When to Hire a Financial Advisor: 8 Signs to Look For

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When it comes to building and securing your wealth it’s critical that you set yourself up for success. Tencap specializes in complexity. High net-worth individuals, families, and institutions with high earnings all have that in common. There is often no shortage of complexity in their financial world. Aligning yourself with a team of professionals who have a business setup to guide and coach you through each layer of complexity around your finances, can be invaluable.

Intelligent advice and various teams of professionals all create an incredible dynamic of professional responsibility around our clients’ finances, that is hard for any of our competitors to match.

Acknowledging the turning points in your financial journey, acknowledging when the complexity of your earning or net worth arrives at a place when working with a financial advisor starts to make good-sense. Here is a guide that will help you to know when to hire a financial advisor.

This blog shares the crucial signs that tell you it’s time to get professional, financial guidance. 

8 Signs You Need a Financial Advisor:

1. You are undergoing major life transitions

Major life events such as marriage, childbirth, retirement, or the bequeathment of inheritance can dramatically alter your financial landscape. For example, marriage merges two financial portfolios, which may need strategic planning to align goals and assets efficiently. There may be debt to manage, or a blended family to account for.

Similarly, the birth of a child prompts considerations like college savings plans, estate planning needs and insurance coverage adjustments. It’s best to navigate these transitions with a financial advisor who can ensure your financial strategy suits new priorities and responsibilities.

2. Your financial situation is complex

HNWIs often face multifaceted financial situations involving various income streams, investments, and assets. Your diverse business ventures will likely require specialized strategies, as each enterprise’s revenue cycles, expenses, and profit margins necessitate a comprehensive cash flow management approach.

Plus, having multiple sources of income often warrants strategic tax planning. As an HNWI, you must be ready to face complex tax implications, including capital gains taxes, estate taxes, and alternative minimum tax.

A financial advisor can customize solutions to meet your requirements in these intricate situations. Our tax strategy team works aggressively to create and coach you on various tax planning strategies that may be available to you, based on your circumstances and tax bracket. “But my CPA does that,” you might say. Not necessarily! Tencap reviews each of our clients tax returns looking for lucrative yet ethical ways to reduce your personal taxes, and business taxes! We take those ideas back to you and your CPA to implement. Just because your CPA prepares your taxes, does not mean they are the best person to create tax planning strategies for you. Create some space in your mind to allow for the possibility that you may need both – outside tax strategy, and a CPA to file the return and check for compliance!

3. You feel overwhelmed managing your finances

Being overburdened with financial management can manifest when juggling multiple income streams, tracking expenses, and dealing with taxes. The sheer volume of financial obligations can quickly become intimidating. 

Although educational resources provide insights into the overwhelming world of finance, a trusted team of advisors for HNWIs like yourself can address your unique needs and help you regain control of your financial affairs. Ideally, financial advisors empower clients to make informed financial decisions.

4. You’ve reached a high-wealth threshold

As your wealth grows, so do your tax obligations and complexities. While paying taxes is the duty of all citizens, that does not mean you should pay more than you have to.

The complexities of managing the taxes of HNWIs require smart planning and training in wealth building, tax strategies and preservation techniques. Working with a financial advisor helps make your approach relevant to your financial position, tax bracket and long-term plans.

5. You are unsure how to invest your money

According to a recent survey from Morningstar, comfort in handling finances is the prime reason people hire financial advisors.

For instance, investing in businesses and capital markets exposes you to concepts and jargon that may overwhelm you. You might need help determining where to allocate your funds or how to diversify your portfolio effectively—whether through traditional investments like stocks and bonds or alternative options such as real estate or private equity.Financial advisors are adept at aligning investment strategies with your financial goals and risk tolerance. Their guidance can help optimize your portfolio for long-term growth.

Lastly, one of the ways you may thwart your progress and diminish your capacity to succeed as an investor in financial markets is by getting in your own way. There is lots of data that suggests that during periods of time, like 2008 and 2020, far too many people, managing their own money, made terrible emotional decisions! Having a coach, having a financial advisor that specializes in investment philosophy, adds a lot of value and we would suggest, drastically increases your odds of experiencing success as an investor.

6. You are planning for retirement

Retirement planning entails thoroughly evaluating various factors such as savings, Social Security benefits, pension plans, tax planning and investment strategies and health insurance supplements/planning. If you’re an HNWI nearing retirement, you may have unique retirement goals and needs.Whatever they are, Tencap is prepared to help you go up the mountain (accumulating wealth) and down the mountain (spending).

Tencap’s Financial Advisors can evaluate your retirement readiness, optimize your return and reduce risk. They can also create a sustainable income plan to support your desired lifestyle in retirement as well as assist in the planning work needed to pass on your legacy.

7. If you are seeking objective and professional financial advice

You will likely encounter investment opportunities or require an assessment of insurance needs in your financial journey. Whatever situations come up, unbiased financial advice is crucial for making sound decisions. Financial experts prioritize your economic well-being. Hence, they act in your best interest and provide impartial recommendations based on your circumstances and goals.

8. Tencap suggests you want a comprehensive financial strategy

Ideally, having a holistic approach to financial planning that covers every facet of your finances, from investment management to estate planning. That is possible with financial advisors who can create an all-inclusive approach to your needs.

Every month we take new people through our planning process. It is so rewarding to watch a 40 , 50 or 60 year old phone us with nothing but a “junk drawer” created in their finances. To then convert that “junk drawer” into responsible planning in every area of their financial lives, is invaluable. What other company are you aware of that leads clients through tax planning, insurance planning, estate planning, risk management, and investment management?  Tencap is proud to offer complete, comprehensive financial planning for each of our clients! 

Partner with a Professional to Unleash Your Financial Potential

Life milestones and complexities are reasons to enlist a financial advisor’s expertise from Tencap. Our professionals have extensive experience working with HNWIs and can personalize solutions to optimize wealth management and achieve financial independence and a level of responsibility around your finances that, in our opinion, is unmatched by any of our competitors.

You can learn more about how we can help you by reading 7 Reasons Why Our Advisory Services Are Worth the Fee. When you’re ready to take the next step toward financial empowerment, contact us at 801-221-2956 or schedule a no-cost consultation on our website, Tencap  Wealth Coaching today.

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Joe Griffin
CEO Tencap Wealth Coaching | + posts

Joe has been building and managing financial planning firms for the past 13 years. He loves the financial planning space and is very proud of the success and growth that has come from his proprietary marketing and leadership. Joe spent years being involved with the bright minds of the investment committee at Utah’s 529 college savings plan – a plan managing over 20 billion. Joe only works with firms that are stated fiduciaries on a client relationship. Joe is committed to leading a financial planning firm with ethics and integrity.  The money management philosophy that Tencap subscribes to is built on strong academics and is supported by a highly impressive academic board. We can't wait to coach you on the excellence that Tencap stands for.

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