It’s easy to neglect financial planning when having to deal with the many distractions in life. For some, it is a crucial ongoing task that requires attention and possibly the expertise of a professional financial planner.
Whether or not a financial planner is needed is a frequent question asked by Americans who begin noticing the increasing complexity of their finances.

Financial planners serve clients by educating and offering advice in various financial aspects that often include retirement planning, estate planning, cash flow management, and tax planning – tailored to best help clients reach their life goals. Their fees typically equate to a percentage of their clients’ assets.
But, when, if ever, is hiring a financial planner considered an appropriate decision?
In a study, based on combined data from 1998 to 2007, by economist Sherman Hanna of Ohio State University, the 17.6% of participants under the age of 30 used a financial planner.
Most people in their early stages of adulthood are typically just beginning to build stable sources of income. They tend to have few financial accounts and minimal assets while their lifestyle remains rather spontaneous.
Most likely, their finances haven’t yet reached levels of sophistication and stability that will warrant investing in a financial planner.
The study found that an average 24.3% of those ages 30 to 69 used a financial planner.
With age comes major life decisions that include plans to purchase a home, have children, save for college costs, establish a retirement nest egg, and much more. Find the righ financial planner would come in handy when the wallet’s attention is required is multiple corners of life.
In a possibly alarming finding, the study discovered that only 15.7% of respondents who are 70 and over used a financial planner.
During retirement and the later stages of life, the older generation have to manage their spending so they don’t outlive their savings. Furthermore, they must consult financial planners to plan their estate in the event of their passing.
Besides age, there are plenty of other factors that would justify a financial planner.
Financial planners are often considered for those who are struggling with large amounts of debt. Influential life decisions such as a career change, a divorce, or going back to school would also worth a comprehensive professional review.
Anyone with a sizable income and net worth – especially when a 1% shift can make a significant difference – can utilize a financial planner to manage their money regardless of their age.
Or, maybe the simplest of all, an external pair of eyes can provide a second opinion on one’s money.