By Joe Carroll.
You might be unsure if you need guidance from a financial professional. More than 40% of adults say they’re likely to turn to financial advisers or planners when seeking money advice, according to a 2025 Gallup poll.
If you’re not sure, err on the side of at least having a conversation, I would advise. Avoid making impulsive decisions. Have a list of areas of your finances that you would like to discuss, including any products you may already have, in addition to having a Bank Statement and recent Payslip to hand. (Bank Statement will help work out your Net Pay, plus spending Habits, and Payslip will confirm how much of your salary, if any, that you are paying into Pensions).
When searching for the right adviser, you want to find someone who always has your best interest in mind. An experienced financial adviser adds structure and discipline, helping clients avoid costly mistakes, especially during volatile markets. Here is a summary of people who may need a Financial Adviser, and who may not.
Who might need a financial adviser?
- Busy professionals
Financial advisers can be beneficial for those who lack the time to manage their own finances. I look at jobs around my house that I could potentially do, such as painting or replacing fences in the garden, but I choose to hire someone else to do it as I look at opportunity cost of my time. I earn more money doing my job than I would save with paying someone else to do the job. There are those whose best and highest use of time is spent doing what they are expert at.
People in their mid-career years who need to ensure they’re saving enough for retirement and maximizing their employer’s benefits package should seek out help. An Adviser can tell you how much you are allowed to pay into Pensions to maximise your allowances and to maximise your Tax-Free Lump Sum.
2. People who want accountability
Accountability is a major contributor to goal achievement for many people who would sometimes lack the self-discipline to manage their affairs consistently. Advisers help reinforce accountability by offering regular meetings to review goals, tracking progress within the financial plan, pushing out gentle nudges when tasks fall behind and of course celebrating milestones along the way.
What’s more, a lot of results with money are driven by habits and behaviour. We also don’t have objectivity when we look at our own money, so it’s important that Advisers can provide accountability, clarity and structure for those with financial decision fatigue.
3. High-net-worth individuals
Many high earners want additional investment options. I have clients who have Maxed their Pension Contributions, but still have Funds to Invest, and are usually ready to talk about more advanced financial practices. Financial advisers can go over things like taxable brokerage accounts, Discretionary and Bare Trusts, Property and other financial strategies that are often more complex but highly valuable when properly managed.
High earners with decision fatigue can benefit from working with an Experienced Financial Planner as the mistakes that can come from managing your own finances can be complex. ChatGPT is not a Tax Adviser or Financial Adviser and can make mistakes, so it’s important to manage your affairs and reduce Taxed legally.
4. Anyone with complex or changing finances
If you have complicated tax or estate planning issues or life events that have triggered financial changes, having an expert in your corner can offer peace of mind.
For example, widows and newly single individuals can have more complex finances. People who have inherited from relatives frequently do not have the experience to manage their affairs. Similarly, knowing how to make legacy plans for blended families can be stressful. There are a lot of financial planning considerations to think about with death or divorce like Pensions and Property, keeping tax bills low and having an objective partner to make important decisions with.
Furthermore, a Financial adviser can help decrease the number of choices you have to make. They can come to their client and say, ‘I’ve run this scenario many ways and based on your lifestyle and goals, here are two choices I recommend”. Whether it’s marriage, divorce, empty-nesting or moving aging parents into a family home, significant life shifts can benefit from having an updated financial plan from an expert who has handled similar situations previously.
5. Couples with different money stories
Depending on the year, the two top causes of divorce are infidelity and disagreements about money. A third-party adviser can serve as a neutral guide, helping both people in a relationship find common ground and support in financial decision-making.
At Clevermoney, we have gone so far to develop a course for different “Money Personalities”, so people can better understand their relationship with money and how to combine this with a partner with a different “money Personality”.
In cases when you have people relying on you, such as a stay-at-home mom, there’s more on the line as far as finances are concerned. It becomes more important to consider things like estate planning and disaster-proofing. A Financial Adviser can map out how long your current money would last if something happened to you, suggest appropriate life insurance coverage amounts and map out things like college savings needs. Couples often feel better knowing their partner has someone to help navigate finances if something were to happen to you.
