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13 People Who Absolutely Need a Financial Advisor (Are You One of Them?)

If you're one of these 13 types of people, meeting with a financial advisor is a smart choice.

By Michelle Smith

Edited by Eric McWhinnie

Updated Sept. 25, 2024

Financial advisors are professionals who help individuals plan their financial futures.

Some financial advisors specialize in niche areas like retirement planning, while others offer broad advisory services. But no matter what, financial advisors can help you make smart moves with your money.

Wondering if meeting with one might benefit you? Keep reading — we list the 13 types of people who are most likely to benefit from the advice of a financial advisor.

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People with complex finances

Budgeting is hard enough when you have a single source of income and relatively few bills, but it gets even harder as your finances become more complex.

If you're tired of spending your time trying to wrangle complicated finances on your own, a financial advisor can help simplify tasks like budgeting, saving, and investing.

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People who are getting close to retirement

The closer you get to leaving the workforce, the more important it is to ensure you've saved enough money to retire.

Chatting with a financial advisor who specializes in retirement planning can help you verify that you've saved enough funds. And if you haven't, your advisor can give you advice on how to ramp up your savings.

People who don't want to learn about finance

Learning enough about finances to manage your own budget and chart your own financial future can be time-consuming and complicated.

Instead of spending hours trying to teach yourself financial literacy, save time and energy by meeting with someone who already earned a degree in the subject.

Get a free stock valued between $5 to $200

Secret: You don't need thousands of dollars to buy thousand-dollar stocks or create a diverse portfolio.

Robinhood offers a method of investing called “fractional shares.” On its own, one share of a single stock could cost a lot of money, making it difficult to diversify. Robinhood allows you to buy pieces of stock instead, so you have the option to build a diverse portfolio quickly.

Let’s say you want to invest $250, as an example.

With that amount, you could build a relatively diverse portfolio with an investment of $50 in a big tech stock, $50 in a retail stock, $50 in an energy stock, $50 in a manufacturing stock, and $50 in a bank.¹ This content is for informational purposes only, you should not construe any such information as legal, tax, investment, financial, or other advice. To get stock reward, new customers need to sign up, get approved, and link their bank account. Stock rewards shares cannot be sold until 3 trading days after the reward is granted and the cash value of the stock rewards may not be withdrawn for 30 days after the reward is claimed. Stock rewards not claimed within 60 days may expire. See full terms and conditions at <a href="https://robinhood.com/us/en/support/articles/open-account-pick-your-stock/">rbnhd.co/freestock</a>. Fractional shares are illiquid outside of Robinhood and are not transferable. Not all securities available through Robinhood are eligible for fractional share orders. For a complete explanation of conditions, restrictions and limitations associated with fractional shares, see the Fractional Shares section of our Customer Agreement. Robinhood Gold is offered through Robinhood Financial LLC and is a membership offering premium services available for a fee.

Even better news? Add a Robinhood Gold membership, and you’ll get access to 4.00% (as of 12/27/24) APY² Annual Percentage Yield. Rate valid as of April 12, 2024. To earn interest, a cash balance is needed. If you have a margin balance, there is no cash balance to earn interest. Interest rates for cash sweep and margin investing can change at any time. Fees may reduce interest earnings. on your uninvested cash³ Interest is earned on uninvested cash swept from your brokerage account to partner banks. Partner banks pay interest on your swept cash, minus any fees paid to Robinhood. As of Nov 15, 2023, the Annual Percentage Yield (APY) that you will receive is 1.5%, or 5% for Gold customers. The APY might change at any time at the partner banks' or Robinhood's discretion. Additionally, any fees Robinhood receives may vary and are subject to change. Neither Robinhood Financial LLC nor any of its affiliates are banks. All investments involve risk and loss of principal is possible. Robinhood Financial LLC (member SIPC), is a registered broker dealer. and the ability to buy and sell stocks 24 hours a day, 5 days a week.

