Just Ask Jason℠ - Do I need a financial planner?
Q: Like most people, while I was in college, I was broke. But I got a great job in my 20s and have been saving pretty well for the past 15 years or so. Now that I have a young-ish family, work is getting busier and the market has been getting crazier. I've been wondering if I need a financial planner/advisor or do I just fear the markets? Signed, Not Scared.
A: Dear Not Scared, hiring someone to help with the entirety of your financial life can come in the form of a financial "coach" or financial planner. A financial coach, like a fitness coach, is there for people who need one-on-one accountability to do the things they need to achieve their goals. Since you've been doing pretty well on your own and have started a family, you've likely outgrown a coach. A financial planner is someone that helps you plan for your short-term and long-term goals while incorporating the needs of your family along the way. A holistic financial planner will advise on multiple categories with the help of a team of other advisers. For example, your financial planner may manage your investments and cash position but also walk you through relationships with an insurance agent, estate planner and tax preparer. The best financial planners build a team of advisors for you and your family, giving you confidence in all areas of professional advice.
Do you need a financial planner? If you're asking, you could probably benefit from having an initial conversation with a good one. In fact, talk to me and a few others. Ask about the categories of finance they cover and how they charge. There are all kinds of business models. Just find the person and the model that gives you a good feeling. Trust your judgement.
Just Ask Jason(SM) is taken from real questions I've been asked recently. I am licensed to provide advice for clients in Virginia and other states where registration is exempted. Just Ask Jason(SM) however is for educational and informational purposes only. This is not personalized advice.
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