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Aug 27 2012 12:00AM



I’m 27 years old and have never met with a financial advisor. I feel the time has come, but I am unsure of how to find one. I don’t even know if I’m qualified to see one. I have no debt, the last time I checked my credit score it was in the high 700s, I have around $30,000 in savings and I have some investments in my employer’s 401(k). Should I meet with a financial planner?


You are at the right time in your life to consult with a financial planner. You have no debt, $30,000 in savings and you are only 27 years old. That is excellent. A financial plan will help you define your goals and a CERTIFIED FINANCIAL PLANNER™ (CFP®) professional from the Financial Planning Association can help you choose investment strategies to match those goals. Some planners work on a fee basis others on a commission and some do a combination of both. Either way is okay, it is a matter of personal choice. You should talk to several CFPs to understand how they work and choose the person you are most comfortable working with. You should not leave the first meeting confused. You should leave each meeting with a clear understanding of what the planner will do for you and how he/she is paid. 

As far as your savings goes, you should always keep liquid savings of at least six months worth of living expenses in case of an emergency. If you additional savings after that you can start a systematic investment program geared towards your risk tolerance and time horizon. In my opinion, you should have a financial adviser review your 401(k) plan to make sure it is allocated within your risk profile as well. 

Many planners enjoy working with young people such as yourself who are serious about their finances and have financial discipline. Keep saving the way you have been and I'm sure you will have a bright financial future.


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