What Is The Right Time to Hire A Financial Advisor?

What Is The Right Time to Hire A Financial Advisor?

It is important to understand your finances to manage your money. Understanding financial planning involves a basic understanding of taxes, investments, and budgeting. While some may find these concepts easy to grasp, others may not. For most people and beginners, however, it is important to seek the guidance of an expert to better understand and plan for their finances.

Even if you are fairly familiar with taxes, personal finance, investments, and tax planning, it is not uncommon to find yourself in a position where you need to consult a financial advisor.

How do you know when it is time to seek financial planning advice? Let’s look at the most common situations where it might be a good idea to seek professional help.

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When is the right time to hire a financial advisor?

You are seriously considering retirement.

Many people work long hours with one goal: to have enough money to live comfortably after retirement. While there are many avenues for investment in India that can help you build your retirement portfolio, it takes the expertise of a financial advisor to help you determine how best to use the money you have to build the retirement fund you want.

It’s a good idea to consult an expert as soon as you think about retirement. This is when you will have a clear idea of how much you can save and the timeframe you must do it.

You earned a raise in your pay.

It is always something to be proud of when you get a raise at your job. After the initial excitement has worn off, there is still the question of what to do with the extra funds. Your extra pay can be used to help you settle any outstanding debts. If you are unsure what to do with the extra funds, a financial planner can help.

A financial advisor can help you use the substantial raise you have received to build your long-term wealth rather than for your short-term needs.

You have some windfall gains.

Unexpected windfall gains can leave you unsure about how to use large sums of money. For example, in the case of an inheritance, you might find yourself suddenly managing large sums of money with no idea how or where to invest them.

Another great time to find a financial planning expert is this moment. This will allow you to get all your questions answered by an expert in the field. You run the risk of making poor financial decisions, which could reduce the windfall you have received.

You are on the threshold of a major life event.

You should take stock of your finances before major life events and make adjustments. You may need to adjust your finances to accommodate major life events such as the birth of a child, starting a business, or losing a family member.

These times are when financial advisors can be invaluable. They can provide the guidance and support you need to make sound decisions. The level of assistance you receive is unlimited. They can help you understand your options and even create a financial plan.

Congratulations! You just received your first paycheck.

Sometimes, your first paycheck is the best time to hire financial planning advisor. This is especially true if you have a high-paying job that leaves you with more money each month than you can manage.

With their knowledge and expertise, a financial planner can help you understand tax planning and investments to maximize your salary. You’ll find that hiring a financial advisor early is one of the most prudent financial decisions.

Do You Want to Reduce Your Tax Burden?

A change in tax law could cause an income rise, an increase in your salary, or the sale of a property or plot of land. This could lead to a higher tax rate and income slab. This could be a good time to seek out a financial advisor to help you reduce your tax burden.

Although you might be familiar with the main elements of tax savings, such as section 80C deductions and other key factors, a financial professional can help you tap into the benefits available for you to reduce your tax liability.


Apart from the above scenarios, you might consider hiring a financial planner if your finances are becoming complicated. A financial advisor can help you manage your finances, align your investments with your goals, and assess your risk profile to ensure you achieve your life goals. For a trusted experience, you can reach out and work with sub-brokers who have partnered up with respected franchises such as IIFL.