Do you need a financial advisor before the end of the year? So you know exactly

Do you suspect you may need a financial advisor or financial planner? The decision whether to add a financial advisor to your “team” can depend on a number of personal and practical reasons. The end of the year could be the right time to start looking for your newest team member.

In a poll conducted by CNBC and Acorns Invest In You Savings, the majority of Americans surveyed said they manage their finances without help from a professional or online service. The survey found that 75% of Americans manage their own money – only 17% manage their money with the help of a financial advisor. In terms of age groups, a total of 31% of Americans 65 and older use a financial advisor, compared with only 4% of Americans between 18 and 24 years of age and only 7% of Americans between 25 and 34 years of age.

Let’s go over what financial advisers do, why you should get a financial advisor before the end of the year, and what type of financial advisor might make sense for you.

What Can a Financial Advisor Do to Help End the Year?

Working with a financial advisor at the end of the year can be a good time to assess what has worked and what has not worked this year. Have you often had the cash to pay monthly bills? Are you facing increasing debt pressures? Did you set yourself specific goals in the past year to ensure the future stability of your family?

A financial advisor can help you quantify these goals. For example, let’s say you’ve had a baby this year and want to start saving up for college. A financial advisor can help you calculate how much each month you will need to save to meet your college savings goals.


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Whatever important life decisions you have on the horizon, a financial advisor can help you come up with a plan. Your financial advisor will consider a number of factors, from your salary to your time horizon, to help you make smart money decisions.

Reasons to hire a financial advisor before the end of the year

Your finances can get more complicated every year. You might want to consider jumping in the next year for a few reasons.

Reason 1: You are new to making financial decisions.

Do you understand the basics of investing? Working with a consultant can lay the foundation for your future success. You may just need to hire someone temporarily while you get used to making decisions about your future. Maybe you don’t need a financial advisor forever – maybe you just want one to guide you in the right direction.

Reason 2: You have experienced an important life event.

Did you get married, had a child, divorced, or witnessed the death of a spouse that year? Each of these life transitions requires careful financial planning. You may need more than just basic financial advice. You may need someone to help you decide the best financial course of action. For example, your spouse might have died leaving you a lot of money through life insurance. A financial advisor can help you determine a balanced allocation of assets across various investments so that you can attend to all of your needs, whether you’re saving for retirement, planning for college, budgeting for short-term needs, and more.

Reason 3: You are receiving or planning to receive a large sum of money.

During the holidays, families often donate generously to loved ones. You may receive an unexpectedly large sum of money that deserves a review by a financial advisor for tax reasons.

You may also plan to give a large amount of money to your family members over the vacation. A financial advisor can guide you through gift and inheritance tax exemptions. You would like to know what total amount you can give in excess of the annual exclusion amounts during your lifetime or in the event of death before you have to pay federal gift or inheritance tax. You may want to come up with a comprehensive plan for the many holidays to come.

Financial advisors can also help you plan your estate in the event of death, an important aspect if you are married or have children. A financial planner, working with an attorney, can help you figure out what happens to your money and possessions in the event of death.

Reason 4: You need help with debt management at the end of the year.

The end of the year can be a good time to reflect on how well you are handling your debt. When faced with a complicated debt situation, such as: For example, overwhelming credit card debt or medical bills, a financial advisor can help you overcome the hurdles. You may also want to discuss your personal debt situation with a financial advisor for your company. These sessions are often free. Contact your company’s human resources department for more information on when to sign up for a time for financial planning in the workplace.

Reason 5: You get a raise or a promotion at the end of the year.

If your job gives you a promotion or raise, you may want to speak to a financial advisor about how to deal with a big jump in salary. A financial advisor can help you determine how to responsibly manage your raise and develop a plan for continuing to build your wealth.

What kind of financial advisor should help with your year-end planning?

What kind of advisor do you need? You can get a consultant with a wide variety of certifications. Here are three types of financial advisor certifications that you can consider:

  • Certified Financial Planner (CFP): CFP experts meet strict educational, training and ethical standards and can advise you on a wide range of investment and tax advisory services. CFPs must complete at least 1,000 hours of work before they can be certified.
  • Chartered Financial Consultant (ChFC): ChFCs do not need to attain the same level of testing as a CFP, but they must meet strict standards and have three years of experience in the field before they can be certified.
  • Certified Public Account (CPA): CPAs help individuals and businesses with financial planning, investments, and taxes. You must meet certain educational and job requirements and pass an exam to become certified.

You always want to make sure that your financial advisor is a trustee. Trustees are required by law to put your financial interests above their own financial gain. Some financial advisors have a fee-only structure and make money selling certain financial products to their clients. If you want to avoid this, see if your advisor is a publicly traded trustee. Visit to review the trustees database.

You also want to know how financial advisors are paid for their jobs. Many advisors charge an hourly fee and you should also expect a financial advisor to charge an annual fee, e.g. B. 1% to 2% of your investments.

Do you need good advice before the end of the year?

You may be wondering how to find the right advisor. Ask your family, friends, and co-workers. They may already work with a fantastic financial fiduciary advisor right in your city.

Make appointments or phone calls with a few potential counselors before making your final decision. You want to make sure that your advisor is in tune with your personality and understands your financial goals.

By getting your finances in order now, you can put yourself in a great position before the New Year’s resolutions go into effect.

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