by Victoria 

Financial Advisor Series – Part 1 – Do I Need One?


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With 14 years of working with countless clients, I'm on a mission to empower women and millennial's to take control of their finances, build wealth confidence, and achieve financial independence. 

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written by: victoria mcgruder, cpa, cpwa®

I have been asked this many times over the course of my career. And especially now with the personal finance community popping up on social media making a lot of noise on whether having a financial advisor is necessary or not. Are they really worth the fee? Do I really NEED a financial advisor?

My answer is, it depends.

Over the past 50 years, the stock market has become incredibly efficient, accessible and more easily navigated for the individual investor despite their background knowledge of the stock market.

There are big brokerage firms like Fidelity, Vanguard, Merrill Edge and Charles Schwab (to name a few) where you can actively manage (buy and sell) your own investments if you wish.

There are also Robo-Advisors, like Betterment, Wealthfront, Ellevest and Vanguard Digital Advisor that create an automated investment strategy for you based on your time horizon, risk tolerance and long term goals.

It Has Never Been Easier to be an Investor

By a couple of clicks on our computer or taps in a few apps – we could have successfully created an account, transferred money and purchased an investment within thirty minutes. Incredible, right?

We have access to not only the ability to invest on our own but also the means in which to educate ourselves on investing – how to invest, what to invest in and where to invest. The information is out there and available for us all to learn and become more educated in the financial space.

So, with all of that being said, if it’s so “easy” and all the information is out there for you, then do you really need a financial advisor?

For some, you may not need a financial advisor today or ever.

For others, you absolutely need an advisor with a great team to support you and your family’s needs.

Let ‘s take this a little deeper.

Who Needs a Financial Advisor?

The answer is tied up in where someone is in their life. How much income, wealth, responsibility, debt, complexity etc. does one have. There is not one specific dollar amount or type of person that indicates a need for a financial advisor.

The question can be answered when understanding where you are in life, what responsibilities you have, how much time do you have to spend and will a Financial Advisor provide value in areas you either don’t know about or don’t care to partake in.

**If you have most of your assets in your 401K and have a small amount of savings to invest on the side and little to no responsibility…then, in my opinion, you are not in need of a financial advisor. You are able to go to any brokerage house or Robo-Advisor to get invested for a minimal fee. If you have specific questions about budgeting, debt payoff, your investment options for your future, etc. – then seek out a professional financial coach or resource for you to learn from that will be a one time fee to get you started or as needed, as opposed to a continual fee based off of a percentage of your assets.**

But for those of you who fall into any of the below categories – I would highly suggest looking into a Financial Advisor to help you navigate your finances and manage your assets.

If Any of The Below Apply to You – Have a Conversation With an Advisor

There is a significant change in financial circumstances

If any of the below life altering events happen in your life and you have found yourself in a position where your wealth is increasing substantially and you now have the responsibility to manage wealth that you have not had to before, please consider discussing with a financial advisor.

  • Death in the family resulting in a transfer of wealth
  • Divorce – resulting in a split of assets
  • A large liquidity event coming up

You Have An Abundance of Money to be Invested or Significant Wealth and….

  • Managing it all becomes a full time job, or
  • You need additional financial planning guidance – saving for children, tax optimization, retirement planning, insurance planning, etc., or
  • You have an interest in being strategic with wealth transfers to the next generation, or
  • Your net worth and overall wealth is comprised of relatively complex components

Investing, money and the responsibility of taking ownership of your assets is both daunting, stressful and overwhelming so in turn you do nothing…

  • Doing nothing with your assets cannot be an option.
    • So if you are not going to educate yourself, or actively participate in understanding how best to move forward, then seek professional guidance. This is not a judgmental statement whatsoever – I completely get it. It can be VERY overwhelming for some. If that is your position, that’s ok, but please seek guidance to set you up for future financial success.

You Simply Don’t want to manage it or don’t have the time to

  • You may not need the help, but you want it. You are busy in your career, don’t have an interest in managing your assets or are in retirement and it’s simply just not where you want to spend your time. Then time to start exploring the option of hiring a trusted advisor to help.

Many Financial Advisors are more than just stock pickers. They advise you in all areas of your financial life.

So Are They Worth It?

Absolutely. Not everyone needs a financial advisor. But the good ones…they are absolutely worth it!

Part 2 and 3 of the Financial Advisor series coming in the next two blog posts to discuss what you should look for in a financial advisor and the right questions to ask them!!

Stayed tuned for weekly blog posts every Tuesday and Thursday!

Follow @finpoweredfemale for personal finance, tax, investing and business ownership tipcs on building wealth with confidence!

hey there, i want to introduce myself!

Thank you for being here - I'm Victoria!

I'm a financial advocate, coach, and blogger on a mission to help you build wealth with confidence! 

Having worked closely with countless clients over my 14 year career, I've gained a very deep understanding of money management and effective planning strategies in guiding individuals and families towards financial success. Now, I want to share that wealth of knowledge and insight to empower YOU to take control of their finances, make well-informed decisions, and create a life of abundance without the stress of finances looming over you. I'm so glad you're here! 

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