How to know when it's the right time to get outside financial advice | Opinion

Money touches every part of the human experience in some way. It influences our choices, lifestyle and beliefs about our family, future and selves.

Realizing how closely connected we are with our money, considering when to find a financial adviser is like asking when it’s time to focus on your relationships.

I’ll share a not-so-secret, secret: you already have a relationship with money, and just like any other relationship in your life, it can be healthy or dysfunctional. Taking the necessary steps to build a healthy relationship with your finances can make all the difference.

Thankfully, countless resources are available for financial guidance, making it easier than ever to begin refining your dance with your balance sheet. You can easily pick up a book, sign up for an online course or tune into a podcast to grow your financial knowledge.

However, there are critical times when your financial needs become more urgent, making it more important to connect with an adviser with a specific expertise level.

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Sudden changes

Life happens and sometimes we find ourselves on paths where the ground doesn’t feel solid. These moments— which often result from traumatic events like divorce, career transitions, illness or death — leave us in a fierce war between our thinking and feeling brains.

Both parts of our brain can benefit from having a financial adviser during these times.

Whatever the sudden event, looking for a financial professional with specialized education and a passion for helping individuals through the life event you are facing is essential.

Goal setting with a partner

We all have different relationships with money. When two partners in a romantic or business relationship sit down to set future goals — especially Big Hairy Audacious Goals (BHAG) — they may find it challenging to agree on the path that gets them to their intended destination.

This can be especially triggering when one person has an optimistic, abundant frame of mind and the other leans into a pessimistic, scarcity mindset. When this dynamic arises, a financial adviser can help talk you through the potential paths to the BHAG and facilitate the financial discussion.

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Unclear path to achievement

Sometimes it isn’t easy to identify all the possible paths to the goals you have in mind. Whether it’s retiring early, opening your own business or buying a beautiful new home near the water, a seasoned financial adviser like a Certified Financial Planner (CFP®) can help you build the roadmap to get there.

Setting smaller goals with shorter timeframes can help you achieve your objective and lead you to your desired pot of gold. A good financial advisor will work with you to define these short-term goals and hold you accountable for achieving them.

Emotional burden

Money does not necessarily have to equal stress, anxiety or fear. If you constantly feel burdened by managing your finances, fear that you’re making unwise decisions or consistently have restless 3 a.m. internal monologues about money, it’s time to find a financial adviser.

You may find it helpful to reflect on the root cause of your worry and find a financial adviser with that specific expertise. For example, if you are a business owner stressed about liquidity, consider searching for an advisor specializing in that field.

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While there is no right time to find a financial adviser, having a dependable adviser in your corner can give you direction and peace of mind as you navigate unforeseen changes, set future goals and make big decisions. As you consider whether it’s necessary to seek outside financial counsel, remember that it all comes down to understanding your unique relationship with money and future aspirations.

Becoming more in tune with your financial needs and tendencies will help you to know when it is time to take the next step and find an advisor.

Teresa Bailey is a Senior Wealth Strategist and Director of Development at Waddell & Associates (W&A), orchestrating the financial affairs of clients and building the W&A brand.   

This article originally appeared on Nashville Tennessean: Personal finances: Tips on deciding when to seek outside advice