I Need a Financial Advisor
- Will Grant
- Aug 8
- 13 min read
Updated: 5 days ago
What to Do If You Need a Financial Advisor
"I need a financial advisor, but how can I ensure I'm hiring the right person?"
If you know you need a financial advisor, the first step is to look for fiduciary advisors. Set up meetings and interview a few fiduciary advisors. It's important to understand their process and make sure it’s centered on planning, not on selling you high-cost products.
Ask yourself: Is this person focused on what matters most to me? That’s the filter. You need someone who understands your whole financial picture and cares about your future.
Will Grant is a Senior Wealth Manager with 360 Financial. He earned a Bachelor of Science degree in Finance from Miami University and holds his Series 7 and 63 licenses through LPL Financial and his 65 license through 360 Financial.
Table of Contents
Many self-guided investors reach a point (often due to health issues or increased financial complexities) where they realize that managing it all themselves is no longer the right move.
Maybe your spouse is asking questions you can’t answer. Maybe you're nearing retirement and aren’t sure if your strategy will hold up.
Working with a financial advisor can help you ensure that your financial plan and investment portfolio are ideally suited to where you are now and where you want to go, so you don't have to worry about the future.
If you're still unsure whether or not you need a financial advisor or financial planner, take our 3-minute “Do I Need a Financial Advisor?” Quiz to find out.
Signs You May Need a Financial Advisor
You may have managed your investments successfully for years, but then life throws you a curveball, or the complexity starts to outweigh your confidence.
That's normal. Over time, even the most capable investors start to fear that there may be gaps in their strategy. If any of the following situations sound familiar, it might be time to bring in a professional.
Health concerns or caregiving responsibilities: A serious health scare often triggers the realization that financial planning needs to go deeper. The question becomes, “If something happens to me, who will make sure my spouse is okay?” Healthcare concerns are one of the most common reasons people transition away from investing on their own.
Unclear goals or lack of a comprehensive strategy: Logging into an investment account and watching it grow is not a comprehensive plan. A solid strategy considers taxes, retirement income needs, estate planning, and long-term care risks. If you're unsure whether your money will last (or how to make it last), you need more than just an investment tracker. You need a guide who will be there for you as your goals and needs evolve.
Tax stress and missed opportunities: Self-guided investors often focus on accumulation but overlook the tax implications of withdrawals, gifting, or charitable giving. Poor sequencing or timing can result in unnecessary taxes, especially during retirement. A financial advisor can help design a plan that’s tax-smart and future-focused.
Family members asking questions you can’t answer: When a spouse or adult child starts asking things like, “Do we have a plan for this?” or “What happens if the market crashes again?”—and you're not sure how to respond—that’s a sign. It’s not just about knowledge. It’s about having someone to guide you through the uncertainty.
When doubts surface about your portfolio, your future, or your family’s financial security, it’s a sign that your needs have evolved. That’s exactly when a financial advisor can step in and work to bring you clarity, structure, and peace of mind.
What a Financial Advisor Can Do for You
You may be worried about giving up control.
But bringing on a financial advisor is often the smartest next step when your financial life reaches a certain level of complexity.
From evaluating your current investments to helping you avoid costly tax mistakes and preparing your legacy, an advisor's role goes far beyond picking stocks.
Here's what that process can look like, and how it can help you move forward with more peace of mind.
Define Your Current Position
If you’ve been managing your investments solo but feel it’s time to hand over the reins, a good financial advisor will start by understanding your current position. Where are you today, and where are you trying to go? Once that’s clear, the next step is to bridge the gap between the two.
Often, this begins with a full review of how your investments are allocated.
Many self-guided investors haven’t asked themselves key questions like: “Is this the right asset allocation for my current stage of life?”
For example, are you fully retired and still 100% in stocks? That could be a sign your investment strategy hasn’t evolved with your situation.
Avoid Running Out of Money
Beyond just the portfolio itself, a financial advisor will help you build a strategy that seeks to ensure you don’t run out of money, especially if you’re approaching or already in retirement.
