I’m in my mid-30s and considering working with a financial advisor but I’m on the fence about whether it’s worth the cost.

My path to hiring a financial advisor was an interesting one. As someone who writes about personal finance and investing, I didn’t think it was necessary to hire someone to manage my portfolio.

But one day, I got to talking with the parent of a student in my child’s preschool class. We were discussing the stock market and general financial planning. He mentioned something about life insurance, to which I replied, “Hmm. That’s not something we have – but probably should.”

To make a long story short, the parent was a financial advisor and asked — in a no-pressure way — if I wanted to sit down and have a conversation. I agreed, and my husband and I shared some financial details with him, along with our goals and concerns.

He said he felt he could help us invest our money efficiently and also tackle other aspects of financial planning that weren’t really on our radar even though they should’ve been, like life insurance. So we made the decision to hire him back then, and he’s still overseeing our portfolio to this day.

Why a financial advisor could be more than worth it

Most of my friends do not have a financial advisor they use to manage their money. Is that a mistake? Maybe. It depends on their goals and what they feel they need.

I have friends who are happy sticking their money into a target date fund in their 401(k)s and calling it a day. That’s not a strategy that works for me, though. I feel like I need a much more detailed plan, which is where an advisor fits in.

But one thing that bugs me is the reason my friends aren’t interested in using an advisor. And it boils down to not wanting to spend the money.

This Reddit post brings up a similar point. Here, we have a 35-year-old who is considering hiring a financial advisor, but their hesitation stems from not being sure if it’s worth the cost.

Some Reddit users had helpful advice. One said that they’ve used a financial advisor for 25 years, and the main benefit has been helping them with big picture planning. Another user explained that a financial advisor can help cut through the noise and help people who may not be such disciplined savers get on the right path.

Plus, a lot of people do have gaps in their financial knowledge. Having someone to turn to for guidance could prove invaluable.

How to find the right financial advisor for you

So to get back to the Reddit poster’s question of whether a financial advisor is worth it, the answer is, it depends on the person you hire and what they can do for you. But it’s generally worth giving an advisor a try, especially if you have concerns about your financial future.

One thing you may want to do, though, is hire a financial advisor who’s a fiduciary. This means your advisor has to put your best interests first at all times.

Another thing you should do is make sure you understand how your financial advisor gets paid. Some advisors charge a flat or hourly fee for some initial advice. Others actively manage your portfolio and charge a fee that’s calculated as a percentage of your assets under their management.

So in the latter situation, let’s say you have a $500,000 portfolio and are charged a 1% management fee. That means you’re paying $5,000 a year for a financial advisor’s services. But if they’re making you enough money, that fee could be worth it.

All told, I’m a fan of using a financial advisor — even when you think you have a pretty good handle on money matters. But don’t just settle for any old person. Talk to a few different people and ask plenty of questions. And don’t stop until you find an advisor you’re comfortable with.

Your financial advisor may be someone you have a relationship with for decades. And if you’re able to get your decision right from the start, it could really set the stage for success.

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