When Should You Hire A Financial Advisor?

Financial Advisors Say The Darndest Things

In this episode of Financial Advisors Say The Darndest Things, A.B. Ridgeway breaks down the crucial question: When is the right time to hire a financial advisor? Drawing from a conversation with a doctor calling into Dave Ramsey’s show, the episode explores the tension between needing financial guidance and the fear of losing control over your wealth. A.B. and Dave Ramsey share essential insights on balancing trust, knowledge, and control in your financial life.

3 Key Takeaways

1. The Right Time to Hire a Financial Advisor is Early: A.B. Ridgeway emphasizes that financial planning should ideally start early, even during life events like residency, marriage, or starting a family—not just after earning significant income.
2. Financial Advisors Should Teach, Not Take Over: Both A.B. and Dave stress that an advisor’s role is to educate, not control. A great advisor offers options and guidance, ensuring the client remains in charge of their financial decisions.
3. Trust the Process, Not Just the Person: It’s normal to feel hesitant about hiring an advisor, especially with significant wealth. Dave advises clients to work only with advisors who have a “heart of a teacher,” emphasizing education over sales. A.B. adds that understanding how products fit into a broader financial plan is more important than mastering every technical detail.

3 Memorable Quotes

1. “I’m not here to tell you what to think. I am here to teach you how to think.” — A.B. Ridgeway on the role of a financial advisor.
2. “The rule is: you don’t work with a financial advisor who doesn’t have the heart of a teacher.” — Dave Ramsey on the qualities to look for in an advisor.
3. “Over-analysis causes paralysis. Make the best decision with the information you have.” — A.B. Ridgeway’s advice on balancing knowledge and action in financial planning.

Final Thoughts: This episode encourages listeners to take a proactive approach to financial planning. Whether you're early in your career or managing newfound wealth, finding the right advisor—one who educates and empowers—is essential. Remember, it’s not about handing over control but equipping yourself to make better financial decisions.

Tune in to learn more about aligning your financial decisions with your values and making informed choices with confidence!

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

Video/Audio Credit: Ramsey Solutions