8 Times to Talk to a Financial Advisor

Should you enlist the help of a financial advisor?

It sometimes makes sense to DIY your financial life. Other times, it's best to call the pros. So, how do you know when to enlist the expert help of a financial advisor? Click on to find out.

You're experiencing a major life change.

Getting married? Retiring? Having a child? Major life events can call for a pro to advise you on the money adjustments necessary to navigate this new phase of your life.

You're thinking about retirement.

Retirement is the top reason investors seek professional financial advice, according to Scottrade's 2016 American Investor Report. Not sure how, when or if you'll ever retire? A financial pro can help you determine the best strategies for reaching retirement -- and thriving financially afterward.

You have no legacy plans.

Although financial advisors typically don't write the legal documents, such as wills, necessary to plan for life after your death, they can point you in the right direction when it comes to planning how your wealth will be handled after you're gone.

You receive a windfall.

A financial pro can help you determine the best savings and investment vehicles for yourfinancial windfall. In 2016, 3 in 4 American planned to use their tax refunds -- one example of a windfall -- to save or pay off debt. Others planned to splurge and fund major purchases, according to a survey from GOBankingRates.

You need to care for aging parents.

A financial pro may be able to help you navigate the challenges of caring for your parents as they age and potentially require pricey in-home care and other complicated financial arrangements.

You are worth a quarter million.

Squirreling away one-quarter of a million dollars in assets is a good benchmark after which you should start to engage the regular services of a financial advisor, according to some financial experts.

You've landed your first job.

You don't need a six-figure salary to merit a visit to a financial advisor. Some advisors require that you have a certain amount of assets before they'll speak with you. But a fee-only financial pro, to whom you can often pay an hourly rate for a standalone planning session, may help you start your retirement contributions correctly and get answers to other pressing questions.

You have a financial goal you want to reach.

Let's say you want to retire at 50 or travel the world. A financial advisor, especially one who specializes in something like "holistic" financial planning, can help you work toward those goals. These financial pros focus on helping you meet personal goals through financial planning.