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Five Signs It’s Time to See a Financial Planner

Managing your finances can be tough, especially when things get complicated. Knowing when to get professional help is crucial to keeping everything on track. Yes, there’s a cost involved, but think of it as an investment. Proper financial planning can save you money in the long run by optimising your investments, reducing tax liabilities, and preventing costly mistakes. In this article, Dennis Hall explores the five key signs that it’s time to bring in a financial planner.

Balancing significant wealth with a busy schedule is tough. Seeking help will ensure your financial health isn't compromised and you can focus on what you do best.
Dennis Hall - Chartered Financial Planner, Yellowtail

1. You lack time to address your financial affairs

Time is a precious resource. Keeping your financial affairs in order requires consistent attention and careful planning, which can be tough to manage alongside other pressing responsibilities.

When you’re stretched thin, important financial decisions might get postponed, leading to missed opportunities or unnoticed risks. Imagine a successful entrepreneur focused on growing their business. While they’re busy with expansion, crucial aspects like investment management, tax planning, and estate planning might get neglected. A financial planner can step in to handle these critical tasks, allowing the business owner to focus on what they do best.

For individuals juggling various commitments, a financial planner can create a structured approach to managing wealth. This includes setting up automated investment plans, conducting regular portfolio reviews, and staying compliant with ever-changing tax laws. By delegating these responsibilities to a professional, you free up your time and gain peace of mind knowing your finances are in good hands.

2. You have complex financial arrangements

As your wealth grows, so does the complexity of your financial situation. Multiple income streams, diverse investments, intricate tax scenarios, and comprehensive estate plans are common among high-net-worth individuals and business owners. Managing these complexities without expert help can be overwhelming and risky.

Consider someone with significant investments spread across various asset classes – property, shares, cash and commodities. Each asset class has its own management needs, tax implications, and risk factors. A financial planner can bring all these elements together into a cohesive strategy, so every part of your financial picture works towards your overall goals.

For business owners, the overlap between personal and business finances adds another layer of complexity. A financial planner can help separate these areas, optimise tax strategies, and devise succession plans to ensure the longevity and stability of both personal and business finances. They can also coordinate with other professionals, like accountants and lawyers, to create a comprehensive plan covering all aspects of your financial life.

3. You’re experiencing a major life event

Major life events often come with significant financial implications which require adjustments to your financial plan. Navigating these changes without professional help can be overwhelming and might lead to suboptimal decisions. Here are some examples of how a financial planner can assist during these times:

  • Getting married: Combining finances with a spouse involves decisions about joint accounts, realigning investment strategies, updating insurance policies, and possibly merging debt. A financial planner can offer objective advice, helping couples develop a unified approach to managing their finances and planning for the future together.
  • Going through divorce: Separating financial lives can be complex and emotionally draining. A financial planner can assist in valuing and dividing assets fairly, restructuring financial plans, and ensuring both parties achieve financial stability post-divorce.
  • Having a child: The birth of a child triggers the need for education planning, revisiting insurance coverage, and possibly altering estate plans to secure the child’s future. A financial planner can help set up education funds, update beneficiary designations, and ensure you have adequate life and health insurance.
  • Losing a loved one: The death of a loved one often has significant financial repercussions, from managing inheritance to dealing with estate taxes. A financial planner can help with the complexities of settling an estate, understanding tax implications, and making wise decisions about any inherited assets. They can also provide support in updating your financial plans and ensuring that your future financial security is maintained.

With a financial planner’s expertise, these potentially stressful transitions become manageable processes, ensuring your financial plan evolves in line with your life changes.

Major life events come with big financial decisions. Having a financial planner by your side can turn stress into a smooth transition, ensuring your finances stay on track.

4. A sudden and significant increase in wealth

A sudden influx of wealth, whether from a career change, selling a business, inheritance, or a substantial windfall, can be both exciting and overwhelming. While this wealth opens up many opportunities, it also brings responsibilities and potential pitfalls.

An entrepreneur who sells their business for a substantial amount will suddenly have more liquid assets than ever before. Without a strategic plan, impulsive investments or spending lavishly will risk their long-term financial security. A financial planner can provide the structure and advice needed to manage this new wealth effectively. They can help diversify investments, set up trusts or other vehicles to protect assets, and establish philanthropic strategies if giving back is a priority.

Similarly, inheriting wealth presents its own set of challenges, like tax liabilities, understanding and managing inherited assets, and deciding how to best use the funds. A financial planner can help with these complexities, ensuring the wealth is preserved and grows over time, while also aligning with your values and goals.

5. You’re worried about achieving your retirement goals

Retirement is a significant milestone that requires careful planning and preparation. Ensuring you have enough resources to maintain your desired lifestyle and cover healthcare and other unexpected expenses is crucial. For high-net-worth individuals and business owners, retirement planning goes beyond just saving money; it includes tax-efficient withdrawal strategies, legacy planning, and possibly transitioning a business.

Worries about retirement are common, even among the wealthy. A business owner might wonder how to successfully exit their business and convert its value into a reliable income stream for retirement. A financial planner can guide the owner through valuing the business, exploring sale or succession options, and investing the proceeds wisely.

Market volatility and economic uncertainties can impact retirement savings. A financial planner can create a robust retirement plan with diversified investments, conservative withdrawal rates, and contingency strategies to protect against market downturns. They can also help plan for healthcare costs, including long-term care, ensuring a secure and comfortable retirement.

By addressing these concerns with the help of a financial planner, you can approach retirement confidently, knowing you have a solid plan to achieve your goals.

Dennis Hall, Chartered Financial Planner

The expertise of a financial planner is invaluable for anyone with significant wealth and complex financial needs. Whether you’re short on time, managing intricate financial arrangements, navigating major life events, dealing with a sudden increase in wealth, or focused on achieving retirement goals, a financial planner can provide the guidance and strategies needed to optimise your financial health. Recognising these signs and seeking professional advice can help ensure your wealth is preserved and enhanced for future generations.

When you experience a sudden increase in wealth, it’s easy to feel overwhelmed. A financial planner helps you manage and grow your wealth strategically, so you can enjoy your success without the stress.


Founded by Dennis Hall, Yellowtail are the trusted financial planners who advise affluent individuals & families in the South West and across the UK. Yellowtail’s experts provide the clarity, control and confidence to guide you through financial planning, estate planning, pension transfers and investment management directing your journey towards a prosperous retirement and financial peace of mind.