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Financial Advisor: Waste of Time or Actually Helpful?

This question was submitted by member mscales27 in our Ask Savvy group.

I am looking to really get my finances in order in 2010. There are a lot of things that I want to save for but I also have some credit card debt that I would like to manage. I'm considering going to a financial advisor or a service along those lines. Has anyone had any good/bad/neutral experiences with these services? Or am I just wasting my time and even more money by having some help me with finances? Thanks!

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supercoolnat supercoolnat 7 years
Along with what others have said, I think a financial advisor can be beneficial, if you find the right one. At the same time though, they seem to be the most useful if you have more complicated investments. For your situation, where you're interested in paying down debt and saving money, it may be in your best interest to do it on your own. There is a lot of (free) information out there on strategies for paying off debt while also saving - it mostly comes down to knowing your interest rates. And doing it on your own rather than with a financial advisor saves you money!
mscales27 mscales27 7 years
Thanks everyone! Super helpful!!!!
CoMMember13627174328105 CoMMember13627174328105 7 years
My parents have a financial advisor that they've hired for years. We've been interviewing in our area to find someone for our own finances and it's definitely worth it. I'm definitely no financial expert, but I know it's important to have a plan. That's why we want to hire a pro to help us along. A good advisor can help you plan for the future while also paying down debt, so I agree with other posters that it's probably best to stay away from the scammy-sounding debt consolidation firms.
lilkimbo lilkimbo 7 years
I agree with mek. It seems like sweetpeabrina is referring to more of a debt consolidation program (but I could be wrong). A financial advisor can be very helpful in steering you in the right direction as far as setting up an IRA, etc., especially if you don't have someone who's been through it all (a parent, older sibling, etc.) whom you trust to help you.
mek123 mek123 7 years
I would stay away from a credit service or repair companies but if you want to set up and stick with a long term financial plan, try a financial planner or advisor (ask friends for recommendations). I started with one in my 20s and she set up automatic savings for a house, mutual fund purchases, and an IRA.
sweetpeabrina sweetpeabrina 7 years
I had a bad experience with one about 5 years ago. I don't remember the name of the company. We paid them huge amounts of money to negotiate for us and it did nothing for our balances. Everything was worse than if we had just paid the credit cards ourselves. I always warn people away from them.
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