I’ll be sharing my personal budgeting tips and other tips that are useful to help anyone start their budgeting journey!
A Financial Advisor is there to help you succeed financially. Generally, someone looking for financial advice or budgeting assistance, would invest in one. They can help individuals or families make informed decisions about their finances. Personally, I believe it is beneficial for someone who has multiple sources of income or someone who has had a significant life change and has been financially impacted; whereas someone entering into the workforce may just need basic advice and at that point a Financial Advisor might be unnecessary. In this post, I’ll help you get a better understanding of a what a financial advisor is, what they can help with and help you decide if this would be something for you to invest in.
What is a Financial Advisor?
According to Business Insider, “A financial advisor is a professional who provides clients with guidance pertaining to financial goals, mortgages, insurance, retirement, investing, and general financial management. While some financial advisors offer a variety of services, many specialize only in making and managing investments.”
If you are trying to decide if it’s worth it for you to invest in an Advisor, there are some things to 
consider. Ask yourself, is my financial situation straightforward or do I NEED someone to walk/ talk through my finances with me? Why do I need a financial advisor and what will I get out of investing in one? Do I have the time to manage my finances on my own? Do I have the funds to invest in a Financial Advisor or am I living paycheck to paycheck, where every dollar counts?
*If you’re living paycheck to paycheck, an Advisor might not be the best decision for you starting out.
Some Advisors might charge higher fees than others, and if you’re paying for their services, you want to know that they are going to take care of you 100%. There are also some out there who have unethical practices or are inexperienced, so it’s important to be careful and make sure you trust this person. This is not to turn anyone off from investing in a Financial Advisor, but more to inform so you can make the best decision for your financial situation. If you decide to invest into a Financial Advisor, consider a fiduciary financial advisor. Legally, they are required to act in your best interest to fit your financial goals. As someone looking for financial advice, ESPECIALLY when you’re investing your hard earned money, you only want to hear what is going to work in your best interest and set you up financially for your future.
Some common areas a financial advisor can assist with are, financial planning, investment
management, retirement planning, tax planning, estate planning, risk management, education planning, financial education, specialized advice and monitoring and review. This does not mean that every advisor specializes in all or the same services, you would want to search based on your specific needs.
If I were looking for an advisor, I would specifically look for one who focuses on financial planning or budgeting. Having a budget in place, ensures your goal is achievable and aligned to your specific situation. They can assist with creating the actual budget, adjusting as needed and help you prioritize your spending and saving. This is like having a partner assist you with financial decisions for your future. Remember, you do not have to have a lot of money to do the things you want to do. You just need to understand how to manage the money you have coming in and a financial advisor is a great investment as long as it aligns with your lifestyle.