Asking for a Friend - What is the best time to seek the advice of a financial advisor?

May 27, 2024

Question:

What is the best time to seek the advice of a financial advisor?

Answer:

This is a two-part answer:

  • First, the term financial advisor is broad. It can include life insurance representatives who also sell investments, it can include financial advisors at brokerage firms who primarily look after your investments, it can also include financial planners who focus on a client’s entire financial life and charge for services rather than on assets. All these types of advisors are compensated differently so it pays to do your homework. We think the financial planner model could be right for most folks as it provides holistic advice and eliminates conflicts of interest with a straightforward fee structure.

  • In terms of when is the best time, most people seek financial help as they get closer to retirement. We think that folks should begin to engage with an advisor as soon as they feel like they have too many questions going unanswered. Though there isn’t one right time to seek help, establishing a trusted relationship in your late thirties or early forties can make the transition to retirement easier and less anxious.


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