Managing your finances can be a complex matter. Everyone is unique in their spending habits because each individual has different needs, preferences, and goals. All of these factors can influence your financial planning to work toward your goals, both currently and in the future. 

So, if you are asking yourself, “Do I need a financial advisor?” we can assure you, you are not alone. Below, we have put together a guide for you to help you decide if you need a financial advisor and how to pick a financial planner that is right for you. 

1. Do You Feel Confident Managing All Areas of Your Financial Life?

The first question to ask yourself revolves around how comfortable and confident you are in managing your finances. Some people are naturally talented at managing their finances, while others may require more guidance. 

Remember that managing money is more than just spending and saving. It is also about carefully allocating your capital so that it can grow and remain secure, allowing it to be utilized for emergencies and help meet both short-term and long-term needs, including retirement.

Managing finances effectively requires several interconnected factors. 

These can include: Investments, tax planning, insurance coverage, retirement planning, and estate planning.

Navigating through all of these components can indeed be complex and require confidence on your part. Our process can help simplify complex situations. Our team helps identify exposure to shortfalls and excessive liability, enabling you to move forward confidently and more successfully toward your financial goals. 

2. Are You Approaching a Life Transition or Milestone?

Major life changes can significantly affect how you manage your money. This includes getting married, having children, changing jobs, and retiring. Each of these life phases will require a distinctive approach to financial management. 

For example, having children will involve additional costs for expenses related to their education, healthcare, and other activities, such

 as vacations. Similarly, getting married may involve combining spending, splitting debts, and changing tax liability, among other things. 

Are you approaching any life transitions? If so, meticulous financial planning is beneficial; otherwise, managing these changes would be quite challenging. 

3. Do You Have a Retirement Account?

Having a retirement account, such as a 401(k) or an IRA, is a good option. Having a plan for different savings accounts brings structure, priority, and purpose to your financial life. 

In other words, you need to know the direction to take to ensure all parts work toward your goals. For instance, having an IRA but lacking effective tax strategies can lead to missed tax deductions, reduced tax savings, and increased taxable income.  

When you work with Butson Financial Advisors, LLC, we utilize advanced software to identify inefficiencies or improvement opportunities across all accounts, helping you gain a clearer understanding of how to allocate your capital to maximize the benefits each account has to offer. 

4. Do You Want to Be in Control of Your Financial Decisions (But Not Go It Alone)?

Working with a great financial advisor means having a professional guide you through the steps and provide you with the knowledge you need to manage your money effectively. 

Think of it as a partner who will help you break down complex financial topics, seek opportunities in investment options that you might have missed, and provide you with a clearer picture so that you can make an informed decision. 

5. Do You Know What to Look for in a Financial Planner?

If you think you need assistance from a financial planner, the next question becomes: how do you pick a financial planner? Several crucial factors come to mind.

First, you need to see credentials. This demonstrates that the individual possesses the knowledge and professionalism acquired through education, training, and experience. 

Some credentials to look out for are Certified Financial Planner (CFP), Chartered Retirement Planning Counselor (CRPC), Chartered Financial Consultant (CHFC), and Accredited Investment Fiduciary (AIF). 

Second, seek transparency. Ensure the financial advisor is transparent about their working methods, fees, and any additional requirements or agreements. In contrast, be wary of those who rush you into decisions, dodge your questions, or use words to confuse you. 

A good rule of thumb is if you feel more confused than you did when you started, then give it a pass. You should feel comfortable and informed.  

Why Choose Butson Financial Advisors, LLC?

Butson Financial Advisors, LLC has the knowledge and experience to help individuals at various life stages gain clarity, confidence, and work towards results. We give our clients full control over their financial future by helping them create a realistic plan of action. 

In addition to prioritizing your financial well-being, we are committed to transparency and therefore encourage any questions, introductions, and conversations. We serve as your partner, providing the guidance you need to work towards your financial goals. 

Is It Time to Work With a Financial Advisor?

Remember that seeking assistance in managing your finances is not a sign of weakness. Even people who are skilled at managing money seek professional help to expand their knowledge and capitalize on all available opportunities. 

Choosing a financial advisor is a wise and prudent move. Reach out to Butson Financial Advisors, LLC today for your financial planning needs.