Finding a reputable financial advisor can be challenging. There are countless options, and it’s often difficult to tell who is experienced, who takes a thoughtful approach, and who actually takes the time to understand someone’s situation.
This article outlines who tends to gain the most from working with a financial professional, what situations often signal it’s time for guidance, and how to recognize when someone in your life may need help.
The “I’ve Done Fine So Far” Group
Many people have done a solid job saving over the years. They’ve contributed consistently to retirement accounts, avoided major financial missteps, and built meaningful assets.
However, the transition from saving to using those assets introduces a new set of decisions. Retirement income planning becomes the priority, and that requires a different approach than accumulation.
We often see situations like:
- A couple with over $1 million saved but no defined withdrawal strategy
- Multiple accounts invested independently without coordination
- Uncertainty around how much can be spent annually without running short later
In these cases, the question is no longer “Have we saved enough?” but “How do we turn this into a sustainable income plan?”
The “Major Life Change” Group
Certain life events create immediate and sometimes complex financial decisions.
This includes:
- Losing a spouse
- Going through a divorce
- Retiring sooner than anticipated
For example, someone who recently lost a spouse may suddenly be responsible for managing investment accounts, making pension decisions, and organizing income sources, all at once.
These situations often involve time-sensitive decisions:
- Pension elections may have deadlines.
- Social Security claiming choices affect lifetime income.
- Investment allocations may need to be adjusted quickly.
A structured financial planning process can help prioritize decisions and reduce the risk of costly mistakes during an already difficult time.
The “High Income, Limited Time” Professionals
Some individuals have strong earnings and saving habits but haven’t had the time to build a coordinated strategy.
Examples include:
- Healthcare professionals working long or irregular hours
- Executives approaching retirement
- Individuals who have focused primarily on career growth
In these cases, it’s common to see:
- Large retirement balances with limited tax planning
- Stock compensation or bonuses without a long-term strategy
- Ongoing college funding alongside retirement preparation
One example involved a healthcare professional who had accumulated substantial retirement savings but had not revisited her tax strategy in years. By evaluating her income trajectory, we identified opportunities to reduce future tax exposure through gradual Roth conversions.
The goal in these situations is not to overhaul everything, but to organize and refine what already exists.
The “Uncertain but Stable” Households
Some households appear to be in good shape financially but lack clarity around key details.
Common questions include:
- How much can we safely spend each year?
- What happens if long-term care is needed?
- Are we managing taxes efficiently?
A deeper review often uncovers areas that need attention:
- Gaps in long-term care planning
- Inefficient withdrawal strategies across accounts
- Outdated estate plans that no longer reflect current wishes
Addressing these issues can improve how resources are used over time and help avoid unnecessary complications later.
The “Supporting Others” Stage
Many individuals in their 50s and 60s are still financially supporting others while preparing for their own retirement.
This may include:
- Helping adult children with housing
- Contributing to education through college planning and funding
- Assisting aging parents with care expenses
Balancing these priorities requires careful planning.
For example, a client wanted to help fund a child’s home purchase but was concerned about how it would affect their retirement timing. By modeling different scenarios, we were able to determine a level of support that fit within their broader retirement income plan.
Without this type of analysis, these decisions are often made without a clear understanding of the long-term impact.
What to Look for When Recommending Someone
If you’re considering introducing someone to a financial advisor, it helps to understand what differentiates a thoughtful approach.
Key considerations include:
- Whether financial planning, investment management, and tax planning are coordinated
- Whether there is a consistent process for reviewing and updating strategies
- Whether the advisor takes time to understand the full financial picture before making recommendations
Prosperity Financial Solutions works directly with each client. That continuity allows for more informed decisions over time, especially when strategies build on each other.
Help Your Network Get Started With a Financial Advisor
Working with a financial advisor often begins with a conversation. If you know someone who needs guidance around financial planning, tax planning, or retirement income planning, an introduction can help them take that first step.
Prosperity Financial Solutions offers a straightforward, no-pressure meeting where individuals can discuss their situation and ask questions. There is no need for extensive preparation, it’s just an opportunity to review what’s in place and identify areas that may need attention.
Sometimes the most helpful step is connecting someone with the right resource at the right time.
To start the conversation, call (561) 207-6213 or (866) 656-2050, email ramsden@brookstoneadvisor.com, or contact us online.
Frequently Asked Questions
How do I know if someone in my life could benefit from a financial advisor?
If someone is facing major life changes (e.g., retirement, losing a spouse, or going through a divorce) or they have complex financial decisions like tax planning or retirement income strategies, they may benefit from a financial advisor's guidance. The right advisor can help clarify decisions, plan for future income, and address financial uncertainties. Prosperity Financial Solutions offers personalized advice that helps individuals throughout Florida navigate significant life transitions with clarity and confidence.
What should I look for when recommending a financial advisor to someone?
When recommending a financial advisor, look for someone who coordinates financial planning, investment management, and tax strategies. They should have a consistent process for reviewing and updating plans, and take time to understand the full financial picture before making recommendations. We at Prosperity Financial Solutions want every client throughout Florida to receive a thoughtful, comprehensive approach to their financial needs, offering strategies that build over time.
How can a financial advisor help someone with a high income but limited time?
High-income individuals often face challenges like managing large retirement balances without tax strategies or balancing career-focused priorities with retirement savings. A financial advisor can help organize and refine existing strategies, manage stock compensation or bonuses, and optimize tax planning. If someone you know could benefit from a financial partner that specializes in helping busy professionals streamline their finances and making informed decisions that align with their long-term goals, please tell them about Prosperity Financial Solutions, serving clients throughout Florida.
About David
David Wilcox is President and Cofounder of Prosperity Financial Solutions, a retirement and estate planning firm based in Palm Beach Gardens and serving clients throughout Florida, where he has been helping pre-retirees and retirees preserve wealth and build retirement income since 1987. He holds the LUTCF® and CLTC® designations and is a Certified National Long-Term Care instructor who presents seminars and workshops on long-term care and investment planning nationwide.
Investment advisory services offered through Brookstone Capital Management, LLC (BCM). a registered investment advisor. BCM and Prosperity Financial Solutions are independent of each other. Insurance products and services are not offered through BCM but are offered and sold through individually licensed and appointed agents.