10 Times in Life When You'll Definitely Want a Financial Advisor

Advanced Financial Planning | Wealth Management

 Plancorp Team By: Plancorp Team

Working with a wealth management advisor has tremendous benefits due to the holistic approach they take to your financial health. An advisor does much more than manage your investment portfolio; they relieve you of stress and help you achieve your dreams.

Throughout life’s changes, your wealth management firm is there to help you navigate your new financial picture.

10 Benefits of Working With an Advisor

Suppose you're asking yourself, “When do I need an advisor?” You should know that an advisor benefits you throughout every stage of your life. There are 10 very substantial benefits to having an advisor for comprehensive wealth management that general investment managers don’t offer. Advisors help with all of the following:


People have investment portfolios primarily to prepare for an eventual retirement and the financial requirements that come with it. When working with a wealth management firm, your advisor takes an approach that customizes your investments based on your goals and constantly works with you to adjust your portfolio as circumstances change.

A wealth manager’s help prepares you for retirement by considering all scenarios that could come along.


Divorce is more than a change in your personal life; it is a tremendous financial disruption. You might need assistance managing your finances, especially if your spouse has been the primary manager. Regardless, a newly divorced individual often needs financial help and advice before, during, and after a divorce.

Estate plans, insurance policies, retirement plans, tax strategies, and investment risk tolerance are some items your wealth advisor will work with you to change due to the divorce.


No one likes taxes, and putting together a good tax strategy that accounts for life changes and investments isn’t easy. Wealth management firms help their clients plan for taxes and develop beneficial strategies to reduce a client’s tax liability.

College Savings

College is an expensive endeavor, but we want our kids to be able to attend the school of their choosing - without crushing student debt. Saving for your child’s college involves much more than putting money in a savings account. Your advisor helps grow those college savings and avoid the taxes that come with traditional investments.

Death of a Spouse

Your financial health is unneeded stress at such a difficult time, but things change substantially when a spouse passes. Like a divorce, your advisor takes care of many changes, including managing your estate, tax planning, investment planning, changing beneficiaries, and recalculating income and expenses.

During such a period, knowing that the financial stress is eliminated is a tremendous help.

Exiting a Business

Your financial situation substantially changes whether you’re exiting a partnership or selling your sole proprietorship. Income changes, an infusion of cash, tax strategies, and estate makeup are transformed, requiring updates to your financial and estate planning.

Before and after such a considerable change, your wealth advisor makes adjustments to fit your customized plan to the updated financial considerations. You can deal with exiting the business profitably and let your advisor handle everything else.


Regardless of the stage of life, investing is a crucial wealth-building component. When adjusting your investment plan, wealth managers contemplate life stages, changing risk tolerance, and life changes. 

As fiduciaries, they present the investments and financial products in your best interest for growing your wealth.

Employee Stock

Equity compensation has become a very popular form of employee compensation, especially in start-up companies. Understanding how stock options work and when to best exercise them isn’t easy. 

Your advisor will help you understand this compensation, make the appropriate decisions, and incorporate the employee stock into their financial planning. If employee stock options are exercised, your advisor’s assistance with tax and investment strategies will be essential.

Generational Wealth

You’ve worked hard to achieve your level of success, but it isn’t just for you—it also ensures a legacy of well-being for your family. Generational wealth is about far more than money; it provides those we love with security and freedom from financial stress.

With a considerable and complex estate, passing assets and money to your children takes some planning. The estate might include businesses, real estate holdings, investments, and other assets.

Your advisor is there to assist with crafting an estate plan, ensure proper insurance is in place, and help adapt your generational wealth plan as situations change.

New House/Car Purchase

Your wealth manager is an outstanding resource when making a large purchase, such as a home or car. Large purchases require planning to formulate the best payment strategy and ensure you stay within your financial comfort zone.

A home purchase will have tax benefits, and an auto lease might be a business write-off.

Sit down, discuss the purchase, and let your advisor devise the proper strategy and update your income and expense calculations.

Why Work With an Advisor

The benefits of wealth management far surpass general investment management. In every stage of life, your advisor is there to relieve financial stress and help you adapt your finances to life’s constant changes.

Working with a wealth management firm and an experienced advisor allows you to focus on the rewarding aspects of life while knowing your finances are handled. Find out more today.

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Plancorp started with a unique philosophy: Always put your clients’ interests ahead of your own, and you’ll build a successful business. That was in 1983, but the sentiment still drives every decision we make. After 40 years of helping individuals, families and business owners plan for financial independence, our commitment to serving as financial life advocates is stronger than ever. More »