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You may be uncertain about whether you truly require assistance from a financial expert. A 2025 Gallup survey indicates that over 40% of U.S. adults state they would consult a financial advisor or planner for monetary guidance.
“If you’re uncertain, it’s better to start a discussion,” says financial therapist Michele Paiva from The Finance Therapist. “However, keep in mind that you shouldn’t act on a whim. Speak with more than one advisor and more than one firm.” (You can utilize this free service to connect with advisorsfrom our advertising partner SmartAsset, along with sites such as CFP Board and NAPFA.)
When looking for the appropriate advisor, you should seek out someone who consistently prioritizes your best interests. “A financial advisor brings organization and consistency, assisting clients in preventing expensive errors, particularly in unstable market conditions,” states certified financial planner Ryan Haiss from Flynn Zito Capital Management.
We consulted eight financial professionals, some of whom may require an advisor and others who do not.
Who could benefit from hiring a financial advisor?
Busy professionals
Financial advisors can help individuals who don’t have the time to handle their own financial matters. “Some people achieve the greatest value from their time by focusing on what they are most skilled at,” explains Gloria Garcia Cisneros, a certified financial planner with LourdMurray.
More specifically, Brad Lineberger, a certified financial planner with Seaside Wealth Management, suggests that individuals in the middle of their careers who want to make sure they are saving adequately for retirement and making the most of their employer’s benefits should consider getting assistance. “A financial advisor can help you maximize your 401(k), develop a backdoor Roth strategy for those with high incomes, and assist with saving in an after-tax brokerage account,” explains Lineberger.
People who want accountability
Dr. Emily Koochel, who leads financial wellness at eMoney Advisor, highlights that accountability plays a significant role in reaching goals. “Advisers support accountability by providing consistent check-ins to assess objectives, monitoring advancement within the financial strategy, sending friendly reminders when tasks are delayed, and naturally recognizing achievements throughout the process,” explains Koochel.
Furthermore, many financial outcomes are influenced by habits and behavior. “We also lack objectivity when it comes to our own finances, which makes this perspective extremely valuable,” notes Cisneros. Financial advisors can offer support, clarity, and organization for individuals experiencing decision fatigue regarding their money, according to financial therapist Rahkim Sabree from R&A Consulting.
High-net-worth individuals
Numerous individuals with high incomes seek out more investment opportunities. “My clients who have already contributed the maximum allowed to their 401(k) or IRA but still have extra money each month are typically open to discussing more sophisticated financial approaches. Financial advisors can explore options such as taxable brokerage accounts, real estate, and other financial strategies that tend to be more intricate but offer significant benefits when handled correctly,” explains financial coach Chris Fohlin from Fohlin Financial Coaching.
“Individuals with high incomes who experience decision fatigue may find it advantageous to work with a professional, as errors that can arise from handling their own finances at this level can be costly,” states financial therapist Lindsay Bryan-Podvin of Mind Money Balance. “Greater assets lead to increased complexity in areas such as portfolio building, tax planning, concentrated stock holdings, and collaboration with attorneys and CPAs,” notes Haiss.
Additionally, Sabree states, “individuals with high incomes who came from low-income backgrounds might require assistance in managing limits, feelings of guilt, and unexpected financial changes.”
People dealing with complicated or evolving financial situations
If you’re dealing with intricate tax or estate planning matters or significant life events that have led to financial changes, having a professional on your side can provide reassurance, according to Cisneros. For instance, widows and those who are newly single may face more complicated financial situations. “There are numerous financial planning aspects to consider following a death or divorce, such as decisions regarding Social Security, minimizing tax liabilities, and having someone to assist with critical decisions,” says Lineberger.
Individuals who receive money through inheritance also face significant choices, and advisors can clearly outline a course of action. “They can provide guidance on what to do with the funds, how to minimize the tax burden, how to achieve successful investments, and how to assist others with your newly acquired wealth,” says Lineberger.
