Editors' pick: Originally published Nov. 18.
Facing an uncertain future, Americans are re-evaluating their financial profile and trying to determine how best to position their assets for what could be the ride of their life.
Tax codes, health care and regulations are expected to change with the incoming presidential administration leaving investors and savers wondering if a financial advisor or planner would be the smartest way to maximize their position.
"The best time to contact a financial professional is when you've done all the homework you can to try to research a problem, perhaps one that is legally or technically complicated and you finally need some help," suggests Mark Hamrick, senior economic analyst for Bankrate.
"It could also be that one is overwhelmed, either by debt or financial terms or transactions that seem foreign," Hamrick adds. "One thing that has become different in the age of the Internet is access to information. There's a treasure trove of data, research and technology at one's fingertips providing possible solutions and courses of action."
While the internet provides a bevy of information, finding customizable solutions for the individual's needs is challenging through a Google search, says Dave Grant, CFP, founder and financial planner for Retirement Matters, Inc.
"While this may work, many solutions are generic and don't take into consideration personal situations that only an advisor can design around. There's also the cost and accessibility of using an advisor," he says.Aren't Financial Professionals Expensive?
The biggest question from average Americans is whether they can afford to hire a financial professional.