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Is it Time to Speak to a Financial Advisor? Here’s How You Know

You may have asked yourself the question: “should I use a financial advisor, or should I do it myself?” before and perhaps you are still trying to find the answer.

Well, the answer is relatively simple – unless you have a strong financial background which allows you to understand the various markets, investment opportunities, and different savings vehicles, then seeking professional advice from a financial advisor is the best thing you can do for yourself.

benefits of hiring a financial advisor

When Do I Need a Financial Advisor?

There are many reasons why you may be looking for advice from a financial advisor – you may be thinking about your retirement, looking for the most efficient savings accounts, or you just want to understand what your portfolio looks like.

Regardless of the reason, you may still think that it’s possible to do all this yourself, without the help of a professional.

However, there comes a time in everyone’s life when it is necessary to ask for help, and in the world of finance – the sooner the better.

Here are 5 signs that it’s time to speak to a financial advisor.

You’re Thinking About Retirement

Retirement may be a number of decades away from where you are right now, or it may be just a few years. Either way, thinking about and planning for retirement is something that everyone should be doing.

Transitioning from being employed and earning a monthly salary, to not working at all can be a major shock but if you have planned properly, you can live comfortably and stress-free as a deserving retiree.

Therefore, as soon as you start thinking about your retirement, you should start speaking to a financial advisor who can help you prepare for your future.

Your Situation Has Changed

The only thing constant is change and there is no avoiding how some changes may affect your financial situation.

Whether it may be retrenchment or a sudden major expense that you did not budget for, these changes can negatively impact your overall financial security.

It’s at this stage that you should seek assistance from a financial advisor who is equipped with the knowledge and tools to help you adjust your portfolio and compensate for the loss incurred.

You Are Just Too Busy

Let’s face it, life can be really busy, and you may be prioritizing your immediate tasks such as feeding your family, meeting deadlines at work, attending to general household chores when you have some free time and still finding time to switch off and rest.

Finding time to focus on your finances may very well be the last thing on your mind, but it should be one of your biggest priorities. For this reason, seeking the professional help from a financial advisor who can deal with your finances while you deal with life will ensure that you do not miss out on crucial opportunities to grow your money.

You Want to Take Out Insurance

You may be looking at short-term or long-term insurance, life policies, funeral plans, or maybe you want to apply for a bond. These are big financial decisions which should be taken seriously.

Yes, there is a lot of information on the internet which aims to help you make these decisions independently but speaking to a financial advisor will ensure you make the right decision to suite your unique, individual needs.

There are thousands of different policies, plans, and options out there and a financial advisor is experienced enough to filter out the noise, helping you to focus on what’s important and which is the best way to achieve your goals.

You Want to Invest

Investing always comes with a risk. However, the risk can be much less scary when it is calculated. A wrong investment decision can cost you a lot in time, stress, and, of course, money.

Making the wrong investment choice can be avoided when seeking help from a qualified financial advisor who knows how to research and find the best investment opportunity for you.

There are investment vehicles which are more complicated than your standard cash saving products and a financial advisor can help you understand these more easily.

When making the decision to invest, you should be asking yourself the following questions:

  • Can you afford to lose money?
  • Do you have investment knowledge and/or experience?
  • Are you ready and willing to take responsibility for poor investment decisions?
  • Do you have time to thoroughly research different investments?

If you answered no to any of these, it is highly recommended that you seek professional assistance from a qualified financial advisor.

Olemera Financial Advisor and Financial Services in Johannesburg

We often want to do everything ourselves and, in some contexts, DIY anything is encouraged. However, when it comes to personal financial planning, speaking to a qualified finance professional can take you far.

Our financial services are designed to help you make the most out of your financial situation, no matter what it may be. Our mission is to help you work towards your goals, turning dreams into achievable realities.

Visit our services page to find out more about what we offer, and feel free to contact us for further information.

Comments are closed for this post, but if you have spotted an error or have additional info that you think should be in this post, feel free to contact us.

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