• hello@bbfinance.co

BlackBird Finance


When Millennials Should Consider Getting A Financial Advisor

Four millennials outside looking at tablet reading article, when millennials should consider getting a financial advisor.

When Millennials Should Consider Getting A Financial Advisor

 

Millennials are often viewed as a generation that is tech-savvy and independent. This is because they have grown up in a time of rapid technological advancement and are used to finding information and solutions online. As a result, many millennials may feel that they don’t need a financial advisor to help them manage their money. However, there are certain times when a millennial should consider getting a financial advisor to benefit their financial life.

 

In this blog post, we’ll discuss when millennials should consider getting a financial advisor and the benefits of doing so.

 

7 Scenarios When Millennials Should Consider Getting a Financial Advisor

 

  1. When starting a new job: Starting a new job can be an exciting time, but it can also be overwhelming. Many millennials are starting their careers with significant student loan debt, making it challenging to prioritize financial goals such as saving for retirement or buying a house. A financial advisor can help you create a budget, prioritize your financial goals, and create a plan to pay off your student loans while still saving for the future.
  2. When changing jobs: As millennials move further into their careers, the need for a financial advisor can also grow. Questions may arise about what to do with their old company’s retirement plan. Or how to navigate a benefits package? Whether a startup or an established firm, a company’s stock plan can warrant advice from an advisor on tax implications. There may also be new positive challenges, like what to do with extra income.
  3. When purchasing a home or investment property: A financial advisor can help you understand loan options if you are a first-time home buyer. They can provide objective advice as you work with a mortgage lender. A financial advisor can also help you understand what percentage of your income is healthy to spend on a mortgage. If you are purchasing an investment property, advisors can help you analyze and recommend whether a property is a good investment.
  4. When planning for a major life event: Major life events such as getting married or having a baby can significantly impact your finances. A financial advisor can help you navigate these changes and adjust your financial plan accordingly. For example, a financial advisor can help you understand the financial implications of having a kid, such as saving for higher education, protecting your family from financial risk, and budgeting for new expenses.Millennial couple playing with 3 year old daughter in home.
  5. When you need clarification about investment options: Investing can be complicated and intimidating, especially if you’re new to it. A financial advisor can help you understand your investment options and create a diversified investment portfolio that aligns with your financial goals and risk tolerance. They can also help you understand the tax implications of different investment options.
  6. When you’re not making progress towards your financial goals: If you’re not making progress towards your financial goals, it may be time to seek the help of a financial advisor. They can help you identify where to make changes and create a plan to get back on track. For example, if you’re struggling to pay off debt, a financial advisor can help you create a debt repayment plan that fits your budget.
  7. When you’ve received an inheritance: Receiving an inheritance can be a blessing, but it can also be overwhelming. A financial advisor can help you understand your options and create a plan to maximize the benefits of your inheritance. They can also help you understand the tax implications of receiving an inheritance and how to minimize taxes.

 


Related: Picking a Financial Advisor Big or Small?
Related: Fiduciary Financial Advisors: Everything You Need To Know

 

Benefits of Working with a Financial Advisor

 

  1. Objective advice: A financial advisor can provide you with objective advice that is not influenced by emotions or biases. They can help you make decisions based on your financial goals and risk tolerance rather than on emotions such as fear or greed.Millennial sitting down and working on a laptop with financial advisor
  2. Personalized financial plan: A financial advisor can create a personalized financial plan that is tailored to your specific needs and goals. They can help you prioritize your financial goals, create a budget, and develop an investment strategy that aligns with your risk tolerance.
  3. Education: A financial advisor can help educate you about financial concepts and investment options. They can help you understand the benefits and risks of different investment options and help you make informed decisions about your finances.
  4. Time-saving: Managing your finances can be time-consuming, especially if you’re new to it. A financial advisor can help you save time by taking care of the details of your financial plan, such as monitoring your investments and rebalancing your portfolio.
  5. Accountability: A financial advisor can help hold you accountable to your financial goals. They can provide regular updates on your progress and help you adjust your financial plan as needed.

 

When It Comes Down To It

 

Circling back to when millennials should consider getting a financial advisor. We know millennials may feel that they don’t need a financial advisor to manage their finances, but there are certain times in life when seeking the help of a financial advisor can be beneficial. Indeed, millennials are less likely to seek professional help in some areas, but one place they tend to seek more professional assistance than previous generations is with financial guidance. This may be because as next-generation advisors embrace technology and charge differently than their predecessors, the baby boomer financial advisors, millennials become more accepting of the value.

Starting a new job, planning for a major life event, unsure about investment options, not making progress towards financial goals, or receiving an inheritance are all times when working with a financial advisor may be helpful.

Working with a financial advisor can provide objective advice, create a personalized financial plan, educate you about financial concepts, save you time, and hold you accountable to your financial goals. By seeking the help of a financial advisor, millennials can make informed decisions about their finances and achieve their financial goals with confidence. If you think you’re ready for a financial advisor, then see if BlackBird Financial Planning is the right fit and set up a discovery session.


Do you like investing? Learn how a DIY investor can still benefit from professional help.

 

Leave a Reply

Your email address will not be published. Required fields are marked *