Additionally, “an advisor can help reduce the number of decisions you need to make. They can meet with their client and say, ‘I’ve considered this situation in various ways, and based on your lifestyle and objectives, here are two options I suggest,’” explains Bryan-Podvin. Whether it’s marriage, divorce, an empty nest, or moving elderly parents into a family home, major life changes can be helped by having a revised financial plan from a professional, she adds.
Couples with varied financial backgrounds
“Each year, the leading causes of divorce are typically infidelity and conflicts over finances. A neutral third-party advisor can assist couples in identifying shared goals and provide support when making financial choices,” notes Bryan-Podvin.
When individuals depend on you, the financial stakes are higher. “It becomes crucial to think about aspects such as estate planning and safeguarding against unexpected events. A financial advisor can determine how long your current funds would last if something were to happen to you, recommend suitable life insurance coverage, and outline college savings requirements. Couples often feel more at ease knowing their partner has someone to assist with financial matters in case of an emergency,” explains Fohlin.
Who doesn’t require a financial advisor?
Individuals just beginning their journey without significant resources
If you’re just beginning to accumulate wealth, you could start your personal finance journey by reading books and working with a financial coach. “Develop a strong base of knowledge and habits such as making a budget, establishing an emergency fund, and paying off credit card debt,” advises Cisneros.
From his perspective, Haiss mentions that without significant assets, finances can be easier and don’t necessarily need assistance from a financial advisor. “Early savers who don’t have large assets or tax complications can often rely on automated approaches,” says Haiss.
Individuals who are just beginning and haven’t established an emergency fund should also refrain from consulting a financial advisor. “For successful investing, it’s usually necessary to keep your money invested for an extended period. If an unexpected situation arises and you don’t have cash set aside to handle it, you may be forced to withdraw funds from your investment accounts early, which can hinder growth or result in fees that effectively set you back to the start,” explains Fohlin.
Someone with trust issues
Having confidence in the person who oversees your portfolio and maintaining an open connection with them is a key feature of the advisory relationship. “You may want to wait until you feel more at ease trusting others. You need to be able to trust your advisor, and there could be instances where your account is transferred to another advisor within the company, so [trusting the process] is essential,” explains Paiva.
If you’re unlikely to follow suggestions or revise your plan, Haiss states, “a financial advisor won’t provide much benefit.”
An individual collaborating with various experts
“If you or your loved ones already have a team or representative, either inside or outside the family, who manages your financial matters, you likely don’t require a financial advisor. Certain families establish committees consisting of family members, legal professionals, and other experts, making the role of a financial advisor unnecessary,” says Paiva.
Individuals who like managing their own financial portfolios
If you already possess a solid understanding of financial matters, Paiva suggests this is a positive sign that you may be capable of handling your finances on your own. If you have the time, enthusiasm, and personality needed to manage your own money, hiring someone to monitor your accounts could seem like an unnecessary cost.
People with simple financial situations
Bryan-Podvin notes that individuals with simple and clear financial situations may not require the assistance of a financial advisor. “If you have a single job with benefits and automatic savings and investment plans in place, you might only need an annual review with a fee-only planner. Some employers provide free access to an advisor, so be sure to check your benefits,” Bryan-Podvin adds.
Furthermore, if you’re in a recovery stage and your main goal is to strengthen your financial foundation by eliminating debt, Bryan-Podvin suggests that you probably require financial guidance and a support network that doesn’t impose a 1% asset management fee.
What to consider when choosing a financial advisor
When evaluating the possibility of hiring a financial advisor, think about askingthesekey questions to gain a clearer understanding of the kind of support, connection, and direction they provide. “What everyone should be careful of are salespeople who present themselves as advisors even though they are simply pushing products and are not bound by a fiduciary duty,” says Sabree.You can utilize this free service to connect with advisorsfrom our advertising partner SmartAsset, along with sites such as CFP Board and NAPFA.)