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WSJI’ve been investing in the stock market for more than 20 years. During that time I’ve never hired an investment adviser to manage my portfolio. The primary reason is cost. A close second reason is that I enjoy investing.

But if I’ve learned one thing from running this website it’s that how I handle my investments is not always the best approach for everybody. If you’re ready to start investing but don’t know where to begin, you might think about hiring an investment specialist to help you.

Like most financial decisions, there are pros and cons to seeking help with your investments that you should consider before making your decision.


Professional Insight

Obviously, when you hire an investment specialist, you’re looking for professional knowledge and experience. Investing can be complex, especially when you’re creating your long-term investment goals and game plan. Having some guidance can be helpful.

Objective Advice

When it comes to financial planning, many of us make decisions based on emotions, such as fear about the future. This can lead to bad investing decisions that can really hurt. A third-party adviser doesn’t have as much to lose from your investment decisions, and such a big-picture, objective view can help you make better investing choices.

Multiple Options

Some investment advisers are linked to particular companies, investments, insurances, etc. But others are independent and can give you a host of investing options to choose from. Of course, you could choose among these options on your own, but, again, having some guidance can be helpful for many of us.


Managing investments personally can take a great deal of time. You need to research your investments and potential investments, decide when to buy and sell, and educate yourself about the market. When you hire an investment specialist that you trust, you can leave much of the time-consuming research to that person.


Potentially Expensive

Complicated fee structures can make it hard to discern what an investment specialist is costing you, but expect these services to be expensive. Specialists may charge by the hour, by a flat fee, or by a percentage of assets managed. Either way, these services can cost a chunk of change.

May Operate on Commission

Here’s something to look out for: free or cheap investment advice. Investment advisers have to make a living, and many who don’t charge much instead make their living through commissions on the products they sell. This can lead the adviser to recommend investments that don’t suit your needs and goals just to get the commission.


Any investment is risky, and investments made at the recommendation of specialists are no less risky. Hiring an investment specialist may give you a false sense of security that your money will be invested well, but you should always understand the risks you’re taking whenever you invest your money.

Choosing the Right Investment Specialist for Your Needs

If you do decide to hire an investment specialist, here’s what you need to look for to find the right one:

  • Type of Specialist: Most licensed financial planners are investment specialists, but not all investment specialists are financial planners. If you deal with complicated taxes, want to plan for retirement, need estate planning help, and want help investing, a financial planner (with significant investing experience) is what you need. If you’re looking only for help with investments, an experienced investment specialist is a better option.
  • Licensing: Investment advisers must at least be registered with their state’s securities agency, but if they manage $100 million or more, they have to be registered with the SEC. Ask about this registration and see if your potential adviser has further credentials, such as a Certified Financial Planner certificate.
  • Fee Structure: You may want to avoid commission-based investment specialists because they may push you into unsuitable investments. But no matter who you hire, you need to make sure you understand — and can afford — a specialist before making your final choice.
  • Demeanor: This is perhaps one of the most important aspects of choosing a financial planner or investment specialist. Here at Dough Roller, we believe it’s vital that you actually understand what you’re doing with your money. (Which is why we have an entire section on the ins and outs of investing.) The right investment specialist is one who will make sure you understand the choices you’re making, rather than bulldoze you into making choices as quickly as possible.

Find the Right Financial Advisor for You

Being an investor, it’s hard to find a great financial advisor. SmartAdvisor (by SmartAsset) can help you out by finding, vetting, and serving up qualified advisors who can get in touch with you directly. They’ve developed a process that allows them to match you with exceptionally high-quality advisors.

The initial step is for you to take an in-depth survey. Those interested in using a financial advisor will take a survey that has between 20 and 25 questions to analyze what they’re searching for.

Upon completing the survey, an in-house concierge team from SmartAdvisor will discuss your results further to find the best match possible.

At that point, you’ll be matched up with between one and three different financial advisors. This will depend on both the advisor, along with your own matching criteria.

You should also feel confident in the advisors you’ll receive as options, as SmartAsset (the company behind SmartAdvisor) is extremely reputable.

SmartAsset has over 100 different financial news sites it supports, in addition to a well-respected website. Additionally, they reach more than 45 million Americans each month and match more than 5,000 leads to advisors monthly.

Whether you decide to hire an investment specialist, you should still understand the basics of making wise investments that will pay off in the long run. Educate yourself about your money, and you’ll be equipped to make better financial decisions.

Author Bio

Total Articles: 1082
Rob founded the Dough Roller in 2007. A litigation attorney in the securities industry, he lives in Northern Virginia with his wife, their two teenagers, and the family mascot, a shih tzu named Sophie.

Article comments


There are quite true. Pros and cons are always there so you got to weigh it in which one will benefit you greatly, which can be more advantageous to you. You’re right about educating yourself because in the end, it’s going to be your decision and no one can make that decision for you.

David S says:

I think for most people the fixed rate would be the one to keep them out of trouble as it is very predicable and most people live paycheck to paycheck.
But I have examples where both were good choices. My parents got their ARM back in the 80s and the rate just continued to decline throughout the life of the loan, I on the other hand got a fixed rate and rates have slowly been creeping up ever since. 🙂 So it just depends on the economic conditions.