Personal Finance

Unpopular opinion: financial advisors provide a valuable service

Maurie Backman

Published: February 20, 2025 10:11 am

Of the people in my circle of friends, I’m probably the only person who uses a financial advisor. And that’s sort of ironic, because I’m also the only one whose job is to write about personal finance and investing.

A lot of people I know think a financial advisor isn’t worth paying for. I happen to think they’re very wrong.

So I was happy when I stumbled upon this Reddit post. Here, a financial advisor weighs in about the services they offer and why they’re valuable. And I wish more people knew just how beneficial it can be to have a financial professional in your corner.

It makes sense to pay for better service

One of my friends downright refuses to work with a financial advisor. Ironically, they pay a personal trainer for two sessions a week and spend a lot of money in the process.

So I recently asked, “Why do you pay for a personal trainer when there are plenty of fitness videos on the internet you can get for free?”

Their answer? “My trainer customizes my workout and helps me get results, so it’s worth the money.”

I loved that response, because I then got to point out that a financial advisor can do the same.

It’s easy enough to find free financial advice on the internet. Heck, a big part of my paycheck is writing guidelines so people understand their retirement plan choices and are empowered to make smart investing decisions.

But I’m writing for the masses here — or whoever happens to be reading my work. I’m not writing up individual financial plans.

A financial advisor, on the other hand, can write up a personalized plan based on your income, goals, and needs. And there lies the value. What you’re paying for is customized service and a professional who can answer your questions and address your specific concerns.

Also, it may be that a financial advisor is aware of certain investment opportunities or strategies that you’re not familiar with. And financial advisors also have access to really neat tools that allow them to run different scenarios and show you whether you’re on track to meet your goals or not. That’s super valuable in my book, because these tools can either boost your confidence or, if needed, give you a kick in the pants to up your savings game.

It’s important to find the right person for the job

It’s clear that I’m a fan of working with a financial advisor. But it’s also important to find someone who’s a good fit.

So don’t be afraid to interview a few different people. And if you find someone who seems knowledgeable but whose personality just doesn’t seem to mesh with yours, you may want to move on. Your financial advisor should be someone you’re comfortable talking with on a regular basis.

You may also want to seek out a financial advisor who’s a fiduciary. This means that they’re required to put your best interests ahead of theirs at all times.

You’d think that would be a given with financial advisors across the board, but it’s not always the case. So it’s smart to check that box off when you’re doing your search.