Personal finance is often just that: personal. Not only is it meant to adapt to your own needs, goals and wants, but it also can often be done on your own, with no outside help needed to succeed. However, finance can sometimes get complicated, especially as you start exploring more in-depth with topics like investing, planning for retirement and estate planning. While you may be tempted to take on these complex areas on your own, it can sometimes be wise to bring professional help on board.
As financial experts themselves, the members of Kiplinger Advisor Collective have helped countless people navigate the complexities of the financial world. Here, they discuss 10 important instances when you may want to consult a professional and why doing so will save you a lot of hassle — and money — in the long run.
When you’re planning to expand your family
“Consult an estate attorney when expanding your family. You want to ensure your will, trusts and guardianship designations are updated and legally sound, protecting your loved ones’ futures.” — Shawn Plummer, The Annuity Expert
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When you’re selling an appreciated asset
“Consult a tax planning professional when you are thinking of selling an appreciated asset such as a business, building or stock with a substantial taxable gain of a million dollars or more. That consultation should be made before the letter of intent is signed. Seek advice two years prior to the desired sale date to permit the best possible tax savings and increase in wealth for your family.” — John Goralka, The Goralka Law Firm
When you’re transitioning into comprehensive wealth management
“One instance when you may want to consult a professional financial adviser is when transitioning from retail trading to comprehensive wealth management strategies. Moving from trading platforms to advisory services involves complex financial planning. A financial adviser can guide you with the right investment strategies and long-term financial goals, ensuring a seamless transition and optimized portfolio management.” — Jabin Geevarghese George, Tata Consultancy Services Ltd.
When you’re trying to decipher the fine print
“Sorting through brokerage statements, bank statements, mortgage statements and insurance policies is no easy task. A fee-only adviser can give you an objective perspective and help you focus on the areas that will most impact your goals. You are your financial future!” — Deborah W. Ellis, Ellis Wealth Planning
Kiplinger Advisor Collective is the premier criteria-based professional organization for personal finance advisors, managers, and executives. Learn more >
When you’re managing cross-border finances
“When managing cross-border finances, consulting a professional is definitely required. Navigating different tax laws, currency fluctuations and regulatory requirements across countries can be complex. A financial adviser with international expertise can ensure compliance, similar to how multinational corporations rely on specialized advisers to manage global operations and maximize returns.” — Manoj Kumar Vandanapu
When you’re filing your taxes
“Entrust your taxes to a professional. The U.S. tax code is quite complicated. Doing it yourself will expose you to mistakes. You may even miss out on tax rebate or refund opportunities that professionals know about. Pay the tax professional and save money.” — Zain Jaffer, Zain Ventures
When you’re taking on estate planning
“Tax and legal advice are two areas where you don’t want to leave the results to chance. Estate planning is a confluence of these two areas and should never be done without expert advice because the stakes for you and your heirs are high if the work is done incorrectly.” — Stephen Kates, Annuity.org
When you’re planning for retirement
“Consult a professional when planning for retirement. They can help create a tailored strategy that considers your unique financial situation, goals and risk tolerance. A pro ensures you maximize benefits, avoid costly mistakes and stay on track with investments, tax planning and adjusting plans as your circumstances change. This expertise can significantly impact your long-term financial security.” — Amrita Choudhary, Wasabi Technologies
When you’re investing in nontraditional accounts
“Consult a professional when investing in nontraditional accounts, especially if you’re new to it. This could be a good idea for people who want to invest but don’t know where to start. Even if you consult a professional just to get advice on how to choose the right type of account to invest in, they can provide better direction than your intuition if you’re new to these types of investments.” — Justin Donald, Lifestyle Investor
When you’re facing a major life event
“Consult a professional when facing major life changes like retirement, inheritance or a significant investment decision. Their expertise ensures personalized, strategic planning, reducing risks and optimizing financial outcomes. This guidance is crucial for navigating complex financial landscapes, achieving long-term goals and ensuring you preserve wealth.” — Greg Welborn, First Financial Consulting
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The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.
