Do You Know When It’s Time to Get a Wealth Advisor? 10 Life Events That May Be Bigger Than You

Randall J. Richard
Friday, July 12th, 2019
Posted in: Financial Planning
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Life is full of personal and professional challenges, all of which help us to learn and grow. However, these challenges also take up much of our time, making it difficult to manage finances effectively.

Many people, especially younger individuals, try to handle their finances on their own in spite of these challenges through self-directed planning. These individuals may purchase services from mortgage companies, banks, insurance companies and investment firms. Some people also take advantage of benefits offered by employers in order to reduce risk and accumulate wealth.

Self-directed financial planning seems tempting at first, but it comes with some significant drawbacks. For example, because of familial communication barriers and/or limited knowledge, mistakes are common. This can be especially detrimental to your future in high-stakes situations, such as the sale of a business. Trying to manage your finances on your own can also be frustrating and stressful, especially in times of economic volatility. If you make a serious error, you may find that it not only puts a strain on your financial situation, but also impacts your physical and emotional health.

Because of the risks of failing to manage your money properly, making sure that your finances are in good hands is essential. But how do you know that the issue is bigger than you? Here are 10 life events that may indicate that it’s time to consult a wealth advisor.

  1. You sell your business.

Selling your business leaves you with a significant amount of capital. Simply placing this money in a bank account isn’t the best way to handle it. It’s all too common that business owners improperly plan and end up not receiving top value for their business. Owners are quick to take the first offer, but what does this really mean for the you, your family, and your retirement goals? A wealth advisor can help you make the most of this money.

  1. You plan to retire in ten years or less.

If you plan to retire in ten years or less, you need to know that you will have enough money to live comfortably. A wealth advisor can analyze your financial situation and make any necessary changes.

  1. Your spouse or parents die.

If your spouse or parents pass away, your financial situation may change. You may gain wealth in the form of an inheritance, or you may lose a source of income. Talk to a wealth advisor to see what steps you should take to protect your future.


  1. You divorce or separate from your spouse.

If you divorce or separate from your spouse, you may have lost money in the process because of a settlement and/or legal fees. Talking to a wealth advisor can help you compensate for this loss and recover.

  1. You purchase or launch a new business.

Launching a new business requires significant investment and changes your liabilities. To protect yourself and ensure that your money is well spent, you must plan accordingly. A wealth advisor can help you make the necessary arrangements.

  1. You have a significant income change.

If your income changes significantly, either by increasing or decreasing, you will need to alter your financial plan. A wealth advisor will be able to make sure you have the resources you need to provide for yourself and your family.

  1. You win the lottery.

Winning the lottery leaves you with significant cash, as well as tax obligations. Without the right help, you may exhaust the money faster than you intended or face other unwanted consequences. In this situation, calling a wealth advisor is essential.

  1. You win a large legal settlement.

As with winning the lottery, winning a large legal settlement requires planning and care. A wealth advisor can help you protect this money and make wise choices.

  1. You want to pay for your children’s college.

College tuition is expensive, and you will need to start planning as soon as possible. This may involve investing in a standard savings account and/or an account designed especially for college planning. Contact a wealth advisor to get started.

  1. You lose your job.

If you lose your job, you will be without the income you once had. Your wealth advisor can help you manage your finances while you look for employment.

Although some people may worry that professional wealth management is expensive, the alternative can be much more costly. In fact, a single mistake has the power to completely derail your financial plan, causing you to lose money and/or fail to meet important life goals. For this reason, entrusting your finances to the right wealth advisor is imperative.