Do you know when you should get advice?

Seek Advice PDF

Managing your life can be difficult and having the burden of making short- and long-term financial decisions can become overwhelming. Few people are experts in all the areas needed for making major long-term decisions. This is why it is important to not only know when to get advice, but also where you should be turning to get the best advice for your situation.

When should we seek advice from a trusted source?
It’s important to seek advice when you experience major life transitions such as marriage, divorce, the birth of a child, career changes, buying a home, starting a business, or the loss of a loved one. As you approach or enter retirement, it's also crucial to get financial advice to ensure that your retirement savings are sufficient. Additionally, seeking advice regarding challenges unique to the retirement phase is advisable to ensure comprehensive preparation.

At what point should individuals begin seeking reliable guidance?
Typically, it is advisable to consult trusted advisors when making significant decisions that may influence one's future. For many, this process begins in high school, particularly regarding choices related to post-secondary plans. Should you attend college, go to a trade school, or something else? This is when guidance counselors and career specialists might be great resources as well as mentors. Your post-high school choices can significantly affect your finances for years to come.

Are there times we might need to seek trusted advice and not realize it?
If you are feeling overwhelmed by financial decisions or unsure about how to manage your finances, it may be a good time to seek professional guidance. We often believe that for every day financial matters we should be able to do it ourselves. Many people find that an effective way to learn is by seeking out reliable sources with the necessary information. At times, you may already possess the necessary connection, such as with your financial institution; in other instances, it may be essential to identify and engage individuals who offer a particular expertise.

What factors should be considered when seeking a reliable source of advice?
Don’t gauge the value of the advice based on the number of followers or views. Being popular doesn’t mean the source is reliable. Seek sources tailored to your needs (ex. a life insurance agent may not be the best fit for retirement planning advice). Some sources provide long-term information, while others are relevant only for single decisions like purchasing a home. You should always research your sources and if possible, get a recommendation from a family member, friend, or other trusted individual. Whether it is an online tool or a person, take the time to ensure they fit your needs.