Let’s face it, getting outside help for your wealth management and retirement plan costs money.
No matter your situation, the key in working with a financial advisor is to ensure the cost is justified via three key areas: help with prioritizing your objectives, organizing a plan that fits your goals and simplifying the plan.
At Awaken, our goal for every client is to first help determine the best time to start working with us. We accomplish this by being a student first, listening to the dreams, fears and desired direction. Beyond that, our goal is to help every client achieve their life goals per the resources they have.
Our hope is to be an invaluable resource, not an added burden to your budget. While every person’s situation is unique, we’ve put together a list of
7 Signs That it Might Be Time to Hire a Financial Advisor
1. You’ve Had a Major Income Change
Maybe you’ve just landed a big promotion or perhaps you recently received an inheritance. If you’ve suddenly found yourself with an income bump that exceeds your budget, now’s the perfect time for a financial advisor to enter the picture. Rather than succumbing to “lifestyle creep” or socking the extra away in a basic savings account, a trusted advisor can help put your goals to work for you.
If you’re still not sure your income change warrants calling a financial advisor, ask yourself these questions:
- How comfortable were you and your family living on your previous salary?
- Are there things you wished you could’ve done on your previous salary and now can?
- Do you have any major changes that your higher income will have to cover?
- If you didn’t invest some or all of this incremental income, what would you do with it?
2. You Just Experienced a Big Life Event
This could be an incredibly happy time in your life, or a very sad one. It could be you got married and are now figuring out how to navigate two incomes and a shared household. Or perhaps a loved one has recently passed away and the opposite is now the case.
In both situations, a fiduciary advisor can help you avoid common mistakes and provide a sense of stability you’ll really appreciate. No matter the inflection point, a great rule of thumb to consider is, if your major life event alters your taxes, income and/or estate, consider finding an advisor to help you navigate this new season.
3. This Year Looks Like Last Year, and Last Year Looked Like the Previous…
Wash, rinse and repeat. For some things in our life, certain patterns are healthy aspects of our routine. For others, not so much.
Many of us have several full time jobs but we’ve never paused long enough to notice. Don’t believe me, think about the following list. Let’s start with the obvious, your job. That’s one full time job. Are you married? That’s two. Do you have children? That’s another. Don’t forget about yourself, you are super important. Quite possibly you are a caregiver for a parent, child, or friend. With all these full time responsibilities it is hard to focus on the future as we try to survive the present. That’s where holistic planning comes in.
If you want to understand your present situation, review your past decisions. If you want next year to be different, review your current actions and make the necessary changes.
4. You’re Portfolio is Starting to Make You Feel Anxious
Your account value is important to you and us. When you look at your most recent account statements, do you say, “wow, that’s a lot of money” or do you think “I have no idea what I need!” Truth is, income ranges will vary, stages of life will change, and risk aversion is unique to you.
Regardless, if the size of your portfolio is starting to make you feel anxious, or maybe you want a second opinion, or you’re starting to worry about your future, or you don’t know what you are getting or paying, now might be the time to schedule a free consultation with a fiduciary financial advisor.
5. You Don’t Know Where to Go Next
Maybe you’ve amassed a healthy 401k through your employer or perhaps you’ve been slowly building a stock portfolio on your own. If you find yourself at a loss on how to diversify, or simply don’t know what your best options might be, this is when a professional Financial Advisor can often be of the most help. We can help you make informed choices on when to keep building up specific investments, and when it might be better to broaden your diversification strategy. At Awaken, our team is especially focused on finding investment options that align with your personal values and life goals.
6. You Don’t Have Time To Stay On Top Of It
The bigger your investment portfolio gets, the more research and due diligence it requires to properly maintain. When making self-managed investments, it is important to stay consistent with your approach. Even if that approach is a buy and hold strategy, it is important to buy what best fits your objectives.
One of the many reasons wealth management is a career all of its own is, it takes a lot of time and expertise to make informed decisions on the management of money. If you’d rather get that time back to focus on your career or the people and things you care about, that’s where we come in.
7. You’re Ready to Get Serious About Retirement
Just about every Financial Advisor under the sun will tell you to start saving for retirement as early in life as possible (and for good reason). But the reality is, starting a family and a career is challenging, and money can get tight. If you’re approaching a stage of life where your budget has become more flexible, or retirement doesn’t feel nearly as far away as it used to be, it’s time to get serious about your saving and investment plan. Using our expertise and tools, our team at Awaken can help you assess your goals for retirement and work backwards to create a viable, realistic plan to get you there. No matter how much you’ve put away so far, or how close that last day on the job is, we’re here to help you do more with your dreams for the future.
