There is a common misconception that only super rich people need a financial advisor. Another myth says financial consultants are expensive. The fact remains, however, that you can seek financial advice at a nominal fee. If you follow their tips, you can save multiple times more than what you would spend on them. It is also true that not everyone needs to hire a financial consultant. Whether you need one depends on your short-term and long-term financial goals. For instance, if you are planning to take a home loan in future, you may need advice on how to go about managing your income tax files. You may even want to consult your financial advisor before borrowing from a licensed moneylender. Here are some telltale signs you need a financial advisor.

You have no idea if you are saving enough

Most people in Singapore do not have a solid financial plan for retirement years. They are working day and night and maybe saving some money, but they have no idea whether the amount they are saving is enough to support them after retirements. Some people even do not know how long they will be working. One way to clear up these confusions is by consulting a financial advisor. A professional advisor can help devise a feasible retirement plan. When making the plan, they will take into considerations your age, life expectancy, tax rates, etc.

You are yet to set up a legacy plan

If you have not planned for your legacy, you perhaps need to talk to a financial advisor and chalk out a plan about how your assets should be distributed after your death. You can ask your financial consultant to see whether you are likely to leave enough money to provide for the basic financial requirements of your family members. If not, your advisor will tell you what you can do to secure enough funds for the beneficiaries. They will also help you draft your will or trust in the right way.

You get a tax refund every year

You could be delighted to get a tax refund every year, but it is actually a sign that you paying more taxes than what you should pay. Of course, you are getting the money back to your account every year, but with a little planning, you can avoid paying extra in the first place. This would help you keep more funds in your savings account, which would earn you more on interests. You can also choose to invest the extra amount for a higher return on investment.

You do not have any plans for emergency situations

You never know what the future has in store for you. Just because you are earning well now does not mean things cannot change. There could be a recession; you may face a medical emergency; you may suddenly need a large amount of money. For emergency situations, you can borrow from moneylenders. However, it is always a good idea to plan ahead. Your financial advisor can give you the right advice on how to save money for emergency situations.

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