Do I Need a Financial Advisor How to Tell What Money Help You Need

Do I Need a Financial Advisor? How to Tell What Money Help You Need

Just about everyone could benefit from speaking with a professional financial planner; however, sometimes the cost can be prohibitive. While seeking out the help of a professional financial advisor might be expensive, solid financial advice can sometimes save you significant amounts of money in the long run.

If you are struggling with managing your money or you feel uncertain about your long-term financial situation, chances are you could benefit from working with a financial advisor. That said, we understand it can be a confusing situation.

To help you understand if you could use the guidance a financial advisor can provide, we’ll explain what exactly a financial advisor is, what they do, and when you need one.

What Is A Financial Advisor

Essentially, financial advisors help you create a plan for meeting your financial goals. They work with you to determine a specific financial plan to help you achieve your goals. Whether you need help saving money, making wise investments, or reducing debt, a financial advisor can help you reach your financial goals.

The term financial advisor actually describes a wide variety of professionals and services. Investment managers, financial consultants, and financial planners all fall under the umbrella of financial advisors. Some financial advisors even work completely remotely; they can handle your digital investments from afar.

What Do Financial Advisors Do?

The particular services a financial advisor provides vary based upon the type of advisor they are. Across the board, most financial advisors assess your current financial situation. This means weighing your assets, debts, expenses, and income. From there, they identify areas for improvement and create a plan that allows you to achieve your financial goals.

Most effective financial advisors want to know your specific goals. They know that creating a plan that helps you reach your personal goals makes you more likely to commit to the plan.

Financial advisors can help in a number of ways. They help by calculating how much you should aim to save for retirement, making sure you have sufficient emergency savings, helping you plan your taxes, and explaining how you could tackle unwanted debts.

Financial advisors also help you build an investment portfolio. Whether you just want advice on how to begin investing or specific investment recommendations, you can rely on a good financial planner to help you with investment management.

Most financial advisors allow you to choose the specific services that are relevant to your situation. For example, a more traditional financial advisor that you would see in person would most likely offer personalized guidance for a continuing fee. While more remote-based financial advisors operate online. They offer financial advice that is less comprehensive but also less expensive.

Online and over-the-phone financial advisors offer cheaper financial advice but that advice tends to focus on a particular area of your financial portfolio. Then there are the more traditional financial advisors, which cost more but offer a more holistic approach and look at your entire financial situation.

When Do You Know If You Need A Financial Advisor?

When Do You Know If You Need A Financial Advisor


In an ideal situation, everyone would have the opportunity to consult with a financial advisor on a regular basis. In a perfect world, a financial advisor would be there to help everyone keep their finances in order and provide them with guidance whenever they made a large purchase or investment decision.

Unfortunately, professional financial advice is not always cheap. At the end of the day, financial advisors need to charge enough of a fee that they can make a living off of their services.

As with most areas of financial planning, the decision to hire a financial advisor depends on a careful cost/benefit analysis. Do the benefits a financial advisor offers justify the cost?

To help answer that, we will now go over some of the main reasons why someone should hire a professional financial advisor.

You Need Assistance Planning Your Financial Future

Many people do not like thinking about their long-term financial situation. If you feel like you are unprepared, thinking about your financial future can be an uncomfortable topic of conversation.

This is where a financial advisor can come in handy. If you have existing emergency savings and feel you can afford a financial advisor’s fee without going into debt, coming up with a long-term financial strategy with a financial advisor is probably a good investment.

You Want An Impartial Opinion About Your Financial Situation

It can be a little discomforting if you never have the opportunity to speak with someone else about your financial situation. Many people like to keep their income and debts private; fortunately, a financial advisor can provide a confidential and informed opinion.

Having someone you can trust look over your investment portfolio, savings, and debts can be well worth the fee. Again, if you can employ a financial advisor without risking going into debt, it is most likely a good decision.

You Do Not Like Dealing With Money

Some people cannot stand dealing with money. If you are one of those people, do not worry because a financial advisor can take care of those issues for you.

Remember, if you plan to hire a financial advisor on a long-term basis, it can be quite expensive but if you have sizable assets and do not like dealing with investments, a financial planner can generate plenty of money for you.

Even if you do not have investable assets, seeing a financial planner on a one-time basis can be a smart move if you are the type that hates financial planning. A reputable financial advisor can help make sense of your finances and put you on a more stable path.


Hiring a financial advisor is usually a worthwhile investment. If you feel confused about your financial future, want a second opinion, or just hate dealing with money, consider visiting a qualified financial advisor.

Check out Dane County Credit Union Investment Services to see the options available to members.

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Jen M.

Jen has been with DCCU since she graduated from UW Madison - a long time ago. As the Content Strategist she helps share all the amazing things DCCU does in our community and spreads the credit union philosophy of People Helping People. When she's not working for the best credit union in south central Wisconsin, she's busy with 4 kids and a feisty little dog at home. She formed her family through adoption and has a deep passion to support foster and adoptive parents and kids. Her favorite place to relax is poolside or in front of the fireplace.