Menashe Morley

Top 5 Reasons People Turn to an Advisor (And Why You Shouldn’t Wait)

Buying a home? Paying for college? Retiring soon?

Posted on September 10, 2018

Most of us start out thinking we can handle money decisions on our own. Then as our careers, lives — and goals — expand, we begin to wonder: Am I making the right financial moves? Do I know enough to make smart investing choices? An advisor can help you plan ahead for five of life’s most common financial turning points. We asked Karen Burns, head of Goals-Based Wealth Management Consulting at Merrill Lynch, for the top five reasons people turn to a financial advisor.

1. You are starting a family

The average cost of raising a child is $233,610 for the first 18 years alone, according to government figures.  And that does not include college tuition or inflation.1 It is wise to review your finances before you become a parent.  An advisor can walk you through such issues as when you should start saving for your child’s college education and how you can keep your retirement savings on track while providing for your growing family.

2. You are buying or selling a home

Long before you begin house hunting, an advisor can help as you wrestle with how much debt you can take on and how you can keep other financial goals on track. If you are selling, an advisor can provide guidance about using the equity you might have built up in your home to help you pursue other financial goals.

3. You are getting divorced — or remarried

Along with the difficult emotional ups and downs of divorce, both partners will have to deal with important financial considerations. Will you have enough income to support your lifestyle? How will your investments and other assets be divided? An advisor can offer thoughtful ideas for how to navigate this tricky time in your life.

As for remarriage, it raises questions about how to best combine your financial lives. Do you have an estate plan for the two of you that provides for the financial security of the other should one of you die? Are there children from a previous marriage you would like to leave an inheritance to? These are just some of the questions you will want to work through with your new spouse and an advisor.

4. You have received an inheritance

A financial advisor can help you think through the ways you could put that sudden influx of cash or assets toward your personal and financial goals. Together, you should think about how to allocate this windfall toward existing debt or consider new investment options, and this can also be the time to rethink when you may want to retire.

5. You are approaching retirement

As the length of time you are likely to spend in retirement continues to grow, it is more important than ever to have guidance in preparing financially for that next phase of your life. Five or 10 years before you retire, it can be helpful to ask such questions as: What steps should you consider taking now so that you will not outlive your money? When should you claim your Social Security benefits? How will you fund unanticipated medical costs? “No matter what life stage you are in, an advisor can help you look beyond your immediate needs to build a strong financial future,” notes Burns.

For more information, contact The Menashe Morley Group in the Rancho Santa Fe office 858-381-8113.  The Menashe Morley Group, serving the community for over 34 years: David Menashe is a Senior Vice President and Wealth Management Advisor, Bruce Morley CRPC ® is a First Vice President and Wealth Management Advisor, John Naviaux CPWA ® is a Vice President and Wealth Management Advisor, and Jesse Menashe is a Financial Advisor. Investment products: Are Not FDIC Insured, Are Not Bank Guaranteed, and May Lose Value. MLPF&S is a registered broker-dealer, Member SIPC and a wholly owned subsidiary of Bank of America Corporation. Neither Merrill Lynch nor any of its affiliates or financial advisors provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

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1 United States Department of Agriculture, Expenditures on Children by Families, 2015

Menashe Morley

Menashe Morley Group