Ask the Readers: Have You Ever Hired a Financial Planner?

By Ashley Jacobs on 14 April 2015 57 comments

Editor's Note: Congratulations to Amanda, Jennifer, and MJ for winning this week's contest!

We learn about savings, investments, debt management, and other money topics so we can take charge of our financial situation. But sometimes, even the most money-savvy need help and guidance from a financial planner.

Have you ever hired a financial planner? What kind of financial help did you need? If you've never hired a financial planner, do you think you may in the future?

Tell us whether you have ever hired a financial planner and we'll enter you in a drawing to win a $20 Amazon Gift Card!

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Guest's picture
Elena

I have never hired a financial planner and I don't think I would hire one

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Elle

No, I have not hired one before.

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Ernest S.

I've personally never felt the need to hire one, but I'm also a geek when it comes to investing and money management.

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Mary Happymommy

I've never hired a financial planner but I would consider it if I had a big financial change.

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Julie Wood

I got a financial planner through my bank, when the market went down so bad in 2008 that I had to get my money out of the bank into something that yielded higher interest off of my money! A person does not get any interest through a bank anymore!

Guest's picture

I've used a financial advisor most of my adult life. I think having an expert in your corner is key to living the life you dream of.

My husband and I are in our late twenties and we want to reach all of our financial goals. We have big expectations for ourselves, such as: retiring without having to change our lifestyle, providing for our (future) child's college expenses, being able to give to charities that we're passionate about, and so much more. Without having someone knowledgeable on our side, it would be a lot harder to reach these goals.

Guest's picture

Not yet - a planner would have to be much more informed than I am (and I'm no slouch thanks to all the resources we have like Wisebread and other great PF blogs) to earn my business. I'm not opposed to it, of course, I just think that it's really got to be worth our money!

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Gina

I've never hired a financial planner.

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Cynthia

I have never officially hired a financial planner, but did talk to a friend who is a planner about what to do with a large sum of money I received - I needed advice in divvying it up between savings, investments and spending money.

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Mary W

I have 2 financial planners. Both are a personal, one on one type guidance and advice managers. I pay a very small amount for their services and get many times more than that back. Plus, my peace of mind is priceless.

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Liisa R

Nope, never had enough money so far in life to justify hiring someone. Maybe once we are debt-free!

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Tina in NJ

In our mid 50s and have been with first one and then the other about 20 yrs. our retirement accounts aren't in 7 figures yet, but we're close. Failure to plan = planning to fail and our planner keeps us on track. He reinforces what we know we have to do.

Guest's picture
wong

nope

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Stephanie Grant

My family has not been that "well off" to need an actual financial planner but with my husband and I have both recently changed career paths and with us both bring home way more money than before it is now something I have been considering so we don't have to worry about living paycheck to paycheck again in the future!

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Raina

I have never hired a financial planner and don't think I ever would. I'm pretty smart financially, and I also personally know many people I consider to be smart financially to whom I would turn for advice if I needed it.

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Amanda Sakovitz

No I've never hired a financial planner

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Jennifer Marie

I have not had a financial planner.

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MELISSA HANSSON

I haven't, but I wonder if I don't need one, since my company doesn't offer any retirement programs.

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Susan P.

I have a financial advisor that I use to manage a portfolio I inherited from my father. He knows what he is talking about since I am still learning.

Guest's picture
Emily

No, maybe in 5 years when I have more complicated finances to manage. For now, I pay my mortgage, avoid debt no matter what and put 10% away for retirement, which feels like enough for my early 30s.

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Jeff

yes, have worked with multiple planners and wish I would have started with one earlier.

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Dee Dee

No, I haven't hired a financial planner.

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Linda

I have not yet hired a financial planner.

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Christina

No I have never hired a financial planner, I am pretty DIY and like learning about it. myself.

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Jennifer

Not yet, but I think I should.

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Suz_Glo

Yes! The first was hired in our 20's, trying to be smart and plan for our future. This person was a friend from work who had moved to a big, corporate financial planning service. Sadly, that was a bad experience. We trusted him because we thought he was working in our best interests but he was just trying to earn money by selling us products. Luckily we lost very little money but we certainly lost the potential that money could have earned us while it was locked in there. Now we have a good financial planner who has successfully grown our college fund with wise investment choices. I am very involved in the process and keep a close eye on everything.

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Christie

Yes, we sat down with a financial planner to get help deciding where to put our kids' college funds, retirement planning, and seeing if we were on track for our goals.

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Karen

I haven't, but I probably should.

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Rebecca B. A. R.

No, but I've really thought about going back to college to become one.