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People who could use some professional validation

No matter how good you are at money management, it's always nice to hear from a professional that you're on the right track.

If you're pretty confident in your own financial strategy but want a seal of approval from someone with a degree, a one-off meeting with a financial advisor can assure you that your confidence is warranted.

People who have experienced a major life change

Major life events like the birth of a child, a marriage, or a divorce can drastically alter the state of your finances.

If you've experienced any sort of upheaval or dramatic change, it's an ideal time to meet with an advisor who can help you adjust your spending and saving habits to match your new reality.

People who are concerned about estate planning

Worried about dividing your assets fairly among your children? Hoping to leave some money to your charity of choice without imposing any undue financial burdens on your beneficiaries?

A financial advisor can talk you through divvying up your assets in a way that's financially advantageous for you now and for your inheritors in the future.

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People who don't know anything about investing

Investment accounts like 401(k)s and IRAs are a cornerstone of many Americans' retirement plans, but it's hard to verify that you're saving enough money when you don't know much about investing.

An advisor can help you understand which investments make the most sense based on your age, financial goals, and risk tolerance.

People with specific questions about a tricky financial aspect

Maybe you know a lot about budgeting and investing, but you don't know anything about self-employment taxes or estate plans.

If so, consider finding an advisor who specializes in whichever field you're least familiar with. You can stay on top of the financial knowledge you already have while receiving expert help on other aspects of money management.

People who recently inherited money

Coming into money can make a big difference in your life. Financial advisors can help you decide where to invest extra funds to ensure they aren't squandered.

They can also coach you through taxes, help you strategize for retirement, or set up trusts for your children.

Earn up to a $300 bonus and grow your money with up to 3.80% APY

This powerful combination checking + savings account from SoFi® allows you to earn up to a $300 bonus with direct deposit and grow your money with up to 3.80% APY.⁴ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. See full bonus and annual percentage yield (APY) terms at <a href="http://www.sofi.com/banking#1">sofi.com/banking#1</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.

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SoFi has no account fees⁵ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a> or overdraft fees⁶ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A.  The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY.  Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage. and additional FDIC insurance up to $3 million on deposits is available through a seamless network of participating banks.⁷ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>. Plus, you can receive your paycheck up to 2 days early.⁸ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

How to earn up to $300: Sign up and make a direct deposit within the first 25 calendar days of the promotional period, then collect a $300 cash bonus with a direct deposit of $5,000 or more.

SoFi is a Member, FDIC. ⁷ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.

Open your SoFi account and set up direct deposit

People who can't seem to stick to their budget

Perhaps you've created a budget time and time again but you've struggled to stick with it. A financial advisor can take a look at your budget and help you understand why it isn't working for you.

Plus, you might find that having a third party look at your budget gives you a sense of accountability that helps you commit to your financial plan for good.

People who have financial goals but no concrete plans

Maybe you can see your financial future clearly, but you're not sure how to bring it to fruition.

Whether you see yourself retiring to a beachside cottage or leaving the workforce early to travel the world, a financial advisor can help you plot a course toward the future you want.

People who are anxious about the future

Are you worried about your future financial state? You don't have to live with that anxiety. Bring your concerns and plans to a financial advisor who can give you a good idea of what your future will look like.

This can either put your mind at ease or alert you to potential pitfalls that you can create a plan to avoid.

Supercharge your investments: See what could happen if you add fine art to your investment portfolio

People who want help managing debt

Are you having a hard time prioritizing debt payoff? Do you feel like you're never able to get ahead of your debt no matter how hard you work?

A financial advisor who specializes in debt management can help you create a roadmap to crush your debt in a timely fashion.

Bottom line

While the 13 types of people we listed above should consult a financial advisor, the truth is that meeting with a financial advisor can benefit anyone.

No matter what stage of life you're at or how you're feeling about your finances, scheduling a consultation can bring you peace of mind and help you prepare for retirement.

More from FinanceBuzz:

Invest in Paintings by Basquiat, Picasso, Banksy

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