When is the Right Time to Consult a Financial Adviser?

“I am lucky to have advisers whom I trust” ― Monica Seles

3 min read

When To Use A Financial Adviser

When is the Right Time to Consult a Financial Adviser?

“I am lucky to have advisers whom I trust” ― Monica Seles

3 min read

Financial Advisers are like the Sherpas of the financial world, guiding you through the treacherous peaks and valleys of personal finance. However, how do you know when the right time is to consult a Financial Adviser to help you navigate the financial landscape? It’s an essential question, and the answer (you may not be surprised to read) isn’t a one-size-fits-all solution. Today, we are giving you this guide to getting the right help, and more importantly, at the right time for you. After all, the expertise of an Adviser can help ensure you reach your financial summit.

How Old Should I Be?

The age at which you should consider working with a Financial Adviser depends on your life situation. Whether you’re fresh out of education, approaching retirement, or somewhere in between, your financial needs evolve. In reality, there is no age limit applicable to talking with a Financial Adviser. If you have the need for a Financial Adviser, you are the right age to seek one out! We’ll discuss the stages of life when seeking financial guidance is most advantageous and how it can set you on the path to achieving your goals.

In What Stage of Life Should I Be?

The right time to consult a Financial Adviser is intrinsically tied to the stages of your life. Whether you’re entering the workforce, getting married, buying your first home, or planning for retirement, each stage comes with unique financial challenges and opportunities. Generally, it is good practice to consult a Financial Adviser right at the start of your working life to ensure you have a strong start into securing a successful financial future. Keep in mind that despite Financial Advisers charging for their services, they may be happy to have an initial chat that might be highly beneficial as you’re starting out. You can read more about understanding Financial Adviser’s fees in our previous article by clicking here

How Much Money Do I Need?

One common misconception is that Financial Advisers are only for the wealthy. Whilst they can indeed provide valuable services for high-net-worth individuals, they can also be beneficial for those with more modest financial means. In reality, there is no minimum amount of money that you will need to see a Financial Adviser. The key thing to keep in mind is that, for investing lower amounts, the fees you pay may be less cost-efficient than for those with higher amounts. 

Some Advisers could give you the option to pay hourly, which means that you don’t need any money to invest at all and simply just the amount to cover their hourly rate.

DIY vs. Adviser: Can I Get By Without Using an Adviser?

In an era of readily available financial information, some individuals may be tempted to go the do-it-yourself route. It is possible to manage your money independently, though a Financial Adviser can significantly enhance your financial wellbeing.

Think of it this way: You can walk a running race and get to the end healthy and still standing with a feeling of accomplishment, but you’ll likely underperform and not win any medals.

Your Financial Sherpa Awaits

Even if you’re not sure whether it’s the right time to hire a Financial Adviser, seeking guidance early can be a wise move. Patterson Mills are here to provide you with practical steps to take if you’re uncertain, so you can begin your financial journey on the right foot.

Get in touch with Patterson Mills today and book your initial, no-cost and no-obligation meeting and we will guide you every step of the way. Send us an e-mail to info@pattersonmills.ch or call us direct at +41 21 801 36 84 and we shall be pleased to assist you.

Please note that all information within this article has been prepared for informational purposes only. This article does not constitute financial, legal or tax advice. Always ensure you speak to a regulated Financial Adviser before making any financial decisions.