According to Tom Gehrmann from Colorado Springs, being able to manage your finances and that of your household is important but everyone cannot become a financial planner. There are several options available for investing and saving which makes it even difficult to manage your finances on your own. Those who are busy, successful, planning to build long-term wealth and want to focus on their job, business or career can hire the service of a financial planner. Some believe that you must be very rich before you can hire the service of a financial planner, which is not true according to Tom Gehrmann. The fee-based payment models have made the services of financial planners more accessible which means you don’t need to have millions of dollars to hire one.

Who Is a Financial Planner?

A financial planner is a person that gives professional advice to their clients in regards to their finance and wealth management. To be a Certified Financial Planner (CFA) you have to write the qualifying board exam and will keep updating yourself in the field.

A financial planner can help with assessing your future goals and present financial condition, make strategic plans regarding your retirement savings, insurance, college planning and more. If you need help with estate planning, investment recommendations, income management and debt, reducing tax bills, a guide based on mortgages, student loans and auto loans you should get a certified financial planner.

When Should You Hire a Financial Planner? 

You might say you have easy access to content based on personal finance and management on various websites and books. So, you don’t need a financial planner? But the thing is how many people have the time to study or learn through the internet and books and have the desire or interest in it. You can research yourself no doubt but how well are you doing it and you need time if you want to be up-to-date regarding any changes that may influence your financial situation. You should consider hiring a financial planner in the following instances:

1. When You Have Little or No Knowledge About Finance Management

Is not that easy to manage finance and is not something you can learn within a very short period. Creating the time to even learn financial plans and budget is a problem for some people due to their busy schedules, says Tom Gehrmann. With the help of a financial planner, managing your finances becomes easy as you don’t have to worry about making strategic and financial plans to achieve your financial goals. In case you already have a plan in place but just wondering if there might be a better way to go about it or need a professional opinion then you should hire a financial planner. So, they can provide better options you may not have put into consideration yet and guide you to make a decision that will help you build long-term wealth.

2. An Occurrence of Major Life Events

Every life major event has financial implications and there will be a need to make proper financial plans. Life events like having kids, marriage, buying a house and graduation involve money. When you get married that means there might be a need for you and your partner to merge finances and once kids come into the marriage you need to start planning how to finance their education. To be honest life events will keep coming at you and all of these involve money but with a certified financial planner, you can a financial plan that would suit your need and financial goals.

3. If You Can’t Invest on Your Own

Investment is a great way to build wealth but many people are scared of losing their money which is why they fail to make any investment. Also, there are various types of investment options that can be overwhelming making it difficult to decide the best one for you, says Tom Gehrmann. If you have a problem with choosing an investment that can work with your financial goals or confuse you should consider getting a financial planner to help you make a better investment plan based on your goals and risk tolerance.

4. When Planning for Retirement     

If you are planning to start saving for your retirement or will be retiring anytime soon, you will need the service of a financial planner. To help you make a better plan on how to save more to make your money last and profitable investment.


There are benefits attached to hiring a financial planner but you should get someone who is affordable and has your best interest at heart. You may want to consider someone that doesn’t make money from you by selling products or from commissions preferably a fiduciary. According to Tom Gehrmann, seeking advice from a financial planner earlier can make a difference and you don’t need millions to work with one.