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Here’s How to Tell if You Need A Financial Planner

by Carolyn Lee Apr 18, 2022

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How to Tell If You Need the Services of a Financial Planner

Anyone can benefit from the expertise of a financial planner. A financial planner offers various services to help you make better financial decisions.

So, what does a financial planner do, and when should you consider hiring one?

We are looking at the role of financial planners and a few reasons you should consider getting their help.

What services does a financial planner offer?

A financial planner takes a comprehensive approach to financial planning by reviewing your goals and creating a plan to accomplish them. While a financial advisor may offer related services, a key difference is that an advisor focuses on your money and investments.

Insurance agents, investment advisors, brokers, or practicing accountants may also provide financial planning services. Be mindful that some persons may falsely claim to be financial planners. The planner makes decisions about your money, so exercise caution and diligence when choosing one. Ask for references, review client testimonials (if possible), check their accreditation and research the financial planning landscape to make informed decisions.

How can you benefit from their expertise?

Using the services of a financial planner will allow you to have better control over your finances. Your planner can help you with managing your income, filing taxes, debt management, health insurance, saving for your children, investment recommendations, and estate planning. The planner can create a financial roadmap you can use for your future. Your financial plan will allow you to assess your current financial status. It will also include the strategy you can use to improve your finances.

When do you need the services of a financial planner?

  • You have serious debt.
  • You are ready to start your family.
  • You want to combine your finances with your partner’s.
  • You need help preparing for retirement.
  • You are self-employed and need to pay taxes, get health insurance, or organise your business better financially.

We hope you find this information helpful. You might also like lifestyle habits that drain your finances if you enjoyed this article.

Use our Find Yello listing to locate businesses and related services. Type “financial planning consultants” into the search bar for a list of companies near you.

Sources: JIFS, CNBC, Investopedia, Business Insider, Nerd Wallet, Frazer James, and Money.