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HOW CAN A FINANCIAL ADVISOR IMPACT YOUR LIFE? Rhiannon D’Averc talks to the experts to find answers to your most pressing financial questions. This month – is a financial advisor worth it, when should you get one, and how can they impact your life?
WHO NEEDS A FINANCIAL ADVISOR? Reading this article, you may be wondering if it’s even for you. Are you the kind of person who needs a financial advisor? The need for a financial advisor is not limited to a specific demographic or income level. Anyone who wishes to optimise their financial situation can benefit from their services – and who doesn’t want to have more money and worry less about it? Whether you are just starting your career, planning for retirement, dealing with a significant life event, or seeking to grow your wealth, a financial advisor can help you devise a tailored strategy to reach your objectives.
If you feel like thinking or talking about money is scary, then you’re definitely in need of a helping hand. “That thing that sounds scary isn't once someone helps you navigate it,” says Christopher Pfanstiel at Axias Wealth Advisors. “I think there are a million professions that do that for other people. [They] take you from worried to at peace or comfortable. The financial coach is just the person that's the translator and then the fixer, the communicator for those matters that are financial.” Different people may have different needs from their advisors, as Michael Lecours from fpPathfinder points out. “Financial advisors fit into a number of different roles to help clients and individuals. You have some people that are confused. They don't know the answers to the questions. They don't even know the questions to ask. And so they need somebody to ask who’s going help guide them through that process. “And then there are others where they are so distracted with everything going on in life that they just don't want to bother. Like, ‘I know the questions, I can do the math, but I don't have time
to do it and double check it and make sure it's right’. So, in that case, they're looking to delegate. “[Or] the clients are scared and they need an advisor to help them not be scared or to help them give some confidence when the markets are scary.”
WHEN SHOULD YOU GET A FINANCIAL ADVISOR? The ideal time to engage a financial advisor varies, but the experts I spoke to agreed that it’s something you should look into sooner rather than later. Any of the following could prompt you to seek advice: Significant life events: If you experience a major life change such as marriage, divorce, birth of a child, or inheritance, a financial advisor can guide you through the necessary adjustments to your financial plan. Long-term goals: When you start considering long-term goals like
