Earning money is very difficult but at the same time how to make use of it to grow exponentially is most important. Normally people think that financial advisors are required by the rich people and with even with small knowledge they can do financial planning on their own. But this is incorrect. Because even if you are able to save and grow money, financial risks can never be minimized, when you do not have enough knowledge of different investment products. So hiring someone who can offer you personalized support is must and that is why you should hire financial advisor.

Listed below are the reasons you need financial advisor:

1. The person can help you in reducing financial risk and achieve financial goals keeping in mind factors such as inflation, economy etc.
2. Increasing the returns by keeping risk and return ratio under control.
3. Creating financial plan for different phases of life such as child's birth, education and marriage. Each of these are explained below:
4. Child birth: After child is born, the first thing you should do is consult a good advisor who can guide you on selecting best saving plan for your baby. Because as your child grows the need of money to balance his/her need will also rise at the same time. So careful planning is very important to avoid trouble in the future. In fact, you should start seeking advice when you are expecting a child.
5. Education needs of your child: With rising educational costs, it has become very important to consult financial advisor to choose best plan to meet educational need of your child especially when you want your child to go abroad for higher studies. In order to make this happen smoothly, accurate planning in advance is required and only the person with sound knowledge of investment, market risks and others can offer you correct help.
6. Child's marriage: When it comes to wedding the first question that comes to the mind is how much money would be required and how to arrange that money. Financial planning for this is very important for calculating and planning the wedding cost in advance and role of financial advisor is very crucial as they can recommend best avenues for investment helping in meeting the monetary requirement at the time of marriage.
7. Tax implications: With complex terms and conditions when it comes to taxation in India, you should seek an advice to avoid risks, legal and effective manage tax rules and regulations.
8. Starting your own business: If entrepreneurship is in your blood then getting help from a consultant is utmost important as they can understand your business and chalk out a plan considering the market risks, financial matters, legal matters etc.
9. While selecting health insurance: Medical insurance is must today in order to meet the healthcare cost during the time of trouble. But best mediclaim policy should be selected after consulting the advisor because selection of wrong insurance can create problems in the future.
10. Inherit parent's wealth: If you are lucky to inherit good amount of wealth of parents or family member, then you should definitely look forward to hire an advisor who can manage and grow your money. This will help you in protecting the money which otherwise might get used elsewhere.
11. Buying property: If you are planning to buy a land/house with the help of housing loan then no one can guide you best than an advisor who will get you best home loan deal.
12. Maturing fixed deposit: When fixed deposit matures, then people often think and start spending money they receive after maturity or they reinvest the money received. But a financial advisor will help you in growing your money further.
13. Retirement planning: In order to meet money requirement during retirement, planner can help you in selecting best investment product so that you can live retirement life happily and protect you and your family from future financial trouble.