When it comes to personal finance, one of most professional services that is often overlooked is those of a financial investor or advisor. In fact, many people often believe that they do not have enough money to afford financial planning services and that they are only for those who are wealthy. In addition, some people believe that financial investors are only worthwhile if you are looking to invest money.

Despite what many people believe, financial advisors can be extremely beneficial, and choosing a reputable and experienced advisor can help make your life easier, save you money, and help you reach your biggest personal and financial goals, sooner. Everyone’s financial situation is unique and different and it can be helpful to get personalized advice — information that cannot be found online.

Even with all the benefits of financial advising services, oftentimes people are unsure when the best time is to hire a financial planner. To help those that are unsure whether or not financial advising services can benefit them, we put together a guide on when it can be beneficial to hire a financial advisor! If you can relate to any of the following, it may be time to find a professional financial planning company!

When it’s beneficial to hire a financial advisor

Although a financial planner can help a variety of financial situations immensely, not everyone needs one right away. However, there are certain situations where professional financial guidance can be extremely helpful. Here are some situations where people may benefit from financial advising services.


Working on your own or being self-employed can be both intimidating and exciting. Self-employed people generally have a much different situation from those who are employed by a company or a business. Usually, they will have a diverse set of financial questions and opportunities available to them. For example, there are a variety of retirement accounts to select from, more variable income, staff and employees to take care of, and other questions about business structure and ownership. Many financial advisors, especially those who specialize in working with the self-employed, will be able to help those in their niche ensure they are getting the most out of their business, enabling the business to grow and be successful, and are getting to keeping more of the money that they worked so hard to earn. Whether a self-employed worker is planning for new freelance business opportunities or small business growth, meeting with a financial advisor can be helpful in helping them manage their finances during their pursuit of self-success!

High-income earner

Many business owners, physicians, and industry professionals tended to face higher taxes than most, but with the help of a financial advisor, it is easier to implement and attain more of their hard-earned money. For those who earn a high income, financial advisors can help with prioritizing and saving money, while taking advantage of various benefits, like tax breaks. Financial planners can be beneficial to those who earn a high income with making decisions and recommending effective strategies to save on taxes. In addition, some financial service providers will take over time-consuming responsibilities, like the implementation and management of money, allowing their clients to focus on more important things, without the stress of money management.

Starting a family

Whether you are getting married or are a first time parent, starting a family means you will have to organize your finances around a new set of priorities. Both marriage and having children are major life events that often come with many financial challenges. From joining finances and managing the costs associated with having children, to beginning to think about life insurance options, estate planning, and saving money for college tuitions, starting a family comes with a lot of financial responsibilities that are often difficult to balance. However, a financial advisor can help those starting a new family with the navigation and prioritization these associated responsibilities, making it easier for them to create a secure and enjoyable future.

High net-worth

Having a high net-worth can leave individuals facing a unique set of financial problems. Financial planners can help ensure high net-worth clients that their financial goals are being met by optimizing their net return, protecting capital, increasing liquidity, and more. With the coordination of large balances spread throughout various types of accounts, to advanced tax and estate planning strategies, professional financial advisors possess the experience needed to effectively manage a large amount of money.

In or near retirement

Retirement is a big step in life. While leaving the workforce can be a relief for some, it brings plenty of financial challenges for others. Before retiring, it is important for people to consider whether or not they are financially stable enough to retire, how and when they should file for social security, and what the best strategies are for withdrawing money from their different retirement accounts — all of which can largely influence their retirement lifestyle and are not easy to answer without the help from a professional. Financial advisors that specialize in retirement can help those in or near retirement make smart choices with their finances to ensure that their life after the workforce is secure, stress-free, and enjoyable.

When a financial planner is not necessary

If the different situations above does not apply and leaves people still wondering if a financial advisor is right for them, there certainly are times when financial services are not necessary. However, it is important to keep in mind that just because someone isn’t in need of financial advising services right away, their situation can quickly change. Check out a few situations where a financial advisor isn’t necessarily needed.

Tight budget

Those who already have a tight budget will find that the cost of a financial advisor may be out of reach. Without having money to invest, there is only so much a planner can offer and recommend. However, those that find themselves in this situation may find it more beneficial to meet with an advisor on a one-time basis in order to help with sorting and organizing priorities.

Facing debt

If one’s biggest financial priority is paying off credit cards and other consumer debt, they are likely better off working with a credit counselor rather than a financial advisor. Paying for financial services with existing consumer debt never works out well, however, once the debt is paid off, advisors can help with creating plans to help those reach their financial goals.

Again, financial situations will change and become more complex. While there are some situations where a financial advisor is not needed, there are plenty of occasions where professional financial advice can be extremely helpful.

Do you need a financial advisor?

Financial advisors can help people make smarter, better financial choices while taking advantage of the opportunities that are available. In addition, financial advisors help create peace of mind that comes from knowing your finances are safe, secure, and on the right track. They can help you avoid negative pitfalls, set financial goals, and plan ahead for a successful and enjoyable future.

At Kennedy Wealth Management, we offer customized financial planning services, including retirement planning. The team of investment advisors at Kennedy Wealth Management can help those ensure that their financial goals are attainable and realistic. To learn more, about our professional financial planning services, contact the Kennedy Wealth Management Team today for a free consultation!