When Is The Right Time To Hire A Financial Planner?

You may never have thought of yourself as the type of person to need a financial planner. It’s true that historically, financial planning has been reserved for millionaires and people with a wealth of investments, accounts, and assets. But times have definitely changed. These days, financial planning can be more important than ever. It’s easy for even an average family to get underwater with complicated money problems, and if you own a small business or you’re trying to plan for retirement, you could really benefit from some professional guidance. These are just some of the people who should think about interviewing financial planners before they make their next financial move.

1. During Critical Financial Times

This doesn’t just mean times when you’re struggling to pay the bills. There are certain points in your life when your investment decisions become much more critical before, such as when you’re planning your retirement or starting a family. At the cusp of any life-changing event, you want to make sure you’re prepared, and that’s when a professional adviser can step in. It’s estimated that 30 percent of workers have nothing saved for retirement and nearly 50 percent own no stocks, so not only can a financial planner assess your current situation, he can also give you ideas for how to start building wealth.

2. When the Market is Unstable

Financial planning isn’t only a necessity when your personal life is changing; it’s a necessity when the world is changing, too. That’s why the recession has seen such an increase in the use of financial planners and the shift from thinking of them as exclusive for a certain niche and thinking of them as a resource everybody essentially needs. A struggling economy, unstable interest rates, unresolved issues with the big banks, and shifting government regulations can create an atmosphere of uncertainty where it’s extremely difficult to make long-term plans. It’s at times like these that people need guidance for how to safely invest and find the smartest way to plan ahead for their family.

3. New Business Owners

Many financial planners specialize in small business owners, because they’re often the most at risk for financial mistakes and the most in need of guidance. Juggling business finances and personal finances together for the first time can be very confusing. There are a lot of things to consider, especially if you are hiring employees, planning to expand, or just preparing for your small business taxes. A good financial plan can make or break the future of a business, which is why it’s not just CEOs of large companies who need an adviser. Whether you’re building your business online or in an office, your life might be easier with some professional help along the way.

It can easily be argued that everyone needs a financial planner, or at least could benefit from one. Most people could do with improving their financial situation, their spending habits, and their understanding of the market. These types of things can be overwhelming if you’re not prepared, and hiring someone to make sense of your bank account better than you ever could can put you one step ahead of the crowd.

Naomi Sims is writer, blogger and investor. If you are worried about the future and whether the money you need will be available check out mckinleyplowman.com.au. Investments, pensions or even taxations, the experts at McKinley Plowman and Associates are ready to help.