1. When you get your first job. It doesn't matter whether it pays RM20,000 a year or RM200,000 a year, your first job is a good reason to check in with a financial planner. Not only can they advise on how best to begin saving for retirement, they may also provide insight on how to maximize your employer's benefits package.
2. When you get married or divorced. Another good time to get input from a financial planner is whenever you enter or leave a marriage. Bringing in an unbiased third party can help minimize financial losses in a divorce and may make it easier for engaged couples to have conversations about combining assets and income in marriage.
3. When you receive a large sum of cash. Receiving a large sum of money, such as from an inheritance, bonus, buyout or big raise, should be a boon to your financial health. Unfortunately, many people to squander the opportunity it presents. A 2012 study from Ohio State University's Center for Human Resource Research found most people save only half the inheritance money they receive. In the study, 826 people received an inheritance, with the median amount being $11,340. Of those, one-third saw their overall wealth remain the same or even decline after receiving an inheritance, apparently as a result of poor financial decisions.
4. When you need to take care of aging parents. Kutner says people should think outside the box when considering how a financial planner can be useful. "Aging parents want to stay in their homes, and how do you pay for that?" he says. "It's amazing how much a financial planner can [help]."
5. When you are thinking about retirement. Retirement planning is one area where financial planners shine. However, to make the most of their advice, you need to consult with a planner well before your expected quit date.
6. When you are preparing to pass on your wealth. At some point, you and your money will be parted forever. When you start to think about estate planning, it can be smart to bring in a professional for the discussion. A financial advisor may be able to suggest ways to minimize estate taxes, plan for final expenses and review beneficiary details on accounts.
7. When you are worth a quarter million. In most of the above cases, you may only want to pay for a single visit with a financial advisor, or ongoing consultation may not be necessary. However, once your income and assets reach a certain point, you may want to develop a regular working relationship with a planner who can keep you in check. According to some financial experts, a quarter million in assets is a good time to step away from your investments and let an objective third party step in.