Do I Need a Financial Advisor? Top 10 signs that say you do

How do you answer the question “Do I need a financial advisor?” Here are some warning signs that we see when new clients come to us:

  1. You don’t seem to be getting anywhere. Money comes in and goes out, you don’t save, and your credit card balances never go down.
  2. Your employer offers a 401k or other tax-favored retirement savings plan, but you don’t contribute.
  3. You contribute something to your employer’s plan, but have no idea what you are invested in.
  4. You have multiple retirement accounts at former employers and don’t know what to do with them.
  5. You’ve inherited a much larger amount of money and investments than you are used to dealing with.
  6. You aren’t sure how much money you’ll need to generate an adequate retirement income. Or, even worse, you think Social Security will take care of all your needs.
  7. You aren’t sure how your family will get by if you die or become disabled prematurely and your paycheck vanishes.
  8. You are within five years of retirement.
  9. You worry about someday needing long-term care in a nursing home, but, so far, worrying about it is all you’ve done.
  10. You haven’t made any provisions to pass on your money and possessions at death.

Are you still asking yourself “do I need a financial advisor?” Many of these warning signs are characterized by confusion, worry, dread, and foreboding. That’s where financial advisors come in: we help to solve complex problems by breaking them down into a series of component actions that can be addressed over time. Just as importantly, we help you build a unique, long-term strategy to meet your particular needs over time and that will give you a sense of forward, directed purpose. You should find that your worries will diminish and you will feel more confident in your ability to meet future challenges.

Richard Schroeder, CFP®
Chief Investment Officer


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