• Peter Newman, CFA

5 Scenarios Where You May Need A Financial Advisor

Getting educated about your wealth preservation options is a necessary part of planning for your financial future. This education may stem from a multitude of personal finance resources available to you from peer groups, white papers, books and blogs, but there are certainly times when you should seek the advice of a financial expert.

Save time and boost confidence in your wealth preservation strategy by hiring a financial advisor.

Do you have the time to monitor, evaluate and make periodic changes to your portfolio? If you do not have the fortitude or interest to keep up to date on the changes in investing options, tax laws, trust and estate strategies, insurance products, and risk areas of life, then I strongly recommend seeking the guidance of a financial planner.

Below are examples of scenarios where you may need expert guidance.

  1. You make $500k a year as a software engineer and you cash in your stock options regularly to pay living expenses instead of saving for retirement. 

  2. You have maxed out your 401k contributions as well as backdoor Roth IRA contributions, and you are still trying to find ways to lower your taxable income. 

  3. You opened your Employee Stock Ownership Plan (ESOP) statement and see that the balance has grown to $3 million. You are wondering if that is enough money to retire in five years. 

  4. Your elderly father has spent the last several years in a nursing home. You just turned 50 and your income is $200k a year. You are concerned you may need long term care yourself, but the insurance premiums seem quite high to you. You aren’t sure whether to purchase a long term care policy or an insurance policy with a long term care rider. 

  5. After twelve years of hard work and grit, your apartment business has grown past 1,000 units and it feels like you are printing money. The apartments are heavily concentrated in a Midwest community. You would like an expert to help you identify and evaluate opportunities to diversify your geographic and real estate exposure.

What do these five scenarios have in common? 

Each of these individuals found themselves in a complex situation requiring a lot of time to understand. While they may have fared okay without seeking expert financial advice, the trade off is time and confidence in how well they could navigate the complexity of their unique circumstances. 


What is the best indicator you may want to seek the advice of a financial expert?

If you are making important life decisions about growing or preserving wealth, then it is time to seek financial expertise. Expert help will increase peace of mind with your decision.


Final thought.

Do you have expert knowledge of investments, taxes, and insurance? Do you enjoy reading about financial topics and researching specific assets? Do you have the time to monitor, evaluate and make periodic changes to your portfolio? If you do not have the fortitude or interest to keep up to date on the changes in investing options, tax laws, trust and estate strategies, insurance products, and risk areas of life, then I strongly recommend seeking the guidance of a financial planner. 


Schedule a call to learn more today.


Next week we'll be identifying several situations where your family may need the help of an investment expert. If you would like to receive notification of future blog posts, please subscribe here


You may also be interested in reading:

Does Your Retirement Include Guaranteed Income Streams?

How Long Will Your Money Last in Retirement?



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About the Author

Peter Newman,CFA, is the president of Peak Wealth Planning. He offers financial planning, investment management, retirement income, insurance and estate planning advice. Peak Wealth is a fee only financial advisor based in Champaign, Illinois.

Peak Wealth Planning

2723 Valleybrook

Champaign, IL 61822 

217-840-8401

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