DO I NEED A FINANCIAL ADVISOR?
To start, please review the list below, which should help you answer this question. Eustace Advisors will reference these topics during our initial client discussions to understand if there is a good fit between the client’s needs and our expertise. We’ve also included a couple of public articles below which you may find helpful.
Life situations that may warrant the use of a financial planner:
- You recently entered the work force, and need help establishing a budget, understanding employee retirement benefits, and building a financial plan.
- You're not confident enough to manage your own investments and want to do so in collaboration with a professional advisor.
- You are managing your own finances and want a professional advisor’s insight into your plan.
- You're saving for the future and need help building an asset allocation strategy and future savings projections to plan for major purchases and retirement.
- You've recently gotten married and need help integrating your assets and managing your finances as a couple.
- You've recently had a child and want to learn about education savings, life insurance, and estate planning as a new parent.
- You're recently divorced or widowed and need help managing your financial situation as a single person again.
- You are a small-business owner with limited time to focus on personal finances.
- You've recently received a windfall, such as an inheritance, and aren't sure how to make the most of it.
- You're nearing retirement age and want to confirm that your assets will sustain your desired lifestyle in retirement and make asset allocation and investment adjustments as warranted.
- You’re in retirement and want an independent assessment of your asset allocation, income vs. expenses, and assistance with mandatory distributions and tax planning.
- You are responsible for helping others (aging parents, children, extended family or friends) manage their financial affairs and want professional help.
Investment experience and focus factors that may warrant the use of a financial planner:
- Do you already have a financial plan in place, which is used to guide your investment and asset allocation decisions?
- Do you have the time to execute your plan, evaluate your investments on a regular basis, and make periodic changes to your portfolio?
- Do you have a fair knowledge of investments and expertise in financial instruments and securities?
- Do you make time on a regular basis to learn about investing, budgeting, tax policies, insurance and estate planning?
If you answered yes to the four questions above, you may not need a financial advisor. However, even if you answered yes to the four questions above, you may still want a second opinion on your financial plan and to collaborate with a financial advisor.
For further independent guidance on whether a financial advisor is right for you, see:
Should I Use a Financial Advisor or Do It Myself? - SmartAsset