6. People who feel Unable to Retire or want to do Phased Retirement
We have come across many people recently, primarily Self Employed or Business Owners, who do not feel comfortable enough to retire. Some of this can be insecurity from losses felt during the 2008 Recession, some can be from fear of not knowing what to do with their time if retired.
If there is insecurity or a fear of making change, it is essential to have an experienced Financial Adviser that can guide you through the changes that you need to make. They can set up your finances to cover insecurities about losses, and they can also work our cashflows to make a “dip your toe in” type of retirement work.
Who doesn’t need a financial adviser?
- Those just starting out without major assets
If you’re just starting to build wealth, you might begin your personal finance journey with books and financial coaching. Learn to build foundational knowledge and habits like creating a budget, building an emergency fund and paying off credit cards. If you’re single, all you should think of (barring Pension Contributions and a Regular Saving Plan) should be an Income Protection Plan, which can be set up on a one off basis with a Financial Adviser.
Without substantial assets, finances can be simpler and not require help from an adviser. Early savers without major assets or tax issues can often stick with automated strategies, such as Passive Funds (that include rebalancing)
People just starting out who don’t have emergency savings should also hold off on engaging with an adviser. To be successful with investing you generally need to keep your money invested over a long period of time. If an emergency comes up and you don’t have cash saved up to take care of it, you’ll end up needing to pull from the investment accounts early which can squash the growth potential or trigger fees that can essentially leave you starting over. Worse Still, emergencies invariably happen during a dip in the market, and you could end up capitalising losses on your savings.
2. Someone with trust issues
Being able to trust the individual managing your portfolio and having a transparent relationship with them is a hallmark of the advisory engagement. You might want to wait until you feel more comfortable trusting others. You must be able to trust your adviser and there might be times when your account is handed to a different adviser in the company, so trusting the process is a necessity. Do your homework on the adviser and take references. If you are still not happy to proceed, then Don’t.
I financial Adviser is there to ease your anxiety, not add to it. For example, we try to introduce our clients to most of the staff in our company, so they will feel comfortable speaking to anyone of them. This is an advantage of working with a smaller office with lots of experience.
On another note, if you’re unlikely to follow recommendations or update your plan, and are poor at following direction, an Adviser may not be of much use. Frustrations on both sides could lead to conflict.
3. Someone working with other professionals
If you or your family already has a team or representative within or outside of the family who acts on behalf of your finances, you probably don’t need a financial adviser. Some family businesses have boards made up of family members, a legal team, etc. where a financial adviser is not required.
4. Investors who enjoy handling their investments
If you already have a strong financial literacy foundation, it can be a good indication you might be able to DIY your finances. If you have the time, energy, interest and temperament required to manage your own finances, paying someone to oversee your accounts might feel like an unnecessary expenditure.
5. Those who have straightforward finances
People with streamlined and straightforward finances likely don’t need an adviser. If you have one salaried job with benefits and automatic savings and investments set up, you might not need more than an annual check-in with a fee-only planner. Many jobs offer complimentary access to an adviser, so check your benefits.
Additionally, if you’re in a rebuilding phase and you’re focused on financial building blocks like paying off debt, you likely need financial education and a support team that doesn’t charge you 0.5% AUM.
What to look for in a financial adviser
When looking into hiring a financial adviser, consider asking some important questions to get a better sense of the type of help, relationship and guidance they offer. Be careful of “Tied Agents” who are only paid for selling you their restricted list of products. You can find an “AUM” type of adviser, who will be the type who will give you ongoing advice, and is paid based on a fee from your Assets Under Management. As they are being paid on an ongoing basis, you can feel free to get your money’s worth by making sure you have your finances in order.
Another alternative is a Fee Only Adviser. For people with good knowledge, or a simple requirement, it may be better to book a one-off fee only meeting with a Financial Adviser.
Whoever you choose, make sure they are registered with and licensed by the Central Bank of Ireland. Make sure the products are Regulated by the Central Bank of Ireland (or similar regulation in the EU), so you have more comfort and accountability.
January is always a good time to make plans. Now you can make some informed decisions.
Feel free to book a discovery call with Clevermoney HERE