Should You Look to an Expert for Money Advice?

Financial Advisors


Skynesher/Getty Images

Skynesher/Getty Images

There are many resources to help you gain the knowledge you need to make informed financial decisions, including books, financial advisors, and online courses.

Another available resource is the advice of famous moguls and influencers. In his 2023 Top His Money Experts survey, conducted by GOBankingRates of his 1,045 respondents, 35% of all respondents said these experts were their primary source of money advice. I replied that I think so.

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So should you rely on the insight of some well-known names in the personal finance space, or should you refer to another resource? How do you know which one is best for you and your finances? Money Here’s how to determine if you should seek professional advice for:

Should I Get Professional Financial Advice?

The short answer to this question is not always, especially if you are not personally involved with these professionals as a fiduciary financial advisor.

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Alyssa Krasner Mays, registered investment advisor and founder of Amplify My Wealth, says that while it may be tempting to rely on the expertise of those with whom you share financial information, they are not your financial advisors. , said I don’t know your specific situation. Therefore, they have no legal obligation to put your financial needs first.

When should I work with a financial advisor?

CFP’s Douglas Kuehling, Vice President and Financial Advisor to Wealth Enhancement Group Many of the financial life events we face are too important and nuanced to ask for guidance, he said. From experienced financial professionals.

“If the decision you face has a significant impact on your future and is too complex to resolve on your own, it’s best to seek professional advice,” says Kling.

Other situations in which you may need to meet with a financial advisor include:

I live on my salary, but I have enough income

Kathleen Owens, financial advisor and fiduciary of Aurora Financial Planning and Investment Management, uses her interviews with financial advisors to understand what she is doing or what she is doing. It said it would be able to find out if there is no money or if it could have a negative impact on finances.

Experiencing an event that costs a lot of money, such as receiving an inheritance

To avoid making money mistakes, Owens recommends getting professional advice before doing anything. “It’s important to know what all the options are and what tax issues can arise with any money decision.”

not saving or investing money

35% of all respondents surveyed by GOBankingRates said they would like to learn how to save more money to improve their personal finances. If you’re not putting a portion of your income into savings or investment accounts, or if you don’t feel like managing your finances, it’s best to seek the help of a financial professional, Owens said. .

worried about money

Maybe you have embarrassing money habits, or maybe you made a serious financial mistake years ago that still haunts you.

The good news, according to Owens, is that most of us have made money mistakes, and it’s nothing to be ashamed of. If you have a lot of money anxiety and want to do better, you can seek help from a financial professional to help you take care of yourself and get back to feeling good about your money.

Learn more about GOBankingRates

This article originally appeared on GOBankingRates.com: Should You Seek Professional Money Advice?



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