When to Hire a Financial Advisor

By May 22, 2017 Blog No Comments

Today’s post comes to you from Trace Tisler, founder of Epic FinancialTrace and I became friends after meeting at the XYPN conference and I asked him to write some thoughts on when to hire a financial advisor as a guest topic for this site.

Knowing when you should hire a financial advisor is easier than you might think. Between the various financial considerations you face each day and the future you are likely already envisioning, having a financial advisor can help you at any stage in your financial journey.

Financial advisors can help you with anything from budgeting, tax planning and retirement planning to investment management and increasing your charitable capacity. Financial advisors can be your all-in-one financial go-to resource for your current and future financial needs.

Even if you think you are doing everything right when it comes to your finances, these are a few signs that you should still hire a financial advisor and here’s why.

  • You’re not sure you’re saving enough for retirement. Even if you are saving for retirement, do you know if it’s enough? If you’re not saving for retirement, what’s holding you back from starting? Helping you save enough for your future in retirement is definitely reason enough to hire a financial advisor.
  • Your money is disorganized. How are you organizing your finances for the various needs you have every month? Do you have a cash flow management system in place to ensure that you’re directing your money in the right spending buckets? Emergency fund, fixed expenses, retirement, short term goals, etc. Financial advisors can help you organize and automate your finances so that you are directing your income where it needs to go to stay on track for later, as well as have enough for current wants and needs.
  • You’re wondering if you should refinance your mortgage or which mortgage is right for you. Whether you currently own a home or you are a first time home-buyer, selecting the right mortgage and terms is something a financial advisor can help you think through. A financial advisor will factor in how much total interest you will pay on your mortgage, as well as how much of a mortgage you can afford in the first place. The amount the bank approves you for doesn’t necessarily mean that’s the amount you can afford in monthly payments.
  • You haven’t set concrete financial goals. A financial advisor knows that you won’t be able to reach your financial goals unless you set them in the first place. Hiring a financial advisor can help you think through what your most important financial goals are and then set you up on a plan to achieve them.
  • You outspend your income, regularly. If you find that you are regularly outspending your income each month, even when you have plenty of income coming in, it’s time to hire a financial advisor. Eating out too much, using retail shopping as therapy, buying a home that’s too expensive, spending too much on home renovations you don’t need, paying for services you could do yourself… any of these things can through your cash flow off. A financial advisor will work with you to maximize your income potential and trim out the unnecessary expenses so you can live life in the black rather than in the red every month.

These are just five instances that signal it’s time to hire a financial advisor. When have there been other moments in your life that you stopped and wondered if it’s time to hire a financial advisor? We’d love to hear your story.


Trace Tisler - CFPheadshotAbout the Author: Trace Tisler is the founder of Epic Financial, a fee-only financial planning firm located in Hudson, Ohio.

About Woven Capital

Aaron Hatch is a Certified Financial Planner and co-founder of Woven Capital, a fee-only financial planning and investment management firm that specializes in helping people balance life, work, and community. Aaron has been quoted in various publications, including The Chicago Tribune, US News and World Report, and the Huffington Post among others. Aaron can be reached at aaron@wovencapital.net