10 Times You Know You Could Have Used a Financial Advisor

Nobody's perfect with their personal finances, there are certain moments in life where you really wish you got it right. Here are those 10 times in life you know you could have really used a financial advisor.  

Whether you're on the other side of these financial decisions or you have yet to go through a handful of them, sit back and absorb the wisdom that comes from experience. There are times in each of our lives that having the expertise of someone a bit more experienced on these financial matters could have been extremely helpful.  

10 Times You Know You Could Have Used a Financial Advisor  

1. When You Opened Your First Retirement Account. Once you opened that retirement account would have been a great time to talk with a financial advisor to see what type of retirement vehicle would work best for you, how you should be diversified within your retirement portfolio, and how to take advantage of any employee sponsored benefits. People often leave money on the table when it comes to retirement planning and are not always sure which plan is right for them.   
2. After You Landed Your First Job. Once you started earning a steady income, what did you do with it? Establishing healthy spending behaviors and a cash flow management system can go a long way to ensure that you maximize your earnings at every stage of your career. 
3. When You Were Buying Your House. Realtors and Real Estate Agents can only offer you so much financial information and they are not licensed to provide financial counsel. Not only does a financial advisor help you understand different mortgage options and terms, he or she can also help you make the best financial decision for you and your family as it relates to your housing to make sure that you’re not overextending yourself in the long-run.  
4. When You Got Married. To combine or not combine the finances? Blending finances after marriage can be tricky to navigate. A financial advisor can help you determine the household finance structure that will work best for both partner and facilitate important money discussions that are good for a new couple to have and be on the same page about. 
5. When You Had Children. Adding to your family is an exciting time that also has its share of financial pressures. Having a financial advisor at this stage in life can be valuable when preparing for possible changes is your expenses and income so that your income continues to support you through this important life change. A financial advisor will also adjust your financial priorities to accommodate your new addition, whether it’s for affording things you didn’t need before or starting to save for education and daycare.  
6. When You Realized You Were Cash Poor. Eating out too much, using retail shopping as therapy, buying a home that's too expensive, spending too much on home renovations you don't need, paying for services you could do yourself... we all have some of this in our lives. If you ever found yourself spending everything you had and didn’t have any left over to save in an emergency fund or other savings accounts, a financial advisor could have be a valuable resource. 
7. When You Needed a Different Vehicle. Owning and driving a car is one of the single-most expensive recurring financial drains you'll have throughout your life. When you found you needed a different car to drive, how did you set a budget or did you not have a budget? Did you buy a new car or a used car? A financial advisor can offer insight into ways you can save tens of thousands of dollars every time you purchase a vehicle.  
8. When You Started a Business. Managing the loss of income or the complexity of business finances can all go a little smoother with the help and expertise of a financial advisor. While plenty of us fumble around and try to figure out the best way to streamline business finances, a financial advisor can lean into this process and offer a wealth of information and guidance. Their expertise in this area of business finances can also save on making costly mistakes. 
9. When You Became Power of Attorney Over Your Parents Finances. Your parents made you power of attorney because they need your help to help them manage their finances. This is a huge responsibility. When this responsibility falls to you, a financial advisor can help advise you on what this role means and can offer answers if you have any questions about your parent’s financial situation and things you should know and consider. Financial advisors are a wealth of information who can help guide you in the right direction. 
10. When Your Finances Didn’t Support The Life You Wanted. It can be hard to realize in the moment, but people can feel unfulfilled by what they are spending their money on. If too much time passes, one could look back wish they had lived life a little differently or which they had had the money to do x,y and z. The truth is, many people have the money to do exactly what they want – but they don’t align their money with their values soon enough. A financial advisor helps people do just that.

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Aaron Hatch, CFP® is the Co-Founder and CEO of Woven Capital, a fee-only financial planning and investment management firm that serves clients nationwide. Based in the far Northern California city of Redding, Woven Capital specializes in helping small business owners, entrepreneurs and physicians navigate their biggest financial hurdles to make smarter decisions with their money. Aaron and I became friends after meeting at a financial planning conference geared toward Gen X & Gen Y advisors and I asked him to write some thoughts on as a guest topic for this site.