Get financial advice first, investment advice later

Investors with more human than financial capital should seek advice on their entire financial life and not just investments.

Christine Benz 22 June, 2018 | 5:00PM

A friend's son, in his mid-20s and working in his first "real" job, emailed me a few weeks ago looking for recommendations for a financial advisor.

I replied to ask what type of guidance he's looking for. I remembered that he started investing in stocks when he was in high school, so my guess was that he wanted help with something investment-related.

His response surprised me, in a good way. Rather than seeking investment guidance, he was thinking big-picture. He said he'd like to go to graduate school, but he was also contemplating buying a rental property as an investment and living in one of the units. He wanted some advice on his portfolio, but that was secondary to wanting to talk through the financial implications of the other, broader decisions on his mind. I gave him the names of two of my favorite hourly, fee-only financial-planning firms, and he was off and running.

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About Author

Christine Benz

Christine Benz  Christine Benz is Morningstar's director of personal finance and author of 30-Minute Money Solutions: A Step-by-Step Guide to Managing Your Finances and the Morningstar Guide to Mutual Funds: 5-Star Strategies for Success. Follow Christine on Twitter: @christine_benz.

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