5 Reasons to Hire a Financial Advisor (Even If You’re Not Rich)

There’s a misconception that financial advisors are only available to those who are “rich” or have a high net worth.

While it’s true that financial advisors can’t help those in extreme debt or who operate on strict budgets, you don’t necessarily need to be “rich” to benefit from the advice and guidance they have to offer.

Here are five reasons to hire a financial advisor, even if you’re not rich.

  1. Retirement Planning

Whether you’re approaching retirement or are already retired, knowing the ins and outs of the financial planning process can be incredibly beneficial. You’ll want to know whether you’re saving (or have saved) up enough to make it through your Golden Years without having to return to work. Maybe you’re unsure if you’re investing the right way, or in the right retirement vehicle for your situation.

A financial advisor will be able to take an in-depth look at your finances and your retirement plan to find any gaps or missteps in the planning process. It’s important to have an expert set of eyes on something as important as your retirement money. Not having enough saved could mean disaster later on, and let’s be honest; no one wants to spend their Golden Years back at work!

If you’re in the market for a financial advisor to help plan out your retirement, you can compare the best financial advisors on the Careful Cents site. There, you’ll be able to narrow down advisors by area of expertise, cost, and location.

  1. Learning to Invest 

If you’ve invested some money and you’re unsure of what to do with it now, an advisor can help manage and grow your portfolio. Whether you’re a pro in New York or a beginning investor, a financial advisor is a necessary tool for ensuring that your money is being invested securely and in the best way possible.

Investing can be a complex process, and without the right help, you may find yourself in a situation you don’t know how to get out of. When things go south with investments, chances are you’re going to lose what you invested. While an advisor can’t possibly make your investments risk-free, they can certainly advise you on the best investments for your particular situation.

Everyone has different investing goals, and it’s important to know what yours are before talking to an advisor. Why are you investing? What do you hope to gain from your investments? How much are you willing to risk losing? These are all questions you should answer before seeking an advisor.

  1. Estate Planning

If there’s one unifying fact that ties mankind together, it’s that none of us makes it out of life alive. The inevitable passing of time will claim each of us eventually, and when that happens, it’s vital to your loved ones’ security that your estate is well planned.

A financial advisor can help you decide how your assets should be organized after your passing, so you don’t have to guess when you’re creating your will or trust. Your financial planner should be someone you trust to help take care of your money, your goals, and your family. Having a second set of eyes during the estate planning process can help you save money, plan accordingly, and avoid costly mistakes.

Life’s greatest inevitability will occur someday, and it’s better to be prepared and have a financial plan in place than to leave your loved ones scrambling to pick up the pieces. Make sure your will is spelled out specifically, and that at least one family member knows where it can be found (imagine scrambling to find a will in a mountain of personal paperwork).

  1. A Second Set of Eyes

Even if you’re great at managing and planning finances, the fact is that everyone makes mistakes at some point. Even the greatest financial minds in the world make mistakes sometimes, and that’s ok. Making mistakes is part of being human, but the impact of those mistakes can be lessened of avoided with an extra set of eyes on the project.

Whether you’re investing in the stock market, your retirement, or simply planning a long-term financial makeover, an extra set of (expert) eyes can mean the difference between getting it right the first time and having to redo it several times over.

Don’t be afraid to ask for help if you’re not sure about something. When it comes to investing and personal finance, it is truly better to be safe rather than sorry. Why leave something like your investments to chance?

  1. Specific Financial Advice

You may need very specific financial guidance, such as planning out a long-term financial plan or investing in a certain asset that you’re unsure of. A financial advisor can help with both of these issues, and then some. As stated before, advisors generally don’t work with people who are buried in debt or planning a strict monthly budget, so it’s important to understand when you actually need the services of an advisor.


A financial advisor can be an excellent tool in your quest for financial independence; helping with retirement plans, investment, and all manner of other financial issues. Trusting such professional advice is a smart move, and the best way to ensure your money is performing at its best in whatever asset you’re invested in.