenarios are ones in which the help of an expert could significantly improve your financial and personal future.

1). Approaching Retirement

Planning for retirement can be overwhelming, and even a bit scary. It’s hard to know the exact amount that you should save up or what circumstances you need to be planning for. This uncertainty leaves many people feeling doubtful and uneasy as they approach retirement. Making the most of your money and maximizing your retirement income can be tricky but having a trusted financial advisor by your side can give you the confidence you need to know that you’re taking the right steps. A financial advisor can help you navigate things like building a withdrawal timeline, mitigating taxes and minimizing your tax burden, and managing risk, and positioning your investments for the longevity of your portfolio. They can help you make critical decisions about your retirement income, such as when you should file for Social Security benefits.

2). Getting a Divorce

Divorce is an inherently emotional and overwhelming time in any person’s life. It can be hard to keep a sense of clarity and long-term focus as you navigate through the divorce proceedings, which is important because when it comes to divorce settlements, there aren’t any second chances. Having a financial advisor to lean on throughout the process can help ensure that you’re approaching all decisions from a place of logic rather than letting your emotions drive your decision-making. Financial planners can help you organize your finances, set you up for your future goals, as well as look over your divorce settlement to ensure that any assets you stand to gain will be fair and equitable after taxes have been assessed – which is something many people forget to consider.


SEE ALSO: When Life Throws You Curveballs


3). The Death of a Spouse

Losing your spouse is one of the most devastating things that you can experience in life. The grief that accompanies losing your partner can feel unbearable, and it can be difficult to find the emotional or mental energy to tackle the financial decisions that will demand your attention. This is especially true if it’s your first time having to handle finances on your own. Having a financial advisor to walk through the process with you can help you navigate the hard choices with clarity and help you keep the bigger picture in mind. They can help you set a timeline for making financial choices, meet any important deadlines you may have, file the necessary paperwork, settle your spouse’s estate, and help you ensure that you have a steady source of income as you move forward.

4). Inheriting Money or Receiving a Windfall

Having an unexpected influx of money or receiving a large inheritance seems like a positive. However, without fully mastering wealth management skills, these scenarios can lead to bankruptcy. Managing a large sum of money can be challenging, both in financial skill and emotional readiness. A trusted financial advisor can help you ensure that you’re making the most of your money and that you stay on track to meet any short-term and long-term goals you may have.


SEE ALSO: Three Ways Retiring at Different Ages Might Affect You and Your Spouse’s Retirement Plans


5). Managing Your Investments 

When it comes to investing, often the biggest hurdle you have to overcome is yourself. It’s incredibly hard for people to keep their emotions in check as they make choices about their investments. Often, investors will prematurely panic if markets show a sign of turning south and end up selling their assets when the market is low – usually losing money in the process – only to return again when the markets recover. However, this is usually a poor investment strategy. A financial advisor can help you maintain perspective as you navigate the markets and keep you on track as you aim to meet your financial goals, no matter the volatility of the market.

Concluding Thoughts

Not only can a financial advisor help you navigate any tricky financial choices that you may have to make during these life transitions, but they can also support you while you manage the emotional and financial aspects of these changes. Ultimately, you want your financial advisor to be equipped to help you reduce the complexity of these events, empower you with the confidence and optimism you need to face these new circumstances, undertake the more difficult and less pleasant tasks, and save you time and energy as you adjust to a new way of living.

At TriCapital, we understand the gravity of major life transitions and the emotional and mental toll that they can take. We pride ourselves on empowering those experiencing such changes to see these events as opportunities to re-assess and aim for a brighter future. If you are currently facing a transition or you expect to soon, please feel free to contact us today to begin a conversation about your financial plan.


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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Advisory Services are offered through TriCapital Wealth Management, Inc Securities offered through Triad Advisors member FINRA / SIPC. TriCapital Wealth Management, Inc. is not affiliated with Triad Advisors. We are licensed to sell Insurance Products in the following states: North Carolina, and South Carolina. We are registered to sell Securities in the following states: Delaware, District of Columbia, Florida, Georgia, North Carolina, Ohio, Pennsylvania, South Carolina, and Virginia.

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