July 24, 2024

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Do you need financial advice? Here are 5 signs you’re ready for a financial advisor

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Finding a financial advisor who truly understands your unique situation is crucial, especially for the growing number of retirees — primarily baby boomers — who will be transferring wealth to the next generations. As much as $84 trillion is expected to change hands between 2022 and 2045, according to research firm Cerulli Associates. 

In the face of these monumental shifts in wealth, how do you know when it’s the right time to talk to a financial advisor?

When to consider a financial advisor

The reality is that life can often throw curveballs, and financial laws and regulations are always changing. This is where the limitations of a “set it and forget it” model can hit a roadblock, and instead, a vetted financial advisor can do the heavy lifting to craft a personalized financial plan.

An advisory firm like Datalign can help: The platform is designed to simplify the advisor-search process, saving you time and resources by matching you with a vetted financial advisor who can offer tailored advice based on your priorities.

Here are five signs that it’s time to connect with a financial advisor:

1. You need a personalized financial plan 

A financial advisor carries out a top-to-bottom review of your financial status, taking into account your portfolio, tax situation, income and spending habits. With this overview, the advisor can analyze and craft a personalized plan that matches your financial goals and expectations. Plus, having a financial advisor means you have someone to turn to for answers to your financial questions along the way or when you have a major life event.

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2. You’re navigating major life events 

Life’s big moments can have a significant impact on your financial stability. An advisor can help you anticipate and prepare for these changes, ensuring you have a solid plan in place. Whether you’re buying a home or expanding your family, these are pivotal moments where you may benefit from the expertise of a trusted financial advisor. Some of these events include:

  • Getting married: Financial advisors can help newlyweds navigate the financial implications of marriage, from setting up joint financial plans to selecting beneficiaries or planning for the unexpected.
  • Expanding your family: Financial advisors can help assess the increased cost that comes with growing your family, including planning for future education expenses.
  • Coping with loss: During times of family loss, financial advisors can offer support and guidance in navigating estate planning and transfers of assets.
  • Buying a home: Financial advisors can help you plan for mortgage expenses and assess the broader financial impact of homeownership. 
  • Planning for an inheritance: Whether you’re passing down assets or receiving them, a financial advisor has the knowledge of laws and regulations to ensure a smooth process with minimal friction.
  • Ensuring you’re financially prepared: Financial advisors can help you establish emergency funds, prepare for unforeseen financial challenges and guide you through turbulent financial times.

3. You value accountability

Digital financial planning tools can’t always hold you accountable to your goals. 

The human connection — in the form of behavioral coaching — is one of the most significant contributions a financial advisor can make, according to research from Vanguard. This involves a financial advisor working with you to adopt behaviors that position you for financial success. Advisors can help nurture positive emotions associated with financial stability, and because they know you personally, they can gently nudge you back on track if you veer off course or encounter any planned or unexpected life changes.

4. You want to combine data with a human touch 

Top financial advisors use best-in-class tools to analyze your financial data and create strong long-term strategies.  This human-led approach can reduce the risk of mistakes or misinterpretations. By combining data analysis with the expertise of a real-life advisor, you benefit from the best of both worlds, resulting in a robust approach toward shaping your financial future.

5. You want more money in your pocket 

Working with a financial advisor not only better prepares you to navigate financial challenges but can also boost your confidence in your financial outlook. A survey by Envestnet found that nearly two-thirds of Americans (62%) who have a financial advisor felt significantly more secure in their current financial situations. In comparison, among clients without a financial advisor, only 22% reported feeling secure.

Getting started with a financial advisor

The benefits of working with a financial advisor can continue to pay off years after an initial meeting. By matching your needs with the expertise of vetted financial advisors, Datalign can help you take that important first step toward financial security. And to make the process less intimidating, you can set up an initial free meeting with your Datalign-matched financial advisor with no strings attached.

Working with an advisor is an investment in your future, and modern tools make it easier than ever to find the right one for you.

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