I understand someone who is 100% financially illiterate needing an advisor, but what about the wannabe experts like myself?

My job is to write about personal finances topics, whether it’s saving money, budgeting, investing, or planning for retirement. And I’ve been doing this job for a pretty long time.

Based on that, you’d maybe think that I’m the type of person who does not require the help of a financial advisor. But would it surprise you to learn that I not only have a financial advisor, but I check in with him pretty frequently during the year?

Meanwhile, in this Reddit post, we have someone whose net worth is reaching $6 million. The poster is wondering if they should talk to a financial advisor but is having a hard time seeing the value.

I can relate to where the poster is coming from. But I still think it may be worth giving a financial advisor a try.

When you know what you’re doing to a reasonable degree

I can relate to the poster here questioning whether a financial advisor is worth it. After all, financial advisors have to get paid. And it’s common to charge a fee that’s a percentage of assets under management.

But that fee can really add up for a large portfolio. So it’s understandable for someone with $6 million in assets to not want to pay a 1% fee on that money.

They also make a valid point in that they’re clearly not financially illiterate. They have a job where they deal with numbers all day, and they’ve obviously made some smart choices with their money if they’re at $6 million in wealth. So I can see why they’d be questioning whether a financial advisor is necessary.

The reality is that it may not be necessary. But they won’t know for sure until they talk to a professional and see what value they bring to the table.

It may be that a financial advisor knows of investments the poster wouldn’t think to put money into on their own. Or it may be that the poster lacks certain types of insurance — something a financial advisor can walk them through.

Financial advisors don’t just make suggestions about how much to save and recommend investments. They take a comprehensive approach to managing people’s finances, taking things like their family situations and goals into account. So it could be worth working with one even if you’re a financially savvy person yourself.

Think about it this way. There are plenty of doctors who go to the doctor when something’s wrong rather than just diagnose themselves. The same concept applies here.

Make sure to find the right person for the job

It can make sense to hire a financial advisor even when you have a solid grasp of financial matters yourself. But it’s also important to find the right person.

To that end, it’s a good idea to talk to several financial advisors before landing on one to hire. And you may want to favor an advisor who’s a fiduciary. This means that they’re required to put your best interests first at all times.

Of course, the poster here may decide after talking to financial advisors that they don’t need one. And you might feel the same. But it’s worth it to at least have those conversations before writing off the idea.