How to Know When You Need a Financial Planner

Happy couple looking over financial documents

Financial planners can be beneficial for understanding your financial goals and creating a plan to reach them. Another way to look at the role of a financial planner is as someone who can help prevent you from making bad financial decisions. In any case, a financial planner can be the guide you need to make the most out of your money decisions. Here are some signs it might be in your best interest to work with a financial planner.

1. You fall into a top tax bracket

High earners should factor tax efficiency into their financial plan, but this can be difficult to do without professional guidance. Financial planners are well-versed in tax strategies and can uncover opportunities for high earners to take advantage of savings strategies to lower taxes, especially those around retirement savings. 

High earners that may already be maxing out retirement savings and who are still falling into a top tax bracket should consider working with a professional. Financial planners can help high earners explore strategies like backdoor Roths, charitable giving, and other portfolio management tactics that work in the person’s financial favor.

2. You're married

If this one has you scratching your head, consider this: money is the number one issue married couples fight about, so working with a financial planner can help alleviate some of the tension around finances. This is especially helpful if you and your spouse are on different pages when it comes to household finances. 

In addition to acting as an unbiased third party who can help you and your spouse navigate your financial affairs, a financial planner can also ensure that you are both maximizing your money and making wise choices as a family.

3. You're stuck

Many people believe they can manage their own finances, but this can be a misguided impulse once you understand just how complex financial planning and analysis can be. Oftentimes, people get stuck with “analysis paralysis” and end up taking no action. 

Working with a trusted financial planner can help you navigate the complexities of financial management without having to get in the weeds. Not only does it free up your time, but it puts the heavy lifting in the hands of a trained professional who comes prepared with the best strategies to help you make positive investment decisions and rebalance portfolios.

4. You're off-track for retirement planning

Whether you’re unsure of how you’re faring in the retirement planning department or you know you’re off-track, working with a financial planner can alleviate stress around your long-term plans. 

Even if you’re just starting on your retirement planning journey, working with a  financial planner can ensure that you’re on the right path to meet your financial goals and stay on track. 

If you find yourself agonizing over financial decisions or simply don’t have the time to do it all on your own, working with a financial planner can be the best step forward to ensuring you meet your short- and long-term financial goals.

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