NEW YORK, Dec. 08, 2021 (GLOBE NEWSWIRE) — Whether someone is new to the world of personal finance or an old pro, sometimes partnering with a financial professional is a smart move. But many people are uncertain whether it makes sense to hire a financial advisor or whether they’re better off going it alone. It’s often something people consider when navigating a life change that can have major financial consequences, such as starting a new job, getting married, or buying a home.
For anyone on the fence about setting up a meeting, here are three reasons to hire a financial advisor and two reasons not to.
3 Reasons to Hire a Financial Advisor
1: Information seems overwhelming and prevents action
Getting started is the hardest part. And for someone new to the realm of personal finance, the uncertainty of where to begin may mean doing nothing. But working alongside a financial professional for education and direction is immensely valuable.
The right financial advisor can help with budgeting, goal creation, and setting up the right types of financial accounts. And that means they’re a good choice for someone who is struggling with where to begin.
2: When facing a financial decision without a clear answer
Sometimes a big financial decision puts people at a crossroads. For example, should they sell the business or stay on as the owner for another five years? Does it make more sense to start Social Security at age 62 or use other accounts until 67?
These are the types of questions a financial advisor can help to sort out. By weighing the options and seeing someone’s unique financial situation from all sides, a financial advisor is well worth the price when a life-changing decision hangs in the balance.
3: You need help choosing insurance
Whether you’re buying property insurance, life insurance, or other types of insurance, figuring out when, what and how much can be opaque to non-professionals.
The right financial advisor can recommend the best life insurance options for your financial and life goals, whether that’s a term life insurance policy or permanent life insurance. Sometimes hearing the benefits of life insurance from a professional gives perspective on how it can help round out a solid financial strategy.
1 Reason Not to Hire a Financial Advisor
1: Giving up control isn’t on the radar
Working with a financial advisor means relying on someone else’s expertise. Someone who isn’t ready to consider unfamiliar solutions may be better suited to manage finances on their own. That’s because when working with a financial professional, it’s essential to be open to coaching that may ask you to rethink long-standing financial habits and consider a broader range of financial options than you may have used in the past.
The Bottom Line
For those who are overwhelmed by information, facing a life-changing decision, or struggling to find the right insurance, it could pay dividends to work with an advisor. But for those who aren’t ready to give up control, it may be best to wait for a better time. Either way, since many financial advisors offer the first session free, having an initial conversation is often free of charge and stress, making it something everyone can consider.
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Contact: carolina.darbellesv@iquanti.com
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