Do I Need a Financial Advisor?

Two female coworkers laugh.

Everyone’s financial situation is unique, so while you may receive financial advice online or from a friend or family member – you will not get the customized and expert guidance that you will from a professional financial advisor.

If you think financial advisors are just for the wealthy, think again. Financial advisors, like those at KEMBA Financial Credit Union in Ohio can help when you are approaching major life changes, you are self-employed, and more. At KEMBA, we believe everyone can use a financial advisor.

What does a financial advisor do?

The term financial advisor provides paid, professional financial guidance to their clients. They are a partner to those looking for financial advice, help plan against financial goals, educate you about financial matters and more. Financial advisors can include bankers, money managers, stockbrokers, insurance agents, estate planners and more. A financial planner is a type of financial advisor, ideally certified with the Certified Financial Planner Board of Standards (CFP), who has fiduciary responsibility to act in their clients’ best interest.

Four Reasons You Should Hire a Financial Advisor

  1. You’re approaching a major life change
    Major life events are a great reason to hire a financial advisor. Graduating college, getting married, buying a house, starting a family, or nearing retirement are all key life milestones that may make scheduling an appointment with a financial planner a smart move. Milestones usually come with a change in finances and it’s smart to seek expert financial guidance during these times. For example, when you are approaching retirement, a financial planner can help you choose the right strategy for withdrawing from your retirement accounts. Or if you are getting married and thinking about starting a family, there are a lot of financial responsibilities you may need help navigating, including the added expenses of raising a child, purchasing life insurance, joining bank accounts with your spouse and more.

  2. You have a high income or net worth
    If you are a high earner or have a high net worth, you may benefit from having a financial planner or advisor help you manage your money. A financial planner may save you time and money by recommending an individualized investment plan, tax-savings strategy, estate plan and generally help you maximize your money to allow you more time to focus on what matters most to you.

  3. You work for yourself
    Being self-employed can be amazing but also comes with a unique set of financial options. A financial advisor can help you choose the right retirement account, manage your employees’ salaries, navigate your variable monthly income and more. The benefits of a financial advisor for self-employed individuals are important, because having someone effectively manage your hard-earned money will allow you to focus on managing your business efficiently.

  4. You have unique financial needs
    It may be wise to consult with a financial advisor if you are in a special financial situation. For example, if you have multiple loans, meeting with a financial advisor that specializes in repayment options would be best. Or if you are recently divorced or widowed, it may be beneficial to seek a financial advisor that specializes in helping you manage your money as a newly single person, especially if here are children involved.

Find a Financial Advisor in Ohio

Interested in learning more about the benefits of a financial advisor or financial planner, or interested in meeting meet with an expert advisor at KEMBA Financial Credit Union? Find a financial advisor in Ohio or contact KEMBA today.


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