This involves modeling your future cash flows, expenses, income sources, and risk exposure. This level of financial modeling is absolutely critical if you’re heading toward retirement.
Navigate the Hidden Costs of Taxes
One of the biggest areas where people unknowingly lose money is taxes.
Self-guided investors tend to follow a “grow, grow, grow—then withdraw” mindset, without thinking through questions like:
Which accounts should I draw from first?
What do my taxes look like in a given year?
Have I started Social Security, or do I have pensions?
How can gifting be used to minimize taxes?
A financial advisor helps you determine how to take withdrawals in the most tax-efficient way, minimizing capital gains and avoiding unnecessary tax hits. They also assist with charitable giving strategies, such as donating appreciated stock instead of cash. It’s a detail many overlook, but it can significantly reduce taxes owed.
Prevent Generational Planning Mistakes
Another area where self-guided investors get tripped up is generational planning, especially when gifting stocks.
Say you’ve owned Apple stock for 30 years and it’s appreciated significantly. You might think gifting it to your child now (at their lower tax bracket) is a great move. However, in most cases, it could result in more taxes.
Why? Because if you hold that stock until you pass away, your child receives what’s called a step-up in basis. Instead of inheriting your original cost basis, their cost basis is the current market value. This can wipe out hundreds of thousands in future capital gains taxes.
Gifting stocks early could pass along a huge tax liability that could have been avoided with tax-efficient planning.
Do I Need to Work with a Fiduciary?
If you know you need a financial advisor, the first step is simple: look for a good fiduciary advisor and schedule a meeting with them.
A fiduciary is legally obligated to act in your best interest. And that's who you want in your corner. This isn’t about finding someone to sell you products. It’s about working with someone who puts planning first and focuses on what truly matters to you.
Talk to a couple of advisors and ask yourself the following questions:
Is their process built around your goals, your family, your future?
Are they listening more than they’re talking?
Do I feel comfortable talking to them?
What is their investment philosophy?
Do their values align with my values?
Will they work to ensure my family is in a good financial position when I pass away?
The right advisor will make it clear that the relationship is about your life, not just your portfolio. When you find someone who leads with planning, not products, you’re on the right track.
Table: Fiduciary vs. Non-Fiduciary Advisors
Feature | Fiduciary Advisor | Non-Fiduciary Advisor |
Legal obligation to act in your best interest | ✅ Yes | No |
Commission-free recommendations | ✅ Typically | Often commission-based |
Planning-first approach | ✅ Yes | Product-driven in many cases |
Transparency and accountability | ✅ High | Varies |
What Is Fiduciary Duty?
Fiduciary duty means your advisor is legally and ethically required to act in your best interest.
They must prioritize your financial well-being over their own compensation. This is different from advisors who only have to recommend “suitable” products.
When working with a fiduciary, trust and transparency come first.
What Are the Key Credentials to Look For?
Look for credentials like CFP® (Certified Financial Planner) or CFA® (Chartered Financial Analyst), which signal rigorous training and standards.
Also, look for firms that are RIAs (Registered Investment Advisors). RIAs are registered with the Securities and Exchange Commission (SEC) or state securities administrators.
Credential | Stands For | What It Signals |
CFP® | Certified Financial Planner® | Broad financial planning expertise, including retirement, insurance, and estate planning |
CFA® | Chartered Financial Analyst® | Advanced knowledge in investment analysis, portfolio management, and ethical standards |
CPA | Certified Public Accountant | Specializing in tax strategy, accounting, and financial reporting |
ChFC® | Chartered Financial Consultant® | Comprehensive planning expertise, often similar to CFP®, with emphasis on insurance and estate issues |
AIF® | Accredited Investment Fiduciary® | Trained in fiduciary responsibility and best practices for managing investments in the client’s best interest |
What Does Working with a Financial Advisor Cost?
When hiring a financial advisor, it’s important to understand how they’re compensated, as it can influence the type of advice you receive.
