There’s no shame in admitting you don’t know how to do something, especially when it comes to individual financial planning. You definitely don’t want to risk mismanaging your hard-earned money due to a shoddy personal financial plan.

A financial planner can be your best friend when planning personal finance. Here’s a quick guide to help you decide whether you should hire one:

What is a financial planner?

Financial planners are well-educated, specially trained, usually certified money maestros that make useful projections about their clients’ finances to help them come up with a financial plan that not only fits their current financial needs but also secures their long-term economic stability. 

Is a financial planner worth it?

First, ask yourself whether you know enough about personal finance to come up with a solid personal financial plan yourself.

Who should hire a financial planner?

Certain individuals have specialized financial needs that may require the help of a financial planner. Those individuals include:

Self-employed professionals

Self-employed individuals have small business financial needs, variable income, employees, and may have specific business questions to ask. These individuals may benefit from hiring a financial planner who works exclusively with self-employed professionals and small business owners. Check out the National Association of Personal Financial Advisors to find one.

New families

New families also have unique financial needs to take care of, from joining financial accounts to helping raise children to opening college savings accounts to planning estates. Estate planning, in particular, is a highly complicated process you don’t want to mess up by going about it on your own. Learn more about estate planning here!


Most retirees rely on income from retirement savings. If you’re retired, or nearing retirement, you want to make sure you don’t outlive your assets in savings, so a financial planner can help you make smart decisions about your plan.

High earners

One of the most important reasons high earners should hire one is because they have special tax-saving considerations to be mindful of. 

Who shouldn’t hire a financial planner?

The following individuals may wish to embark on financial planning themselves:

Low earners

A tight budget is a key reason some individuals prefer not to hire financial planners. If you’re a low earner but want the financial help, ask around for a financial planner offering free initial consultations. Some do.


If you’re a self-starter, resourceful and erudite, you may be able to navigate the tricky world of personal finance yourself through dedicated research.

Severely indebted individuals

If you’re absolutely stuck paying off high-interest debts, a financial planner likely isn’t the help you need. You may want to look at hiring a credit counselor. Check out the National Foundation for Credit Counseling for help before hiring a credit counselor.

The bottom line

It’s rarely a mistake to hire a financial planner to help you put together a solid personal financial plan, even if you’re a low earner, a dedicated DIYer, or a debt prisoner. At the end of the day, a financial planner should point you toward the help you need, whatever that ends up looking like.

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