News and Commentary

Financial Advisors Can Help Guide You Through Major Life Events by Shane Phillips, CFA, CAIA, CFP ®

Growing a family, buying a first or second home and retiring from your professional career are exciting life events that most of us love to talk about but few of us plan for in advance. If we put off planning for these happy occasions, imagine how little time we actually devote to planning for life’s unfortunate realities, such as losing a job, becoming disabled, caring for aging parents or passing away and leaving family members without the emotional and financial support they need.

Following are four major life events that financial advisors can help you navigate through to help you achieve your long-term financial success.

Getting married and saying “I do” changes your financial-planning strategy to cover two people with new goals for a future together. It is important that you and your spouse are on the same page when it comes to money, especially when considering that fighting over finances is a leading cause of marital stress and divorce. Talk with your spouse about your wishes and desires and work together to establish a plan for achieving your shared goals, which may start with the purchase of a home.

Buying a house, apartment or townhouse is a tremendous investment that represents the largest asset for many people and possibly your first experience using debt to finance that purchase. With a home and a mortgage come a broad range of financial responsibilities. You should consider how you and your spouse will be able to keep up mortgage payments if one of you loses a job or passes away. In addition, consider how these circumstances will change in the future if you have children.

Children are expensive, and costs for their care continue to increase each year. According to the Brookings Institute’s recent report based on data from the U.S. Department of Agriculture, the cost of raising a child from birth to age 18 is more than $310,000, and that does not even include the expenses of sending a child to college. If a college education is something you want to help your child pay for, there are many options available to you, including 529 savings plans. However, money only goes so far. Balancing the costs of higher education with saving for retirement can be a very difficult decision.

Although retirement may seem like a lifetime away when you first get a job and begin a family, the fact is that the earlier you begin planning, the more likely you will be prepared to enjoy the retirement lifestyle that you envision for yourself in the future. As you age, it is likely that your health may deteriorate. Medical expenses can quickly eat through your retirement savings and sabotage any plans you may have had for your golden years.

The more you delay planning, the less prepared you and your family members will be to manage through these life experiences and preserve wealth over the long term. Instead, consider working with experienced financial advisors, who can initiate the planning process and help to ensure that the strategies you employ today continue to address all of the important details that are most important to you and your family over your lifetime.

To learn more about how you can prepare for some of life’s most common and financially significant events, listen to Provenance Wealth Advisors Relatable Finance podcast at

About the Author: Shane Phillips, CFA, CAIA, CFP ®, is a portfolio manager with Provenance Wealth Advisors (PWA), an Independent Registered Investment advisor affiliated with Berkowitz Pollack Brant Advisors + CPAs and a registered representative with Raymond James Financial Services. He can be reached at the Fort Lauderdale, Fla., office at (954) 712-8888 or via email at

Provenance Wealth Advisors (PWA), 515 E. Las Olas Blvd., Ft. Lauderdale, FL 33301 (954) 712-8888.

 Shane Phillips, CFA, CAIA, CFP ®, is a registered representative of and offers securities through Raymond James Financial Services, Inc., Member FINRA/SIPC.

 Raymond James is not affiliated with and does not endorse the opinions or services of Berkowitz Pollack Brant Advisors + CPAs. PWA is not a registered broker/dealer and is independent of Raymond James Financial Services. Investment Advisory and Financial Planning Services offered through Raymond James Financial Services Advisors, Inc., and Provenance Wealth Advisors.

This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of the advisors of PWA and not necessarily those of Raymond James. You should discuss any tax or legal matters with the appropriate professional. Prior to making an investment decision, please consult with your financial advisor about your individual situation. The information contained in this report has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Investing involves risk, and you may incur a profit or loss regardless of the strategy you select.

 * Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

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Posted on January 3, 2023