Eight Times You Need Money Management Consulting in Phoenix

Many individuals are financially savvy and manage their own money. However, everyone faces financial challenges in life. During challenging times, you may make mistakes if you do not seek professional money management consulting in Phoenix.

The right financial planner will not sell you investment products simply because it earns them a commission. An accomplished advisor will provide real value. He or she will evaluate your current situation, understand your goals and recommend the best way for you to achieve them.

Even if you do not want to work with a financial consultant on an ongoing basis, there are times when you should always consult a professional. These eight life events involve complex financial decisions that are better left to an experienced advisor:

  1. The First Job – To get off on the right financial foot, a financial advisor can help you begin saving for retirement. He or she will ensure you maximize your employer’s retirement and benefits packages.
  1. Marriage – An unbiased third-party can help you with difficult conversations regarding money. Your advisor will help you effectively combine assets and income.
  1. Divorce – When you leave a marriage, an advisor can help you minimize financial losses. By seeking money management in Phoenix during a divorce, you can avoid making emotional decisions at a difficult time.
  1. Cash Windfall – If you receive an inheritance, a bonus, stock options or any large sum of cash, you want to be sure to leverage the opportunity. A 2012 study from Ohio State University’s Center for Human Resource Research determined most people save only half of an inheritance. An advisor will help you put your new-found money to good use.
  1. Aging Parents – As your parents grow older, you may be called on to help take care of them. An advisor will help you figure out how to pay for your parents’ health care and living expenses.
  1. Retirement – To make the most of your retirement, you need to consult with a financial planning as early in your life as possible. The best retirement investing strategies require 10 to 15 years to implement. The sooner you begin; the more time you have to make adjustments, if needed.
  1. Passing on Your Estate – A financial advisor will help you understand tax implications and find ways to minimize your estate taxes. He or she will also devise a plan that pays for your final expenses and distributes your wealth exactly as you want.
  1. You Attain Significant Wealth – You may seek money management consulting in Phoenix when you reach certain milestones as indicated above. However, if your income and assets reach a higher level, you could benefit from an ongoing relationship with a professional financial planner. A third-party advisor will eliminate the emotion that commonly creeps in when people manage their own investments. They can also provide sophisticated knowledge, tools and resources regarding complex tax laws and investment strategies.

WealthTrust Arizona is one of Arizona’s Top Independent Investment Advisors, as published by The Phoenix Business Journal’s “2015-16 Book of Lists” of all independent fee-based firms. Our investment advisors work with each client to review present and future financial and life goals, take an inventory of current assets and compare risks with historical returns, complete a full analysis of your portfolio including measuring risk versus potential returns, and make sound portfolio recommendations.

To learn more about money management consulting in Phoenix, call for a free consultation at (480) 483-7300. You can also visit our website for more information.