When in Life Do I Need a Wealth Manager/Financial Planner?

You don’t have to be a millionaire to need a financial planner. In fact, most people benefit from some level of guidance at different points in life. Whether you’re just starting out or approaching retirement, there are moments when managing money gets complicated—and that’s when the right help can make all the difference. 

So, when does it make sense to bring in a professional? Let’s look at a few common life stages.

Starting Your Career

It's tempting to just focus on the next paycheck in your first “real” job, but this is actually a smart time to set up solid financial habits. A planner can help you understand how to balance debt, build savings, and start investing. Even if you're only working with a small income, learning how to manage it well can set you up for the years ahead.

Getting Married or Living Together

Combining finances with someone else is never just about splitting bills. It’s also about figuring out shared goals, understanding spending habits, and planning for both short-term needs and long-term dreams. A wealth manager or financial planner can guide couples through budgeting decisions, saving for a home, and managing joint investments.

Having Kids

Kids bring joy, chaos, and a long list of expenses. From diapers to college tuition, it adds up fast. Planning ahead can ease some of the stress. A financial planner can help you explore education savings accounts, life insurance options, and long-term planning that keeps your growing family in mind. We get it, it's not always fun to talk about the future, but it's a lot easier to think about now than to scramble later.

Changing Careers or Starting a Business

Switching jobs, freelancing, or launching a business? You’ll likely face new questions about taxes, retirement accounts, or health insurance options. A professional can walk you through how to keep your finances steady while your income changes. They can also help you think long-term, especially when benefits like 401(k) matching or employer-covered insurance aren’t part of the picture anymore.

Inheriting Money

Sudden wealth—whether from an inheritance, a legal settlement, or even winning a lottery ticket—can create more stress than people expect. It’s easy to make quick decisions that may not serve you in the long run. A wealth manager can help slow things down, organize your options, and think strategically about how to use those funds in a way that supports your goals.

Planning for Retirement

This is one of the most common times people reach out for help. Whether retirement is 5 years away or 25, having a plan is important. A financial planner can help you understand how much you might need, what kind of income you can expect, and how to adjust your current spending or savings to get there. Retirement also brings lifestyle changes that can affect your day-to-day financial decisions, further requiring assistance.

Navigating Divorce or Loss

Life throws curveballs, and not all of them come with a warning. Divorce or the death of a spouse brings not just emotional weight but often big financial shifts. In moments like these, a financial planner can help you regroup, reassess, and rebuild a plan that works for your new circumstances.

You don’t have to figure it out all alone! At Bumgardner Morrison & Co LLP, we help you stay prepared, no matter what’s ahead. Contact us today to start building a financial plan that fits your life.