Fee-only and fee-based advisors typically charge a percentage of assets under management (AUM). They typically do not earn commissions. Any commissions earned would typically be small. This model helps reduce conflicts of interest, as compensation isn’t tied to product sales.
AUM fees generally range from 1% to 2%, depending on the size of your portfolio—the larger your assets, the lower the percentage tends to be. For example, someone with a portfolio of $10 million may be paying 0.65%, while someone with a portfolio of $200,000 may be paying 2%.
Meanwhile, commission-based advisors earn money through the sale of products.
While this may appear cost-effective at first, it can come with a bias toward higher-commission options. It’s rare to find a fiduciary financial advisor who charges a flat fee or hourly rate for comprehensive wealth management.
Some financial planners may charge a one-time flat fee to create a financial plan, but they generally do not manage investments or offer ongoing support.
Lastly, while some notable articles claim that “traditional” advisors charge flat fees, that’s not accurate. In practice, most traditional fiduciary advisors follow the AUM model.
Be sure to ask detailed questions so you understand exactly how your advisor is paid—and what services are included. According to a 2024 report from Kitces “92% of advisors incorporate AUM fees in some way.”
Table: How Much Does It Cost to Work with a Financial Advisor?
Fee Type | How It Works | Potential Cost | What to Watch For |
Fee-based and Fee-only | Advisors usually charge a percentage of AUM | Typically 0.5%–2% of assets managed | Ask if product recommendations affect compensation |
Commission | Paid directly from the sale of financial products | Can range from 3%–6%+ per product sold | Watch for biased advice tied to commission-based incentives |
Flat Fee | One-time or annual fee for financial planning | $2,000–$10,000 depending on scope | Typically excludes ongoing investment management |
Hourly Rate | Charged per hour for planning or consultation | $150–$500 per hour | Typically limited to short-term or one-time advice |
Questions to Ask Before You Hire an Advisor
Ask the following questions:
Are you a fiduciary?
What services are included?
Who is your typical client?
What’s your investment philosophy?
How do you handle taxes and estate planning?
How are you paid?
How does your firm communicate?
If we work together, how often will we go over my portfolio?
Is a financial plan included in the service?
These questions help uncover how an advisor works, who they serve, and whether their values align with yours.
What to Expect From the Relationship
A good advisor will meet with you regularly, usually once or twice a year, and check in during major life changes or market shifts.
They’ll help keep your plan on track, adjust as needed, and act as a sounding board when decisions arise. It’s a long-term, collaborative partnership.
What Goes Into a Basic Financial Plan?
At 360 Financial, a solid financial plan starts with understanding what matters most to you.
Through our LifeWealth Process, we look at four key areas—Family, Occupation, Recreation, and Money—to design a personalized plan that reflects your goals and values.
We start with a Discovery meeting to learn where you are today, followed by a Design meeting to map out your financial path. Then we move into Deployment, putting your plan into action. From there, we meet regularly to review and realign.
Whether you're planning for retirement, navigating a job change, or preparing for a major purchase, we help simplify the process and prepare you for impactful life events. Your LifeWealth Plan will connect the dots: budgeting, tax planning, insurance, estate strategy, and investments. Our aim is for you to move forward with clarity and confidence.
Real planning connects all the pieces, so you know you’re prepared and making smart decisions at every stage.
How Can a Financial Advisor Help Me?
Jeff's story is one I think about when someone asks, “Do I really need a financial advisor?”
Jeff is an affluent man who has done everything himself for decades and done it well. He's had professional success and invested his earnings wisely.
But now, in his seventies, things are shifting.
His health isn’t what it used to be, and he knows he's not going to live forever. Meanwhile, his wife has never been involved in managing the finances. Even worse, there’s no estate plan in place. (When you have substantial assets, having your estate plan done properly could save hundreds of thousands in taxes.)
Jeff's strategy has always been, “Just let it ride.”
That strategy has worked well for him so far, but we have to ask: will that work if he’s not the one steering the ship anymore?
This is exactly where a financial advisor can make a huge difference.
