When Is It Time to Sit Down with a Financial Advisor?

A resident of Peoria, Arizona, Darcy Bergen directs a team of dedicated financial advisors at the Bergen Financial Group. Among the areas in which Darcy Bergen advises clients is when it makes sense to seek professional financial advice.

As a general rule, major life events such as the birth of a child are moments when it pays to sit down with a professional and devise a long term financial plan. In this case, one aim of the plan should be to ensure that appropriate tax-advantaged funds are in place which will ultimately pay for the child's college. In addition, a portion of income should be set aside for health and life insurance that ensures that the family will be well protected should adverse situations arise.

Another time to reassess one’s financial approach is when a major monetary windfall arrives, whether it be the successful sale of a business or a substantial inheritance. Unfortunately, such situations involving large unexpected gains often lead to unnecessary purchases and a squandering of capital. 

This can be avoided by taking time to set up prudent asset allocations from the get go, with the assistance of an experienced advisor. Remember that any amount of money received will often end up being significantly smaller, given tax liabilities. An experienced advisor can help you minimize these outlays and hold on to the maximum percentage of assets.

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