When Do You Need a Financial Advisor? Local Expert Explains

Published on Aug 28, 2022

Alex Chalekian, founder and CEO of Pasadena-based Lake Avenue Financial. [Courtesy photo]

Many believe that a financial advisor is needed exclusively for high net worth individuals or people with grand estates and large investment portfolios. But this is not always the case, says an award-winning local financial expert.

Alex Chalekian, founder and CEO of Pasadena-based Lake Avenue Financial, told Pasadena Now that anyone who is needing advice in the area of personal finance including those who plan to buy a home, get married, start a family or retire – even those with a low net worth –  might need the help of a financial advisor.

“As the financial industry has shifted from selling products to providing advice, you no longer need to have a large portfolio or estate to work with an advisor.” 

“You can be a young professional that is trying to make the right decisions with their money while trying to figure out the best way to tackle their school debt. A financial advisor that provides actual planning, and not just asset management, can outline a game plan for their clients and help them work towards their financial goals,” he said. 

Noting Chalekian’s contributions towards the critical conversation of financial literacy and wealth management, financial media website Investopedia recognized him as one of the top 10 financial advisors in the country for 2022. 

“It’s always great to be recognized for your hard work. Especially when it comes to the contributions towards raising the financial literacy levels in this country. Hopefully it means that we are making an impact in our community,” Chalekian said.

Last month, Investopedia released their sixth-annual list of the top 10 financial advisors in the United States in 2022. 

The list spotlights the top independent financial advisors “who not only demonstrate an industry-leading ability to reach large and diverse audiences, but who use their influence to foster financial literacy education in the communities that need it most,” according to Investopedia. 


Financial Literacy in the age of Social Media 

While the internet provides people with instant access to an endless supply of knowledge about investing and wealth management, Chalekian advised against relying on information that can be seen on social media, saying this could be dangerous. 

“Having all this access to information is great, but it can also be dangerous.” 

“We have seen how many people, as of recent, have lost a lot of money after following individuals on social media who had no qualifications giving out financial advice.” 

“A 14 year old kid telling others about his “amazing options strategy” is not financial literacy. But unfortunately, most of the public wouldn’t realize that,” Chalekian said, warning against dubious financial advice on various social media platforms. 

According to Chalekian, financial advisors today offer various products and services that is why it is necessary for those in need of help in managing their finances to do their research first to see the right advisor who will align with their goals. 

When meeting with a financial advisor, they should ask several questions such as questions about the advisor’s credentials, what services they provide and how their financial assets will be held, so they could make an informed decision, according to Chalekian.

Recently, Lake Avenue Financial launched Futurvest, an online wellbeing platform that “will educate people, while making it easy to plan, track, and meet their goals so they can achieve a healthy financial future.” 

Chalekian said his firm will continue to  educate and empower clients it serves on wealth management and building. 

To learn about Futurevest visit: https://www.futurvest.com/

For more information on Lake Avenue Financial, visit: https://www.lakeavefinancial.com. To view the complete list of Investopedia 100 Top Financial Advisors of 2022 visit: https://www.investopedia.com/top-100-financial-advisors-5323670

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