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Hiring an Advisor

When Do I Hire a Financial Advisor?

Think of a major life event that has happened to you in the last 5-10 years.  Was the event positive or negative?  Who else was a part of this experience?  Did the event involve money or financial decisions of some kind?  

You bet your bottom dollar it did.  

If we simply look at the amount of life events that happen to us between our 20s and 40s you would think our profession would be swarming with financial advisors ready to help you navigate through these complexities.  But that simply isn’t the case.  

As we’ve written in the past, financial advisors are typically paid one of two ways; 1) they charge an asset under management (AUM) fee, which may require a minimum of investable dollars on your part, or 2) by selling you products in which they receive a commission off of.  Well, there’s only so many dollars working individuals have accumulated, and once your insurance needs are met, there’s only so many products you should prudently purchase.  Therefore, most of the financial industry has focused their time and energy on those 50 and up. 

As I mentioned previously, there are so many things that happen to us during our accumulation years:  paying off student loan debt, going back to school, getting married, buying a home, having babies, saving for their college, remodeling a home, job development, job loss, starting a business, becoming a caretaker for family members, multiple economic recessions, receiving an inheritance...I think you get my point.


Life Events Involving Money.jpg

Each event that we encounter is practice for the next one.  And practice makes perfect, right?  Errrr, wrong.  GOOD practice makes perfect (as my 6th grade soccer coach used to tell me).  By hiring a financial advisor (that is qualified and fee-only), your resources during these events have now dramatically increased.  The beautiful thing about our profession is the amount of connections we have outside of financial planning professionals such as attorneys, accountants, real estate professionals, and so on.  It’s no different than going to your primary care doctor, who knows your current and historical health, and refers you to a specialist when your health concern would benefit from such expert care.  

We typically establish relationships with our primary physicians prior to a medical event happening in our lives.  And there's a good reason for this.  Research shows that people who have a primary care doctor actually live longer.  Getting to know a patient over time allows a primary care physician to catch medical issues early on before they become serious. 

What if you were to establish that same sort of familiarity with a financial advisor?  Is there a benefit?  


An international HSBC study found that those who create financial plans accumulate 250% more retirement savings than those without a plan.  Vanguard’s Advisor's Alpha Study found that through portfolio construction, wealth management, and behavioral coaching working with a financial advisor has the potential to add “about 3%” in increased returns. 

But you know with us we can’t talk about the quantitative benefits without talking about the qualitative benefits.  In a recent survey conducted by Northwestern Mutual, 87% of American respondents said nothing makes them happier or more confident than healthy finances.  As a financial professional, understanding the unique experiences couples face can help alleviate financial stress, improve their financial relationship, and ultimately enhance marital quality.  Because the opposite still holds true.  According to a 2012 study, marriages with money being the biggest point of contention were more likely to dissolve than marriages with other issues looming larger.

So when should you hire a financial advisor?  If you find yourself going through a major life transition (wedding, baby, house purchase, going back to school, etc.), or cannot seem to create a unified plan between you and your partner, that’s your cue.  In fact, we’ve seen the main reason folks like you connect with us is simply because they want to have a plan both partners agree upon and follow.

We are here to help.  We all know that major life events are going to happen.  Fortunately, they are often positive occurrences, so don’t let the financial hurdle of those events take any of the joy away.  Set yourself up from the beginning on a path that has shown to be both qualitatively and quantitatively beneficial.

- Natalie

Disclaimer:  This article is for informational purposes only and is not a recommendation of Fyooz Financial Planning, Natalie Slagle CFP®, or Daniel Slagle CFP®. Past performance may not be indicative of future results and may have been impacted by events and economic conditions that will not prevail in the future. Therefore, it should not be assumed that future performance of any specific security, investment product or investment strategy referenced in the article, either directly or indirectly, will be profitable or equal to the corresponding indicated performance level(s). No portion of the article shall be construed as a solicitation to buy or sell any specific security or investment product or to engage in any particular investment or financial planning strategy. Any reference to a market index is included for illustrative purposes only, as it is not possible to directly invest in an index. Indices are unmanaged, hypothetical vehicles that serve as market indicators and do not account for the deduction of management fees or transaction costs generally associated with investable products, which otherwise have the effect of reducing the performance of an actual investment portfolio.

Natalie Slagle
Founder, Fyooz Financial

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