Ep 19: Do I Need a Financial Advisor?

Introducing our newest segment where Jess answers your questions and Jessie asks even more questions. Questions on questions.


Todayโ€™s question comes from @kristinabrown86

โ€œDo I need an investment advisor? I know they take a percentage of earnings so I have been hesitant and am trying to learn on my own. Am I the only mid-30s single woman without one?โ€๐Ÿค”๐Ÿง โšก๏ธ

We talk about financial advisors, robo-advisors, wealth management and if any of these make sense for the self-directed investor (think: skill, will, time). ๐ŸŽง๐Ÿ’ฐโœจ

Tune in to this short and informative bonus content and feel free to submit your investing questions!

Episode Equity


When you're steering through the financial landscape, three questions can determine whether you'll reach for a map and compass or hire a guide: Do you have the will, skill, and time to manage your investments?

The Will to Take Charge Self-investment starts with the will. You need the determination to take charge of your finances. For some, this means diving into the deep end of investment strategies, market research, and portfolio management. It's not just about having the interest; it's about being proactive in your financial decisions.

The Skill to Make Smart Choices Next up is skill. Do you understand the market well enough to navigate its twists and turns? Today, there's an abundance of tools and resources to help you learn, many of which are freely provided by your brokerage firm. From educational webinars to sophisticated investment calculators, the opportunity to sharpen your financial acumen has never been more accessible.

The Time to Commit Finally, there's the question of time. Effective self-directed investing isn't a set-it-and-forget-it affairโ€”it's a commitment. If you can carve out the time to manage your investments, stay informed about market changes, and adjust your strategies accordingly, you're on the right track. If not, a financial advisor might be worth considering.

Free Guidance to Get You Started Even if you're inclined to go it alone, a conversation with a financial advisor can be invaluableโ€”and it's often free. They can help assess your risk tolerance and goals. Remember, you're not signing up for a lifelong commitment or hefty fees by simply talking to an expert. We mean call up Fidelity or Merrill, they have a ton of experts ready to have a conversation with you.

Costs Versus Benefits The real costs come into play depending on the products you choose, and they may be more affordable than you think. As your wealth grows and your investment needs become more complex, a financial advisor can provide tailored advice. Whether it's suggesting a mutual fund, a fully managed account, or pointing you toward robust self-directed tools, they're a resource worth tapping into.

The Rise of Robo-Advisors Let's not overlook the technological marvels of robo-advisors and automation tools. These platforms can streamline the investment process, managing your portfolio based on your personal preferences and risk profile, often at a lower cost than traditional advisory services.

The path of self-investment is both exciting and demanding. It boils down to a simple truth: You need the will to start, the skill to proceed, and the time to persist. If any of these elements are missing, or if you find the complexity of managing your wealth grows beyond your comfort zone, a financial advisor could be the co-pilot you need on your journey to financial success.


Jessie's Questions

Episode Transcript