SACRAMENTO, Calif. —
A financial advisor sounds like a luxury. But there are two situations where it makes sense to engage help.
CAPTRUST VP and financial expert Kathryn McCall says your time of life factors into this decision. And, if you’re still in the wealth accumulation phase of life, you probably don’t need one.
“That stage is critical in terms of learning how to be financially responsible, be a diligent saver, and invest wisely,” McCall said. “But it’s not rocket science.”
It gets more complicated during two other stages of life.
The first one is when you’re about five to eight years away from retirement.
“That’s when strong in-depth planning around income, taxes, Social Security, medical expenses, insurance, estate planning, and long-term care all start to become critical issues to tackle. Having a professional to help you navigate those can be an invaluable resource way beyond the dollars grown in the portfolio,” McCall said.
The second situation where a financial advisor is beneficial is when you come into an unexpected inheritance. It may be especially important if the sum is more money than you’re used to handling.
McCall points out a trust advisor can help you with everything from capital gains tax to investment planning.
“A good financial advisor is more than an investment manager,” McCall said. “Their job is to act as your financial quarterback, working in concert with the client and their other professionals to ensure the best client outcomes.”
Bottom line: Find someone you trust and make sure they’re acting in your best interest.
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