I’m just beginning my career… Do I need a financial advisor?

Does the title make you a little skeptical? When to know you need a financial advisor written by a financial advisor?? Warren Buffett once said, “Don’t ask the barber whether you need a haircut.”

Before we get into it, let me explain that I am a fiduciary. Someone held to always putting the client’s interests above my own. To further exemplify my attempt to be as impartial as possible throughout this piece, our firm has turned down working with people who need minimal recommendations. During our consultation meetings, we tell prospects what to expect from the engagement and then let them know whether they should be working with a financial planner. Sometimes, a little direction and guidance are all people need and when we can give that to someone without a formal engagement, we do!

Usually, there is a catalyst for wanting to work with a financial advisor. These catalysts can be employment changes, a large windfall (inheritance), an unexpected tax liability, a short-term cash-intensive goal (home purchases), and changes to compensation (equity compensation, commission-based compensation).

These catalysts serve as great reasons for wanting to work with a professional. As your situation gains in complexity, your time may be better spent furthering your career than learning the nuances that may come along.

Even with catalysts being a driving force behind people’s decision to work with a professional, some people really want guidance. Their situation may not be as complex, but maybe it is completely foreign to them. Some people lack financial literacy and want to learn more. A planning engagement can set them up and serve as an amazing foundation for their financial future.

There is a level of organization, direction, and optimization that financial planners can offer. If you think you’re on the borderline, reach out! Most financial planners will let you know if they do not think you’re in a place to gain the utmost value from an engagement. Many firms even offer engagements without the need for bringing assets to the firm!!

I always think of it this way: when I am sick, the internet can only take me so far. If something is serious, I need a professional opinion and real help. You can learn a ton from studying personal finance online, but when it comes to a very individualized situation, you may want help from a professional.

I also want young professionals to know that there are options to receive professional help without needing a massive asset base! Fee-only planners exist! If you’re seeing changes in your career and feel like your finances are lagging, reach out to someone! They may be able to put you on track to build the financial foundation you need.

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Have a more specific question or want to get your finances in order? Feel free to reach out to [email protected] for a free consultation!