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Personal Finances

7 Signs You Should be Working with a Financial Advisor

Clock7 min. read
byVexxit Staff onApril 28, 2021

A finacial advisors role is to provide sound financial advice, at any stage of life or circumstance, to help you achieve both your short and long-term financial goals. Discover the signs you need to be talking with a financial advisor.

As you move through life there are plenty of signs and reasons to be working with a financial advisor. Unfortunately, there are several misconceptions about working with a financial advisor that hold some people back. Financial advisors are not just for people who plan to retire or those who want to build their investment portfolio. You don’t have to have a substantial amount of money and you don’t have to be on your last dime to talk with a financial advisor. Their role is to provide sound financial advice, at any stage of life or circumstance, to help you achieve both your short and long-term financial goals. They can help you save for the future, make smart investment decisions and help you tackle debt. Even if you have a good handle on your finances, you can still benefit from the expertise of a financial advisor. The fact is, everyone can benefit from working with a financial advisor, no matter their current financial situation or stage in life. According to recent reports, Canadians who work with an advisor have been more successful at building wealth and achieving their financial goals than those who choose to go it alone. 

Whether you are planning to retire, start a family or you are experiencing a major financial change, having an expert in your corner can ease the stress by helping you manage risk, avoid expensive mistakes and grow your money. Following are a few of the more common life scenarios that should signal you need to be talking with a financial advisor:

1. Graduating college or university

Graduating is a major milestone for many young adults. After the celebration is over, the transition into the real world can be intimidating and filled with financial hardships as they struggle to gain stability and a strong financial foothold. Working with a financial advisor can help young adults just starting out set financial goals and strategies for a brighter future.

2. Getting married

Marriage involves commitment, shared responsibilities and possibly for the first time, shared finances. A financial advisor can help newly married couples create a financial plan, set financial goals and get control of their finances. By engaging in an open and honest conversation about money, couples can ensure that they are on the same page, avoiding disagreements down the road. 

3. Going through big transitions

Whether it’s having a child, buying your first home, moving to a larger home, buying a vacation home, making a career change, or gearing up for retirement, these big life transitions are the perfect time to speak with a financial advisor. With the help of your financial advisor, you can prioritize your financial goals and adjust them as your needs (and dreams), evolve.  

4. Ending a relationship – or - the “D” word

Ending any relationship and going through a divorce is a traumatic event. With emotions still reeling, it might be difficult to focus on the division of property and finances. A financial advisor can help you sort through your assets to ensure that the split doesn’t devastate your finances.

5. Receiving a windfall

If you inherited a large sum of money or a piece of property, it can be difficult to figure out what to do with your sudden wealth. This is a perfect time to speak with a financial advisor. They can help you manage your newfound wealth, recommend strategies to optimize and grow your fortune, and help you carry on a legacy, while still addressing your current financial needs. 

6. Struggling to stick to a financial plan

If you are struggling to stick to a budget, pay off debt or consistently contribute to a savings plan on your own, it’s time to seek the advice of a financial advisor. They can help you figure out what’s working and what’s not working with your current strategy. A financial advisor can also help you create short and long-term strategies to help you reach your goals. More importantly, if you struggle to remain on plan, a financial advisor can act as your accountability partner and coach by checking in with you on a regular basis. 

7. Working for yourself (self-employed/small business owner)

If you are self-employed or a small business owner, there is a lot on your plate, including financial concerns. Often your personal finances are overlooked or put aside while you deal with the ongoing daily activities of managing your business. A financial advisor can help you balance your personal financial needs with your professional goals, give you advice on tax planning and help you develop an exit strategy.  

These are just a few of the common life scenarios we can encounter along our life’s journey that signal you should consider working with a financial advisor. With a financial advisor in your corner, you can confidently achieve your financial goals. Studies suggest that three-in-four Canadians who work with a financial advisor feel more capable of handling financial emergencies and have a brighter financial outlook. If you are not already working with a financial advisor, Vexxit can help match you with a financial advisor that has the experience, expertise and credentials to help you reach your financial goals.

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