I’m looking to get someone to take a look at my investments/retirement planning and get our family set in the right direction

If you have any concerns about whether or not your investments are heading in the right direction, rest assured that you are not alone. Investing isn’t easy, and investing to make yourself a ton of money is even more challenging, so sometimes it’s okay to call for help. 

This is the exact story for one Redditor in r/Nova who is interested in finding a financial planner or fiduciary in their area. They hope to get someone to review their current investment strategy and ensure the family is ready for future success. 

It’s always a toss-up whether or not Redditor commenters will “attack” anyone looking for a financial planner, as most Redditors believe you are better off doing it all by yourself. 

Why Hire A Financial Planner

This Redditor has already reached a point where they want to hire a financial planner so that they can make an educated decision about their investments. While this works for this individual, it doesn’t eliminate the broader question of whether or not most people need one.

At the end of the day, people will have had good and bad experiences with a financial planner. In the case of this Redditor, it appears that they want one because they are more focused on feeling good about their economic future, which pretty much answers their question. 

Of course, it isn’t that simple, as you also need to ensure you get the right person. The best scenario here is to find a fee-only financial planner who is also a fiduciary. This planner can help you look at these investments backward and forward and make recommendations. 

The reason to hire someone in this field is that they should ask questions about your risk tolerance, goals, estate planning, and everything in between to figure out precisely what and where you want to be in life. At a 1% fee, it’s not a significant amount of money if they are helping you make 5, 6, or an even higher annual return. This person is undoubtedly more qualified than most of us to look at the big picture regarding tax planning and goals, which is why hiring one is an excellent idea for many people. 

Financial Planner Versus Financial Advisor

Unfortunately, too many people think a financial planner and a financial advisor are the same. This is inaccurate, as they have different roles, responsibilities, and qualifications. 

A financial advisor is a broad term that could encompass someone who gives financial advice, a tax accountant, a lawyer, or someone else who can address financial needs. A financial advisor should work in your best interests, but they may also want to sell you something that offers a higher commission. 

On the other hand, a financial planner specializes in creating personal and comprehensive financial plans for their clients. If you are a financial planner, you are familiar with estate planning, investments, insurance, and savings. A certified financial planner is a fiduciary with licenses that qualify them to give financial advice. 

Ultimately, a financial planner is precisely where this Redditor should go as they will create a complete and comprehensive financial plan, which should satisfy the original poster’s concerns. The best part is that the financial planner, as a fiduciary, should only be acting in your best interests, so this means no commission products that they try to “sell” you as a great investment idea. 

Reddit Recommendations 

Unsurprisingly, this thread contains a few Reddit recommendations for preferred financial planners and some solid advice for the original poster. The top recommendation is to ensure they work with a fee-only person, which cannot be repeated enough.

Of course, you also have some comments recommending investing in Vanguard funds and calling it a day. As noted earlier, Reddit isn’t a fan of the financial planner and advisor role, so plenty of individuals believe you can do everything on your own.  

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