Updated 16 July 2026
Everyone who has money, which is pretty much everyone, can benefit from financial advice at some point in their life. But many people wonder whether they could get the same results with a DIY plan, whether professional advice is affordable, and what they’ll actually get in return for the fee they’re paying.
So, when should you hire a financial advisor? The short answer: when the value an advisor can add to your situation is greater than what you pay them, regardless of how much money you currently have. For most people, that point comes sooner than they expect.
As a rough guide, if you’re earning over $60,000 as an individual, $120,000 as a household, or you have superannuation or other assets over $100,000, you’ll most likely be able to afford advice and benefit from seeing a financial planner.
That might surprise you. Financial planning isn’t just for the wealthy. Your financial success doesn’t only depend on how much money you make. It also depends on how much you save, spend and plan ahead.
Deciding whether professional advice is right for you really comes down to two questions: is it affordable, and will it add value to your situation?
I mentioned “value” above. This means a good advisor needs to consider whether the value they provide outweighs what the advice costs you, keeping in mind that many financial strategies play out over years or even decades.
This matters not just because it’s financially sensible, but because it’s the law. Financial advisers in Australia have a legal best interests duty to their clients.
Given the rough guide above, most people already have some cash flow or investments to work with. An advisor can use that as a foundation to build additional value and help grow your wealth over time.
If you’re still unsure whether you have the income or assets to justify seeing a financial planner, the simplest next step is to pick up the phone and speak to an adviser. A good one will tell you fairly quickly whether they can help.
It’s also worth doing what you can on your own first, such as building savings and paying down debt, before seeking more comprehensive planning.
Now that we’ve covered some of the financial advisor costs and the level of assets you might need to get started, it’s time to make it more personal. Before hiring a financial advisor, it’s essential to assess your financial readiness. This can include your liquid assets, your willingness to take advice on financial decisions, and the type of advice you might need.
Only you can know if you’re ready for a financial advisor. Once you’ve considered your financial situation, it’s time to think about if you’re ready to set some clear long and short-term goals. It’s a good idea to hire a financial advisor if you’re ready to discuss all the details of your financial situation with someone and if you’re ready to commit to an ongoing relationship (most financial advisors don’t offer one-off advice). Here are some points I think people should consider when deciding if they are ready (yet) to hire a financial advisor:
If you’re just starting to build your financial literacy, or you want to save or invest small amounts, it might be too soon to hire a financial planner. Set some personal goals, start a forced saving plan, put money aside into an emergency fund, and consider apps such as Raiz Invest or CommSec Pocket. A human advisor will still be the better option as you progress, but you don’t need one on day one.
If you’re struggling with debt that makes it hard to make ends meet, or you need support with behaviours such as gambling, see a financial counsellor first. Counselling and budget assistance are usually free or low cost, without the ongoing commitment a financial advisory relationship involves. You can contact a financial counsellor through the National Debt Helpline on 1800 007 007.
If you’d like one-time advice, a sign-off on paperwork, or a second opinion, it can be difficult to find a professional who can help.
In Australia, financial planners legally can’t provide personalised advice outside a process that involves assessing your situation and producing a Statement of Advice. If you search for “one-off financial advice”, you’ll find advisors who offer general advice or answer broader questions for a single fee.
You’re not alone. Many Australians want to devote more time to getting their finances in order and even getting help. But choosing the right advisor can feel complicated, so it’s easy to procrastinate. The good news is, finding the right advice is not as hard as it seems.
Start by looking at the best financial advisors in Australia and what questions to ask about their services. Researching the top financial planners means that even if you don’t end up going with one of these advisors, you start to build a picture of what to look for in an advisor you can trust. Calling an advisor or two will give you a lot of information about their pricing structure, their approach to investments, their level of customer service, and if they could help someone in your situation. Expect your financial planner to help you set realistic goals, develop a budget, choose the right investments and provide you with the education and support you need to make sound decisions and achieve your goals.
If you have some assets in your name, perhaps a home, or a few years of saving and investing behind you, you’re probably in a good position to take your strategy to the next level. That could mean planning for retirement, buying an investment property, funding children’s education, or making sure your family is financially protected.
