Rising Tide Blog

When is the right time to hire a top financial planners? Melbourne locals often think of financial planning as the domain of the rich, of people who have the resources to invest. That is far from the truth. 

But why do people delay or even avoid hiring a financial planner? For people who have just entered the workforce, financial planning is a remote idea because they are focused on acquiring the latest gadgets, travelling to exotic locations, or experiencing new things with their newly acquired financial capabilities. For people who are just starting their families, their focus is on putting a roof over their heads and food on the table. For people with a few years on their professional lives, financial planning may seem a bit too late.

The truth is, it is never too early or too late to enlist the aid of a financial planner. In fact, getting help in this vital area in your life at the soonest possible time can help you get a better grip on your finances. Specifically, if you feel that some areas in your finances are spiralling out of control – debt, savings, budgeting – you can immensely benefit from the advice and guidance of a seasoned financial planner.

When to get expert help

The decision to get the help of a financial planner is often triggered by a variety of events. In many cases, people hire a financial planner when they suddenly become afraid of the consequences of the wrong financial decision.

However, you do not need to reach such a point to get expert help. 

For example, if you have just recently graduated, you can enlist the help of a financial planner in setting financial goals over the short and long term. With your chosen financial advisor constantly revisiting and reviewing your progress, accounting for your changing needs and financial capabilities, you can adjust your goals with greater ease.

A young family, on the other hand, can benefit from the services of financial advisor by helping to craft a financial plan. This will enable the clients to work toward a comfortable retirement and not just work from one paycheck to another.

If you are keen on investing but you do not have the knowledge, skills or patience to learn and understand the underlying concepts and dynamics, a reputable financial advisor can help map out an investment plan that will suit your needs and goals.

If you find yourself mired in credit card debt no matter how hard you try budgeting, or your expenses still exceed your income, a financial planner can give you objective advice that will help you overcome these financial pitfalls. 

For other events that bring about major life changes like a divorce, a death in the family or even something as simple as a job change, your financial planner can help you pick the best course of action to take.

Now, not later

Like seasoned sport coaches, financial planners can give you objective and invaluable advice that can literally change your fortune. Contrary to the belief held by some people, you do not have to acquire a set number of assets before you get professional help. Many financial planners work on an hourly or retainer basis. Even an annual financial checkup from a planner can immensely benefit anyone. 

The rule of thumb to follow when you cannot decide whether you need financial planning is this: Get expert help when you do not have the knowledge or ability to handle a financial situation.