Are wealth advisors worth it?

Let’s be honest; not everyone understands personal finance management or knows how to take advantage of experts to capitalize on their wealth.

Deciding whether to get hold of a wealth advisor or manage investments on your own is indeed a tough decision. The wealth advisors offer holistic financial planning services such as succession planning, legal regulation, estate planning, stock market, and investment management to maintain an extensive financial portfolio.

The wealth advisory market has experienced tremendous growth in the last couple of years due to the expansion of affluence globally. According to a recent report by the Bureau of Labor Statistics of the U.S., the industry will witness a growth rate of 5% in the coming ten years. Without a doubt, it’s a booming industry with a bright future.

According to another analysis by Statista, the number of millionaires in America has doubled, leading to the recent developments in the Fintech market; therefore, the growth of wealth management providers will increase by 14%.

In a nutshell, wealth advisors help their clients with just about everything that involves finances. But again, the question arises, how do you know when it’s time to hire a wealth advisor to gain maximum return from your investment?

When Should You Hire A Wealth Advisor?

Busy executives, working parents, and business owners already have a lot on their plate. Unfortunately, they don’t have the time to evaluate each option against their ROI, which is why we have compiled this guide assisting you with financial guidance at the right time.

When Considering Retirement

You work most of your years with one key goal – save enough to have a comfortable life after retiring. Undoubtedly, financial planning is the secret to building a happy financial future. However, with the ongoing stagnant wages and the rising cost of living, numerous Americans struggle to save for emergencies and retirements.

The money management approach changes from wealth maximization to capital preservation when heading towards retirement. Although several avenues of investment are available in America, it still takes a wealth advisor’s expertise to generate a steady source of income through the low-risk financial portfolio.


Access To Disposable Income

Due to paying off your debts at any time of the year, your disposable income increases than usual. So, rather than squandering all of the cash on new gadgets, clothes, and jewelry you might not even need, invest it to build a strong portfolio of investments.

When Optimizing Tax Liabilities

With a significant rise in income comes changes in the tax regime, an excellent opportunity to hire a wealth planner. They can help maximize the benefits available in your tax slab and convert potential losses into opportunities to save tax.

Sudden Windfall Gains

You might have many sudden revenue streams such as gains from an inheritance, company stake exit, unexpected winnings from lotteries, etc. All these can turn your fortune, but you could end up with nothing when you aren’t careful. So don’t indulge in overspending; instead, get on board with a wealth advisor and make sound financial decisions.

Major Life-Altering Event

During major life-altering events such as marriage, buying a new house, and having a baby – all have a significant impact on your finances. Therefore, take help from a wealth advisor and easily navigate through the event with a long-term yet practical approach.

Bottom Line

It’s not ok to neglect your finances, especially when you are short of time; hiring a wealth advisor is a worthy decision.

Still wondering when’s the right time to hire a wealth advisor? Remember, financial matters are interlinked and complex, requiring an expert to maximize their returns. Wealth planners bring in the expertise needed to effectively manage your wealth in a way that offers maximize returns.

Any opinions are those of Rademacher Financial, Inc. and not necessarily those of RJFS or Raymond James. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.