Jeff and his wife need a financial advisor to help them get their estate plan and tax strategy in place. They don't need someone to help grow their portfolio. They need someone who will help them preserve what they've worked so hard to build.
More importantly, Jeff's wife needs the peace of mind knowing that if something happens to him, she won't be on her own.
Jeff's wife has never managed the finances. He doesn't want his wife to be left guessing about what to do during market volatility or trying to make big decisions without guidance. That's where an advisor can help. A good advisor steps in where the DIY approach stops working.
For someone in their golden years, that time is usually sooner rather than later.
If you see any of your own story in his, it may be time to take that next step.
Taking the Next Step in Your Financial Journey
If you’ve been thinking about getting help with your finances, now is the time to take the leap.
Start by writing down what you're looking for in an advisor. Note down your biggest concerns. Next, schedule an initial consultation. You don’t need to have everything figured out. Just be ready to start the conversation.
The right advisor will meet you where you are and help guide you toward where you want to go.
Common Questions
Is it worth paying for a financial advisor?
Yes, for many people, it’s worth it.
A financial advisor provides guidance across personal finance areas like retirement, taxes, and investments. They can help you avoid costly mistakes, stay on track with goals, make informed decisions, and execute tax-efficient strategies.
When your financial situation becomes more complex, a financial advisor is worth it. However, if your assets are less than $500,000 and you just need financial advice, working with a financial planner may be a better fit for you.
How do I know if I need an investment advisor or just financial planning services?
If you don't need comprehensive services, financial planning services may be enough.
A financial planner will help you with budgeting, saving, goal-setting, and retirement planning.
They may also provide some investment advice. However, if you also want help managing your investments, creating tax strategies, doing your estate planning, or making retirement withdrawals, you’ll benefit from working with an advisor who provides planning expertise and investment management.
What is a registered investment advisor?
A registered investment adviser (RIA) is a firm or individual registered with the SEC or state regulators to provide investment advice.
RIAs have a fiduciary duty to act in their clients’ best interest and typically offer portfolio management, financial planning, and other wealth management services.
What advisory services does 360 Financial offer?
360 Financial offers comprehensive financial guidance.
Our services include investment management, financial planning, retirement income strategies, tax planning, estate planning, risk management, and business succession planning.
As fiduciary advisors, we help clients align their financial decisions with their long-term goals while staying tax-efficient, disciplined, and prepared for life’s transitions.
Final Thoughts
Working with a financial advisor isn’t just about optimizing a portfolio.
It’s about integrating your investments, taxes, retirement, and legacy into one coordinated strategy that seeks to protect your financial future.
But when you've worked hard and built up a substantial nest egg, you don't want to hand off management to someone with whom you're not 100% comfortable. Whether you've been doing your own investing for 5 years or 50 years, it's critical that you assess your needs and find a firm that can help you achieve your goals and feel at peace about your finances.
Find a team that has the experience, qualifications, and values that meet your needs.
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About the Author
William Grant
Will Grant enjoys empowering people to make informed decisions and seeing the positive impact his guidance can have on their lives.
Prior to joining 360, he spent seven years serving hundreds of clients at a boutique RIA focused on healthcare executives with equity compensation and then at a large, independent RIA. He earned a Bachelor of Science degree in Finance from Miami University and holds his Series 7 and 63 licenses through LPL Financial and his 65 license through 360 Financial.
Will lives in Minneapolis with his fiancée, Melissa. In his free time, he enjoys competing in triathlons, golfing and is an active member of the Minnesota Leadership Council for the Chick Evans Scholarship Foundation, of which he was a recipient.
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About 360 Financial
360 Financial is an independent wealth management firm with a team of specialized financial advisors and financial planners. As fiduciaries, 360 Financial’s advisors provide services to business owners, entrepreneurs, and professionals. We help investors with sudden wealth, retirement planning, tax planning, estate planning, and business financial planning.
Headquartered in Minnesota, we serve investors across the US with online and in-person wealth management and financial planning services.
