When you think about time, do you discover that now is the best time to meet with a financial advisor? The apparent knowledge is that had they met on an earlier date, they would have become a client sooner, better positioned themselves financially, and be in a better position today. The question arises as to why people do not and should not look for a financial advisor.
The reason people typically seek out a financial advisor is when they anticipate or are going through a major life transition. These transitions often involve financial implications that people may not have considered before. The initial realization may come when someone has a child or experiences a significant life event that prompts the need for financial direction. Other common life transitions that lead individuals to reach out to a financial advisor include job changes, divorce, or the death or disability of a loved one.
While there may be financial motivations behind seeking out a financial advisor, these decisions are often driven more by emotions than money. For example, hearing a friend’s investment success story may spark envy and prompt you to evaluate your own portfolio. However, the decision to contact a financial advisor in this scenario is more about emotional factors like fear of missing out rather than pure financial considerations. It is essential to recognize that nearly every life event, whether major or minor, has financial implications that can benefit from professional advice.
The reasons people may not reach out to a financial advisor are varied and can include fear, shame, ignorance, self-determination, or negative past experiences with advisors. In many cases, the pain of inaction may not yet outweigh the perceived inconvenience or cost of working with an advisor. People may prioritize short-term concerns over long-term financial planning or fail to see the immediate benefits of seeking professional advice. Financial advisors must strive to eliminate barriers and provide tangible, measurable benefits to their clients to encourage more proactive engagement and decision-making.
The primary reason to seek out and work with a financial advisor is not to maximize wealth or gain financial expertise. Instead, it is an opportunity to apply purpose and meaning to your money. Money permeates every aspect of our lives, influencing decisions and enabling us to live our values and fulfill our aspirations. Great financial planning goes beyond mere financial management; it is about aligning resources with personal goals, priorities, and values to achieve financial freedom, protect loved ones, plan for the future, and support causes that matter most.
Ultimately, working with a financial advisor is not just a necessity—it is a privilege. By engaging in thoughtful financial planning, individuals can gain clarity, direction, and peace of mind regarding their financial decisions. A skilled advisor can guide clients in creating a holistic financial plan that reflects their unique values and aspirations, empowering them to live a fulfilling and purposeful life while achieving their long-term financial goals.
