Do I need a certain amount of money to work with a financial professional?

Whether you’re just starting to invest or have already built-up substantial assets, an appropriately registered and licensed financial professional can give you a roadmap for the next stage of your financial journey.

If you’re just beginning to invest for your future, or you’ve put it off and now have some catching up to do, you may wonder whether it’s time to ask a financial professional for help. Many people think that they need a certain amount of assets—say $50,000—to make it worthwhile working with a financial professional, but they can help you develop a plan for reaching your goals from wherever you are right now.

It’s not the amount of assets, it’s the full view.

Instead of worrying about whether you have enough money to work with a financial professional, think about whether you need one. Financial professionals can always help you stay on track, but they are most crucial when your financial situation gets too complicated for you to manage alone. Here are some signs that you might benefit from professional advice.

You want to get the most out of your company benefits.

A financial professional can help you maximize the value of employer-sponsored benefits like 401(k) or 403(b) plans, health-savings plans and life insurance. He or she can help guide you on the right mix of investments, how much to put aside and how your benefits may affect your tax situation. If you leave your job, your financial professional can help you roll over retirement plan assets into an IRA or your new company plan if doing so is suitable for you.

You’re joining finances with your partner.

When you make a commitment to a partner, you’ll have lots of decisions to make about how to combine your assets, invest together for shared goals and maximize the value of the benefits that each of you qualify for at your jobs. A financial professional can help you with the investment implications of combining finances with your spouse.

You’ve received a windfall.

If you’ve just inherited money or otherwise received an unexpected inflow of cash, a financial professional can help you create a plan to turn your windfall into lasting financial security.

Your family is growing.

You can get ahead on planning for your children’s college costs by starting early. Your financial professional can show you how tax-advantaged college savings vehicles  can save you money on taxes while building assets for your kids’ education.

You want to start a small business.

When you launch your own company, you want to ensure that you and your employees have access to high quality benefits. A financial professional can help you find the right retirement savings plan for your new business and assist you with insurance and health plans.

You’re planning to buy a house.

Your financial professional can help you decide how best to save for a down payment and help integrate this large new asset into your financial plan.

Your career is on the move.

When you change jobs and move to another company, you’ll have to decide what to do with your retirement plan assets. A financial professional can show you how to stay on track in your investment plan while preserving the tax benefits of your 401(k) or 403(b). He or she can help you decide whether to roll over your assets into your new company’s plan or into an IRA and guide you as you choose investments for your new account. 

Think about an initial meeting.

Many financial professionals will welcome an initial meeting to introduce themselves and the services they offer and to learn more about your financial goals.

This informational and educational article does not offer or constitute and should not be relied upon as financial, investment or tax advice. Equitable Advisors, LLC and its associates and affiliates do not provide tax, accounting or legal advice or services.

Equitable is the brand name of the retirement and protection subsidiaries of Equitable Holdings, Inc., including Equitable Financial Life Insurance Company (Equitable Financial) (NY, NY), Equitable Financial Life Insurance Company of America (Equitable America), an AZ stock company with an administrative office in Charlotte, NC, and Equitable Distributors, LLC. Equitable Advisors is the brand name of Equitable Advisors, LLC (member FINRA, SIPC) (Equitable Financial Advisors in MI and TN)

GE-6556526.1 (04/2024) (Exp. 04/2026)