The Internet Doesn’t Have All the Answers: When to Find a Financial Advisor

By Brittany Brinckerhoff

Unlike Baby Boomers and Gen Xers, today’s young professionals (myself included) are digital natives, grown up in a fast-paced world where information is readily available and technology evolves daily. However, our lives aren’t necessarily easier just because we can Google any question that pops up.

We each face a unique variety of career, personal, and financial challenges – in addition to our generation being teased for enjoying avocado toast – and the Internet can’t always provide helpful, specific advice. Making it more complicated, many of these challenges are intertwined and it’s hard to know when it’s time to get help from a professional.

As financial advisors, we need to know the rules and concepts of finance so we don’t have to constantly research every client question. But our clients don’t pay us just to give them answers they could get with a quick, free query online. They hire us to help sift through the implications of financial scenarios and help them make real-life decisions.

Here are a few of the most common questions we get from young professionals:

Career

• I just got a large bonus – what should I do with that extra income?

• I have company stock options – how can I make the most of them without paying too much in taxes?

• If I’m not happy in my current job, what is the potential financial impact of making a change?

• Am I taking advantage of all my employee benefits?

• Is it worth it to go to grad school?

Personal

• When should I buy my first home? How much should I put down and what type of mortgage should I use?

• Can I afford to buy a vacation home?

• When is the right time to start a family?

• Can I afford to hire a nanny?

• How soon do I need to start saving for my kids' college education?

• Can I send my kids to private school?

Financial

• How much cash should I keep at the bank? What should I do if I have too much or too little?

• When, where, and how much should I be investing?

• Should I pay down my mortgage faster?

• Am I saving enough for retirement?

• How much can I spend today without hurting myself in the future?

• What’s the best way to pay down my student loans? Does it make sense to refinance the loans?

• Do I have enough life or disability income insurance?

You can certainly look up any of these questions online and find relevant blog posts. But the writer doesn’t know you, and it’s hard for you to know exactly what applies in your unique situation. This often leads to the big question: should I get professional guidance on these questions?

We believe that the earlier you can start working with a financial advisor, the better! However, finding the right type of financial advisor can be challenging. We have observed that many so-called advisors are looking to sell you products and may not have your best interests in mind, while some fee-only advisors only want to work with people who have already built a nest egg. If you’re in the earlier stages of building your wealth, it might be difficult to find a fiduciary advisor who will take the time to get to know you. The good news is: there are advisors who want to help you!

Read our Hilltop Views post Hiring a Financial Advisor – How to Find the Right Fit for You to get a better understanding of what an advisor does, how they get paid, and when you should consider working with one.

This material is provided as a courtesy and for educational purposes only.  Please consult your investment professional, legal or tax advisor for specific information pertaining to your situation.