--- title: When Do You Need A Financial Adviser? | TIME description: Liz Davidson has a few scenarios when a financial adviser will come in handy. canonical: https://time.com/video/fYlB54ci/ og:title: When Do You Need A Financial Adviser? og:description: Liz Davidson has a few scenarios when a financial adviser will come in handy. og:url: https://time.com/video/fYlB54ci/ og:image: https://cdn.jwplayer.com/v2/media/fYlB54ci/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: When Do You Need A Financial Adviser? twitter:description: Liz Davidson has a few scenarios when a financial adviser will come in handy. twitter:image: https://cdn.jwplayer.com/v2/media/fYlB54ci/poster.jpg?width=720 --- # When Do You Need A Financial Adviser? > Sponsored content. Supplied in partnership with TIME. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: When Do You Need A Financial Adviser? [Watch (HLS stream): When Do You Need A Financial Adviser?](https://cdn.jwplayer.com/manifests/fYlB54ci.m3u8) (1:59)  _Published 2016-03-21. Liz Davidson has a few scenarios when a financial adviser will come in handy._ --- Jul 27, 2023 7:38 PM UTC --- ## More From This Series [All Videos](https://time.com/video/) [Why Your Financial Adviser Should Be a Fiduciary](/video/j6zKcDMW/) ### Why Your Financial Adviser Should Be a Fiduciary [How to Spot a Bogus Financial Adviser](/video/lTRFk6r5/) ### How to Spot a Bogus Financial Adviser [What You Should Know About Financial Aid](/video/LLGKk1Fc/) ### What You Should Know About Financial Aid --- ## Transcript A lot of time you say people don't need a financial advisor, but other times you say it's worth paying up for it. Can you tell us about some of those times? Absolutely. If you've maxed out your employee benefits and taken advantage of all the free and subsidized and tax favorable accounts of your employer, and you've. I'll reduce your high interest rate or you cut it down to zero. You have no high interest rate debt, you have an emergency savings fund, and you have extra money beyond that. That is the time where financial advisor can be tremendously helpful. Now is the time to look at okay what can an advisor do to help me grow This extra money I have and protect it. Another thing that you talk about is that when you reach retirement age and you're worried about outliving your money, an adviser might be able to help you there. Can you explain that? It used to be that retirement was maybe 10 years. Now it's averaging 20- 30 plus years. And so that's a big challenge when you have this pot of money and how do I decide how much to withdraw every year and make sure it's not going to run out? What an advisor can do is work with you to look at your fixed expenses and set up what is like a monthly paycheck for you which is annuity. So you take some of that money and it Turns into this paycheck you get for the rest of your life. Now, that leads us to the last thing, which is, you talk about there are certain financial products and services that you shouldn't buy on your own, that you'd need an advisor to help you with. Give me an example of that. There's a whole lot of complexity when it comes to insurance, annuities, when it comes to How do you really allocate your assets so that you're protected but you're also growing your money and those things, really I think the expertise of a good financial advisor can make a huge difference. There was a study recently done that those who used financial advisors Versus doing it themselves have a 3 % advantage in terms of how much more they got each year on average. So that over time can add up to a whole lot of money. That's all really good advice. Liz Davidson, thank you for joining us. Thank you for having me. [ MUSIC ] ```json {"@context":"https://schema.org","@type":"VideoObject","name":"When Do You Need A Financial Adviser?","description":"Liz Davidson has a few scenarios when a financial adviser will come in handy.","thumbnailUrl":"https://cdn.jwplayer.com/v2/media/fYlB54ci/poster.jpg?width=720","uploadDate":"2016-03-21T16:20:17.000Z","contentUrl":"https://cdn.jwplayer.com/manifests/fYlB54ci.m3u8","embedUrl":"https://time.com/video/fYlB54ci/","duration":"PT1M59S","potentialAction":{"@type":"SeekToAction","target":"https://time.com/video/fYlB54ci/?jw_start={seek_to_second_number}","startOffset-input":"required name=seek_to_second_number"}} ```