For some investors, consulting with wealth managers is a no-brainer. Whether it’s because investing is their chosen profession or for some other reason, they feel that the financial aspect of their lives is usually best handled by a professional. For others, however, the decision is less clear-cut. Even die-hard self-managers and people who keep all of their retirement savings in their company’s 401(k) can have a reason to need a professional to tackle their finances.

Hiring a wealth manager is a smart financial decision, especially if your finances have suddenly gotten more complicated, such as in the wake of a major life event, or you’re planning for retirement. Here a few signs it’s time to hire a wealth manager.


This is one of the big reasons many people turn to wealth managers. Approximately 22% of Americans have fewer than $5,000 in savings that’s actually earmarked for retirement. That’s not an insignificant figure, and hiring a professional can be a great first step toward more financial freedom in your retirement.

Major Life Changes

Major life changes can mean you have less time and fewer general resources to devote to financial planning, which can have adverse effects in the long run. Hiring a professional frees you up to deal with whatever change has occurred without harming your financial future.

More Complicated Finances

Finances may start out as a ‘do-it-yourself’ sort of job, but can rapidly become much more complicated than the average layperson can navigate. There are many things that can contribute to suddenly having more complicated finances, such as an inheritance, a child attending an expensive university, etc.

Estate Planning

Wealth managers often work side by side with estate planners to manage investments with some kind of long-term goal in mind. Wealth managers will also oftentimes interact with various members of a family, meaning that when it comes time to distribute assets to beneficiaries, the family will have someone familiar there to help them.

In the end, it’s up to you how you choose to handle your finances, but hiring a professional is a great option, especially if your life circumstances suddenly warrant it. Even without a sudden change in your finances, it can be nice to leave the financial aspect to a professional so that you yourself have more freedom and more time to spend with your family and friends.