Posted by Advantage Tax Services, Inc.

Financial Advisors: When To Talk To One

Financial Advisors: When To Talk To One

Many of us think that the service of a financial advisor is an opulence reserved for the rich, those who need financial assistance. When you are a small business or an individual with little money, the idea of spending a couple of dollars to talk to a financial advisor does not always seem the best idea. However, there are times when a do it yourself approach is not enough. The next time you consider if you need a financial advisor, think on these points.

What is the function of a financial advisor?

A certified financial advisor works with individuals and families to help them make critical business decisions. They can help you select investments for your retirement accounts, save for your children's education and understand tax laws. Although a financial planner can help a lot, not everyone needs it. However, in some situations, guidance can be instrumental.

When do you need a financial advisor?

When you get married or divorced

Making decisions at an emotional moment, good or bad can lead to incorrect conclusions. Making use of an impartial third party such as a financial advisor who examines your financial stand during and after the divorce can help you minimize your financial losses. For newly engaged couples, discussions about debts, money and the combination of resources can be difficult and not always addressed which can sometimes lead to marital stress. Talking to a professional financial advisor can help you have an excellent way to communicate about critical business financial matters.

Starting a business

Whether you want to start a part-time business or a full-time business, you are trying to change your financial status. Not only will the income change, but also the requirements for the presentation of taxes and the management of your expenses. A financial consultant can help you understand the tax on self-employment. They can also provide advice on how to accurately track business expenses to simplify your life. Small business owners can save for their retirement in many ways than one. Talking with a consultant who can educate you about these issues is essential. Also, a consultant can help protect your personal and company’s assets by ensuring that they are adequately insured. 

Going Through Major Life Change

When you are going through a significant and expensive life changes such as marriages, giving birth to kids, divorces, getting a new car and retirement. Situations that, to your knowledge, will cost you much money or will significantly affect your income and debts are worth discussing with an advisor before taking decisions.


If you are in debt, a financial advisor can help you develop a recovery plan. Part of a financial advisor’s job is to work on your behalf to negotiate with your creditors, which can help you reduce your interest rates or balance. They will also help you develop a payment plan to monitor your debts and a budget to aid you in spending.

When you win a Lottery

Winning a lottery, as unlikely as it is, is an excellent reason to get the help of a financial advisor. The same goes for legal payments, inheritances, or other unexpected benefits that do not take into account the general budget and expenses. Ask for help before spending the money.

Death in the Family

If there is an occurrence of death in your family, you may need the help of a financial consultant to help you manage the legacy of the deceased. Having a financial planner to help you overcome this difficult time can ease your financial burden

Preparing a will

When you are planning on writing a will, certified financial planners have in-depth knowledge of tax laws and can show you the best way to prepare your will.

Death of a Spouse

Death comes with a set of financial challenges. A surviving partner may have to live with a small rent or determine the best way to manage activities such as an investment, the home, and the benefit from a life insurance policy of the dead. With the help of an advisor, the surviving spouse can navigate complex financial decisions despite intense emotional. A trusted financial advisor can help you make sure no costly mistakes are made, such as the transfer of money on risky investments or the quick collection of privileged tax accounts.

Final Note

Financial management is complex. Although you can do it yourself, there are some opportunities where professional financial help can be beneficial. They can help you solve the pitfalls and plan what will happen next.

Advantage Tax Services, Inc.
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