For most of us, life gets more complex as it goes along. Your finances may also get more complicated. For example, you may get a new job that pays you a commission rather than a salary. You may choose a life partner and raise a family. You may buy a home and pay it off. You will likely retire some day.
With all these changes, you may find that at some point you will need new advice or new financial products to meet your needs.
Four steps to get the right advice when life changes:
1. Discuss your changing needs with your adviser, if you have one.
Don’t be afraid of hurting your current adviser’s feelings. They are there to look out for your best interests. If they can’t give you all the help you need now, they’ll likely suggest ways that you can get it. They may introduce you to a partner or associate in their company. Or, you may keep your current adviser and add a new one to help with some special need, such as retirement or estate planning.
2. Ask other people at your stage in life how they handled their finances.
They may know an adviser who could help with more complex needs. Even if that adviser can’t help you, ask your friends how they went about finding the kind of adviser they needed.
3. Find out if you can get advice through your workplace.
Employers and unions that manage benefits and group plans of various kinds can often help with financial education. If you have a pension plan, there may be a person who runs that program who can explain what will happen when you retire. Or, they may refer you to a specialized adviser.
4. Find out what other kinds of advisers there are.
No matter how complex your finances have become, there are bound to be people who know how to help. If you want an adviser to manage all of your investments and financial matters, be prepared to pay higher fees. In return, you should expect to get good advice, clear answers to your questions, and a healthy return on your investments.
Remember: As life changes, you may need a new adviser.
Even if you and your adviser have grown close over the years, keep in mind that this is a business relationship. Make sure you are getting the help you need and if not, move on.