When to Hire a Financial Advisor?

Learning about your retirement and wealth-management options is an essential part of financial planning. But let’s face it: not everyone is a financial expert.

Consider hiring a financial advisor if you want a simple plan you can follow without constantly worrying about changing legislation, the economy, or financial products.

Swell Financial Services is a 30-year-old boutique investment bank focused on financial advisory, strategic advisory, Mergers Acquisitions, private equity, and other financial services across India and USA. Assisted small, medium, and large businesses in raising equity and debt capital.

What is a Financial Advisor?

Financial advisors help clients manage their wealth and finances.

Financial planners have access to advanced financial planning software that can help you plan your retirement savings or simply answer questions about whole life insurance.

Here are a few examples of what a financial advisor can do:

  • Meet to discuss your financial situation and goals.
  • Consider retirement, college savings, insurance, avoiding estate taxes, and other major financial concerns.
  • Give advice when unexpected financial issues arise.
  • Invest your money in investment accounts.
  • Find suitable financial instruments for you, like insurance or mortgages.
  • When to Seek Financial Help

Do you really need a financial advisor with all the information available in books, magazines, and websites dedicated to personal finance?

So, how much time do you have now? Also, consider these points:

  • Do you know a little about investing?
  • Do you enjoy researching specific assets and reading about wealth management?
  • Do you know financial instruments? Do you have time to monitor, evaluate, and update your portfolio?

You can do your own research, but you’ll need to keep up with changes in investing and insurance regulations, among other things. Changes in tax laws or other legislation may impact your finances. 

Changes in your brokerage firm’s mutual fund options can also have a big impact: A fund may close and you must decide where to put the money. You’ll also need to keep up with new and popular financial products.

Life Events that Require Financial Planning

Swell Financial Service team says that Particular Events often prompt people to seek financial advice. A major life event or a windfall usually triggers these events. If you are in one of these situations, you may seek financial advice:

  • I’m nearing retirement and want to make sure I’m on the right track. 
  • I’m nearing retirement and want to make sure I’m on the right track. 
  • I recently divorced or widowed and need financial assistance.
  • We need help managing our parents’ finances as they age.
  • In order to protect my future, I dislike investing and financial planning but want a second opinion to see if I could do it better.

Everyone needs to develop a long-term financial plan that includes retirement, homeownership, college funding (if you have children), estate planning, and a timeline of when you can actually retire. An advisor can assist you with these things.

How can a Financial Advisor help?

Financial advisors can help you when you’re confused, emotional, or unaware of wealth management. Given that most people can’t see far enough ahead to imagine, let alone plan for, their retirement, professional advice can be very useful. 

A good advisor will ask you a lot of questions, some of which may be uncomfortable.

They can then put together a plan and advise you on investments, retirement, estate planning, taxes, and your children’s college education. The advisor’s knowledge can help you make difficult decisions.

Some financial planners go further, actively assisting you in purchasing insurance and financial products such as mutual funds and Certificate of Deposit (CDs).

Financial advisors can help you find a broker or money manager who can trade actual securities such as stocks or bonds. They can also help you find a trust lawyer or an accountant.

How can a Financial Advisor hurt

Even the best financial advisors aren’t perfect. A bad (or worse) advisor can cost you a lot of money. 

Bad Planning:  

A well-meaning advisor who creates a sloppy financial plan is doing you no good. Of course, plans must be flexible to accommodate changes in the economy, interest rates, and life itself (loss of a job, long-term illness, etc.). But you need a detailed plan and a clear action plan.

No response:

No one can help you if they never return your calls or emails, especially when you need help urgently. In many financial and investment situations, timing is critical, so you need to trust your advisor to respond quickly.

A Financial Advisor’s Fee

Good advice isn’t free. A professional financial planner is not free. Some planners charge by the hour or by the service: That’s fee-based planning. 

Some get paid a commission every time they transact or sell you something. Some get both.

Fee-based advisors claim their advice is superior because it is free of conflict of interest.

Commissioners argue that their services are cheaper than paying fees of up to $100/hour—and that you’re paying for actual services and activities, not just unspecific advice or untraceable work hours, notes Swell Financial Teams.


When deciding on the type and scope of financial advice you need, it’s critical to assess your own level of comfort in managing your own finances. A quality plan can be put together in a few hours and last for 20 years with only a minimal need for financial checkups with the planner.

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