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Cassie

Haven't yet, but I'm considering...

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Nancy

Yes, I have a financial advisor. I took a class about investing for retirement at a community college taught by a financial advisor. The reasonable fee included a one-on-one hour with the advisor. This helped me develop a relationship with him. i took this class after retiring from a 37-year career with the government. In that first year of retirement there were many decisions to make and I couldn't have done it without him. in the next 6 months, I am retiring (age 60) and am able to move to my ideal location and dream home.

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manish

I have never hired a Financial planner as yet; thinking of hiring one now though.

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Bethany M

The closest to having a financial advisor that we've done is go through one of the Dave Ramsey courses though with our church.

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Beverly

We hired the son of a friend as a financial consultant over 20 years ago. We didn't need financial assistance as much as we needed investment help. With his help and our ability to save when we were both working, we are having a very comfortable retirement. We retired in 2002 and have three annuities we haven't drawn funds from. We closed three small accounts earlier this year to finance the remodeling of our kitchen. We probably could not have had this ability without his help. Consistent saving and low-risk investment portfolio is a must for young people.

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Cindy Lilly

I have never hired a financial planner...but I will definitely do so once I open my dance studio! I'm not money-savvy so I could use the guidance.

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Terri

No, we have not used a financial planner

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Warren G

I have hired one to review retirement the last few years before we retired. Good to get the confirmation that everything was good before I quit work. Also use one now to help manage our funds.

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Kim

We have never hired a financial planner.

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Toni B

No, I never have.

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MJ

I recently hired a financial planner that was recommended by the tax accountant (who was recommended by my favorite bank manager.) The financial planner spent about two hours getting to know me and listening to my life goals and "crazy" ideas (of fixing up an abandoned property and taking a few months off to travel.) She said, "We can set up accounts for that so that your saving more money than in a regular savings account." I was like, "Wha!?!?" I felt HEARD. It's nice to have a planner on your side. I don't talk about regular budget stuff with her (yet, anyway) but it's nice to have someone who can talk me through investment choices.

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Susan Smith

I've never hired a financial planner but I would consider it if I came into a lot of money.

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Jenna

I have never hired a financial planner, but I do think I'll meet with a fee-only adviser at some point in the next couple of years.

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Guest

I was just talking to my boyfriend about getting a financial advisor! I got a pretty decent raise this year and I am concerned about my savings and investments. I've pretty much always been check to check, but now I need to start focusing on long term goals. I want to make sure my retirement savings is on point. I think I would like to have separate investments also but maybe that's further down the road. I need to be sure I'm saving for and using my HSA correctly, and that I'm doing what I can throughout the year to maximize my deductions also! Don't suppose you have any recommendations?!

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NYCMartini

I have never hired one but sometimes I think I need one.

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Florida mom

Haven't hired one. As my life changes..so does my money and how i frugally spend and save it.

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Lynda

no i've never hired a financial planner although it doesn't seem like a bad idea the older i get

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Catseye

No, I never have hired a financial planner. I think only upper-middle-class or wealthy people can afford financial planners.

Guest's picture

I don't think I would hire one unless I won the lottery!

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Kelli

No, I've never had a financial planner.

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Guest

I have hired a financial planner. I considered the planning part of my investment diversification. Not all of my money is invested with the financial planner. I placed 1/2 with him. The return has been the greater with the financial planner because it is something he does every day. I am willing to pay for someone to make me $.

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Kim

I used my parent's financial planner for awhile but found that it wasn't really useful for the point I am at in life. However, when I get closer to retirement or have a more complicated financial situation, I may reach out to one.

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Shaun

We have used financial planners in the past - one is excellent and we are still with him - the other was putting everyone into annuities and this did not work out.

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Guest

Nope, not in my budget!

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Guest

I was all ready to hire one when I got into the nitty gritty with him on the phone. I already did and had set up what he said I should be doing with our family's money. His fee, it turns out, is more than he would have made for me last year based on his own numbers. I did forgo hiring him and ended up making 18% without a fee. I think people can educate themselves to the point that they will have a clear understanding of how to invest.

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J. Pario

We do have an investment advisor, although we do the big-picture financial planning ourselves.

Starting to building our retirement portfolios early in our marriage was one of the things we did right. :)

We're hoping consistency over a long period of time will win out, even with small amounts.

Guest's picture
Happy Love

I took a seminar from a financial planner once, but otherwise my finances haven't been complicated enough to need one.

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Carmen N

No, I have not hired one before.

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Liz

No I never have before

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Thomas Murphy

I have never hired a financial planner