These financial advisers hired their own financial advisers – and we found out why

We wondered: Why do some CFPs hire financial planning professionals of their own?

Often, it’s to help them keep the emotion out of monetary decisions. Jen Grant, a certified financial planner at Perryman Financial Advisory in Dallas, says she personally uses a financial planner for this reason: “I can be objective about other people’s life, money and plans, but I think it is wise to make sure I have someone to take that role on for me and my husband,” says Grant. 

Certified financial planner Alli Hershey at Fruitful has similar reasoning. “Even with all my education and technical skills, I know that in the heat of the moment, emotions can cloud judgment and lead to suboptimal choices. That’s exactly why I work with a financial planner myself,” says Hershey.

A planner can also help a couple talk more meaningfully, and regularly, about money – something even financial planners might hire a pro for.  “Sometimes, meeting with our financial planner is the only time my husband and I can carve out an hour or two to think and discuss our goals and long-term plans,” says Grant.

And even financial pros like that an outside financial planner can keep them accountable and ensure that decisions align with long-term goals. “When choosing a planner, I looked for someone who shares my planning philosophy, but, more importantly, isn’t afraid to push back. I have strong opinions and a lot of conviction, so I need someone who will challenge me when necessary and force me to think critically,” says Hershey. “Having a trusted expert in my corner helps me organize my financial life in ways I wouldn’t necessarily prioritize on my own.” (Looking for a financial adviser too? This free tool from our partner Distil can help match you to an adviser who might meet your needs.)

Other planners say that while they don’t use a financial planner now, they could see doing so.  Certified financial planner Alonso Rodriguez Segarra at Advise Financial says it doesn’t make sense for him to pay 1% to a planner now, but adds: “I’m sure that as the years go by, I will begin to rely on other financial planners for much more complex topics or feel that I am already too old and could start to make mistakes. What’s certain is that I would always look for a certified financial planner who I would not just ask on a call if they’re a fiduciary, but I would tell them to tell me in writing what my total costs are as a client,” says Segarra.

Of course, we talked to planners that said they didn’t want or didn’t see the point of a financial planner. Sometimes they said they simply didn’t need another person’s skills, sometimes their spouse didn’t see the point in hiring a planner when he or she was already married to one.

And sometimes it was about the money — at least at present. “We know that we do not want to pay on average 1% for something that we know how to do ourselves,” says Segarra.