8 Situations When You Need a Financial Adviser Most

If you lost your job today, would you know what to do next?

Or, imagine a relative suddenly surprises you with a huge inheritance check – what’s your first move?

It’s okay if your answer is “I don’t know.” But that could be a good sign that you could benefit from professional financial planning help.

At Advance Capital Management, we understand both the emotional and practical complexities that accompany life’s financial situations. It’s precisely why we provide comprehensive financial planning services – designed to address any financial scenario at any given moment. Our aim is to empower clients to navigate challenges and opportunities with confidence and clarity.

Whether you’re facing uncertainties or embracing new beginnings, here are 8 financial situations where the expertise and guidance of a financial advisor can help:

1. You’re nearing retirement

As you approach retirement, you must balance decisions about income streams, investments, and lifestyle choices.

A financial adviser can help you create a retirement income strategy that may allow you to maintain your desired lifestyle without fear of outliving your savings.

An adviser can also guide you through Social Security, withdrawals from your retirement accounts and healthcare.

2. You’re experiencing a layoff

Unfortunately, many people are forced into retirement earlier than planned and are unprepared for what to do next.

The sudden loss of a job brings both immediate financial concerns and long-term career questions. A financial adviser can assist in managing your severance, evaluating health insurance options, and restructuring your budget to get through this transition.

Further, you might need guidance in reallocating retirement savings and planning your next career or retirement move with financial security in mind.

3. You’re changing careers

Whether by choice or circumstance, a career change can significantly affect your financial situation.

You’ll likely have to adjust your financial plan to align with your new income and benefits, explore opportunities for upskilling, and ensure your savings and previous retirement plans remain on track during the switch.

Just consider that many people, when changing jobs, make the mistake of leaving inactive 401(k) accounts behind.

4. You’re getting divorced

Divorce is a challenging process – emotionally and financially. Some research indicates the average cost of a divorce is $11,300. You face major decisions in dividing assets fairly, understanding the implications of alimony and child support, and rebuilding your financial life independently.

A financial adviser can help make your financial recovery as swift and smooth as possible, laying a solid foundation for your future.

5. You receive an inheritance or windfall

Inheriting assets or earning a windfall can be a transformative financial event, but it comes with its own set of challenges. What are your options? What are the tax implications? How can you integrate this money into your existing financial plan?

Whether you’re investing wisely, paying down debt or planning future bequests, professional guidance can help ensure that this inheritance benefits you and your loved ones in the long term.

6. You have children

The joy of welcoming a child also introduces new financial responsibilities, from immediate needs like childcare to long-term goals like education funding.

A financial adviser can help you manage these new expenses, adjust your budget and establish savings plans for your child’s future without compromising your financial well-being.

7. You’re investing on your own

The array of investment choices can be overwhelming for any investor. How do you know if you’re choosing the right investments? Are you taking too much risk or not enough?

You may want to consider working with a financial adviser to build a diversified investment portfolio aligned with your risk tolerance and financial goals. An adviser can demystify the investment process and help you avoid common pitfalls.

8. Your goal is to build wealth

The path to building wealth is unique for each individual, encompassing savings, investments, real estate and more.

A financial adviser can not only help you define what wealth means to you but also design a strategy to pursue it. From improving your earning potential to efficient tax planning and protecting your assets, an adviser can guide you through each step of wealth accumulation.

Bottom line

At every unexpected turn or exciting milestone, the experience of a financial adviser can help you strategically plan for life’s financial events, not just react to them. With this proactive approach, you could turn potential stress into tangible success.

Ready to navigate your financial journey? Schedule a free financial consultation with an Advance Capital Management financial adviser today.

Together, we'll chart a course tailored to your unique financial goals, helping you pursue the peace of mind you deserve.