Do I Need a Financial Advisor in My 30s

It’s a smart question to ask – you are making money, saving money, and often in the most challenging years of your working life.  Do you need to hire a financial advisor or is it just too early?

The short answer? – – it depends.

Smart Reasons to Hire an Advisor

You want a good foundation – it makes perfect sense to have clarity and balance in your 30s.  There are lots of demands on your money and you want to make sure each dollar is in the right spot.  Are you saving too much and missing out on some enjoyments you could be experiencing? Are you saving too little and going to regret it in 10 years? A good advisor will walk you through exactly what to save, what accounts to use, and how to minimize your tax drag along the way.  Knowing exactly how much dedication it takes to achieve each goal creates a lot of freedom to enjoy the ride.

You want to increase your strategy and complexity – maybe it’s time to buy a new home, buy a rental property, start saving for your children’s future, or prepare to write that partnership equity check.  Hiring the right advisor will raise your strategy, bring new ideas, and make it very clear how to fund each of your goals while balancing your long-term strategy.

You are taking care of someone else – our 30s are marked by a transition not only for ourselves, but for our parents. As we begin taking care of our parents, it can be helpful to have an advisor walk with us through parental care and all the difficulties associated.

Reasons you do not need an advisor in your 30s

You want to beat the market – you’re in your 30s and you are concerned about your portfolio, that makes sense. The truth is, unless you want to retire at 35 you have a long horizon on your portfolio.  It’s important to have a well allocated portfolio that meets your long-term goals; but avoid the advisor that promises to deliver unmatched investment results.

You have plenty of time and are willing to do the research – there are lots of resources available for free online and good technology to support you. It takes a lot of time to sort through what is the right fit and what is applicable to your situation – but if you are willing to put in the work then having an advisor may not be the right fit for you.

Key take away – hiring the right advisor can be a smart decision for some in their 30s. Making the decision for the right reasons is an important factor.