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When to Hire an Accounting and Financial Planner?

Posted December 11, 2020 by EasyFinance.com to Finance 0 0

Financial planning is essential, but most people think of financial planning when things become messy. When markets begin to crash or when people begin to question the quality of their financial decision. Financial planning is important in topics like risk management, asset allocation, personal finance, and lifestyle planning. A financial planner helps you through significant transitions in life and help you achieve your financial goals.

So, when is it a good time to hire a financial planner? Below are some of the signs and events that indicate it is time to hire a financial planner.

Major life changes

Most people require help navigating some major life changes. Life changes can include inheritance, selling, or buying a business or career change. These events require an accounting and financial planning which will help you handle everything. Furthermore, they have insight into the financial world, and they might see options that you're unaware of.

  • Inheritance: If you have inherited a large business that has been in your family for generations, then it is time you start thinking of a financial planner. The tax considerations involved with an inheritance alone are among the major reasons you should have a financial planner. Besides, planning for the future becomes complex that you have a business and a legacy to maintain. Unless you are an expert on taxes, accounting, and financial planning, you cannot make the optimal decisions without a financial planner's help.
  • Company buy-out: If you own a small business or you have an equity stake in a business, you might be able to sell or be bought out. The liquidation event has major issues like asset allocation, income needs, and tax planning that you might not work through without a competent planner. You might have a difficult time.
  • Career changes: A financial planner can guide how to manage and maximize your employee benefits to ensure you make the most of your investment and retirement accounts.

Financial complexity

If you have gained a lot of assets and your goal is to multiply the assets, you will need some advice on how to keep it all in focus. Balancing income, debt payments, and managing multiple savings accounts can be complicated and hectic. Thus, you require the help of a financial planner to generate a good strategy for long-term success.

When you need help leveraging resources

This is quite common. You can be in a situation where you have hired an accountant, and you have created an estate plan with your attorney, but the missing factor is a financial planner to coordinate your planning. Financial planners act as a liaison to your wealth management. This ensures that every aspect of your business is working together to benefit you. Since the financial planner takes a comprehensive approach to your financial health, they are familiar with your tax and estate plans. They are in a position to come up with options available to you and facilitate your accounting.


If you are in the situations mentioned above, it is best to seek an experienced financial planner's help. They have good accounting and financial planning experience and a thorough understanding of your situation to ensure you make the right decisions.

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