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Hi folks. It\u2019s me again. I thought I would do this month\u2019s financial tip on something a little different. An article that you wouldn\u2019t expect from a financial advisor. When do you NOT need a financial advisor. No, really. Everyone doesn\u2019t need us. Let\u2019s take a look.<\/p>\n
1. If you have Social Security as your sole source of income and no assets, you may not need a financial advisor.<\/p>\n
2. If you have Social Security and a fixed income pension, you may not need a financial advisor. Unless you are at the point where you are making an election on how to take your pension. In that case, it may be helpful to consult.<\/p>\n
3. You are retiring from making a living at financial planning; you may not need a financial advisor. Unless you have not kept up with the possibilities available with predictable returns while mitigating risk and ensuring portions of your portfolio. In that case, it may be helpful to consult.<\/p>\n
4. You enjoy the vast swings of the stock market and aren\u2019t concerned about losing your retirement. I\u2019m not kidding. I have had clients tell me this.<\/p>\n
5. You\u2019re between 18 and 40 years old and systematically investing a couple thousand a month. For the long haul, you may not need a financial advisor. Now, when the portfolio starts to get large and you\u2019re getting closer to retirement, it may be a good idea to seek professional help to make sure that you still have it when you need it. Remember that all advisors don\u2019t necessarily understand the particular nuances to invest for certainty and income with low fees. Choose carefully.<\/p>\n
6. All you need is tax help. OK, you need a CPA, not a financial advisor. Be\u00a0leery of someone who holds him or herself out as both. You can\u2019t be an expert at everything, and there is a possibility of a conflict of interest. That being said, a\u00a0good financial advisor will always take tax concerns into account when custom designing a financial plan.<\/p>\n
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