Needing help isn’t a bad thing. People come to advice for different reasons: restructuring debt, lacking time to plan next steps, or simply wanting more accountability to stick with a plan.
There’s something powerful about having an ally working with you towards your goals.
If you’re managing a high income or have built a significant portfolio, it’s wise to see an experienced advisor. They can take on time-intensive research and paperwork, and they’re also invaluable when it comes to protecting your wealth, navigating trusts, family offices, estate planning, philanthropy, or transferring assets. This matters most if you’ve suddenly come into money, such as an inheritance or insurance payout, where the right advice early on can change your outcome.
Here’s what working with an advisor typically looks like, and roughly what it costs at each stage.
Moneysmart also has a clear breakdown of the different kinds of fees advisers may charge.
It’s true that the rising cost of compliant advice has put ongoing, holistic financial planning out of reach for some Australians.
But it’s still worth a phone call to find out where you stand. Most advisers, including our team, offer a free first consultation so you can understand your options before committing to anything.
Not every advisor charges the same way, so it helps to know what you might be asked to pay for:
For a complete breakdown of how each fee works and how to judge whether you’re getting good value, read our full guide: The Truth About Financial Advice Fees: What You’re Really Paying For.
You can also see Moneysmart’s guide to financial advice costs.
If you think you’re ready, you might be asking, “Is a financial advisor worth it?” or “Are financial advisor fees worth it?”
Picture a set of scales. On one side are the fees you’re paying. On the other are the benefits you’re receiving, which might include reaching your retirement savings goal, steadily increasing your net worth, or having the money to buy your first home or investment property.
That scale should tip clearly towards the benefits.
Russell Investments’ 2023 review of the value of advice in Australia found that advisers added 5.9% per year to client outcomes, based on their ABCT framework. This looks at behavioural coaching, tax efficiency and strategic decisions, not investment returns alone.
A few concrete ways advice tends to pay for itself:
Just remember, the crucial factor that determines if a financial advisor is the right step for you is not the amount of money you possess, but rather if a financial advisor will be able to provide value to you both now and in the future. As financial advisors, we have a ‘best interest’ duty to our clients. We will evaluate if we can provide value to you that will provide returns over and above what you pay in fees. If we can’t provide long-term benefits with our services, then we may recommend a different professional service to assist you.
However, to finish this article how I started it, most people are able to benefit from the assistance of a financial advisor and a personalised financial plan! To find the right advisor for you, consider your unique needs and do your research to ensure you find a reputable professional who is a good fit for you.
As a rough guide, when you’re earning over $60,000 individually, $120,000 as a household, or you have super or other assets over $100,000. But income and assets aren’t the only triggers. Life events such as an inheritance, a property purchase, a growing family, or approaching retirement are all common moments to start the conversation, regardless of where you sit against those numbers.
You can, but it may not be the most useful step yet. Most advisors recommend building a savings habit, creating an emergency fund, and reducing high-interest debt first. If debt is the main issue, a financial counsellor, available free through the National Debt Helpline, is usually a better first call than a financial advisor.
People with competing financial goals, a complex tax situation, an upcoming major decision, or limited time or confidence to manage their own money. It also includes anyone who has built a foundation, such as a home, savings or investments, and wants a clear strategy to grow it further.
For most people who meet the criteria above, yes. Australian research shows advice can add measurable value beyond fees, both through better investment outcomes and by helping people avoid costly mistakes. It’s not the right fit for everyone, particularly those with very simple finances or people who only need one-off advice.
Typically, you can expect an upfront strategy fee of $1,000 to $5,000 or more, followed by an ongoing fee of $2,000 to $10,000 or more a year, depending on complexity. See our full financial advisor fee breakdown for more detail. Most people are able to benefit from the assistance of a financial advisor and a personalised financial plan. To find the right advisor for you, consider your unique needs and do your research to make sure you find a reputable professional who’s a good fit.
Cory has been an adviser since 2016. He specialises in providing goals-based advice with a holistic approach, and enjoys seeing his clients achieve their financial goals and feels privileged to be part of their success.
Dip. FP, Grad. Dip. FP
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