At what age should you see a financial advisor? (2024)

You might not realise it, but how we manage our finances when we’re young can significantly impact the quality of our future. In the past, you would have been forgiven for believing that financial planning was only reserved for Australians at later life stages. But at Financial Spectrum, we believe time is your greatest asset and you’re never too young to get financial advice. So what age should you see a financial advisor?

Whether you’re planning to get married, buy a home, retire early, getting financial advice in your 20s can accelerate your ability to create long-term wealth. Here we’ll explore what a financial advisor does, the benefits of financial advice and when financial advice for young people may be necessary.

What is a financial advisor?

A financial advisor is a qualified professional who helps everyday Australians make better, more informed financial decisions. Getting financial advice is suitable for all life stages, whether you’re in your early 20s or late 50s. For younger clients, a good financial advisor will provide advice and services in the following areas:

• Financial goal setting and modelling
• Budgeting and cash flow management
• Share investing
• Property investment
• FIRE (Financial Independence Retire Early) strategies
• Tax minimisation

What age should you see a financial advisor

For many Australians, knowing when to seek professional help can feel unclear. Rather than focus on what age you should see a financial advisor, it’s better to consider how you could benefit from financial advice. Whether you’ve got big life plans or need guidance in identifying your goals, a financial advisor can help. To keep things simple, we’ve outlined some of the common reasons you might consider getting financial advice:

• You are unsure of financial goals — Whether you’re looking to make the best financial decisions in your 20s, 30s or even 50s, you need something to work toward. A financial advisor can work with you to establish clear goals to guide smart financial decisions.
• You’re interested in FIRE strategies — FIRE stands for financial independence, retire early — a retirement strategy gaining momentum across Australia. Those within the FIRE community commit to making frugal financial choices to save money as quickly as possible while setting big investment goals focused on low-cost index funds, property and superannuation. Making this commitment when you’re young puts you in a position to retire early.
• You need help managing your cash flow — Budget and cash flow management are the foundation of any financial strategy. The more control you have over your money, the faster you’ll be able to save. The faster you can save, the earlier you’ll be able to invest and reach your goals. But before you despair at the thought of a budget, Financial Spectrum has a unique approach to budgeting without a spreadsheet in sight!
• You want to create a solid investment portfolio — If you need some help getting your investment plans off the ground or don’t know where to begin, a financial advisor can help. They can model different investment strategies to reach your goals. For example, whether you’re better to buy an investment property or start a share portfolio. They can also help you establish and manage your investments, whether that’s property, shares or other assets.
• You are time-poor — We all want to do right by our finances. But when you’re busy climbing the career ladder, it’s hard to find time to sit down and create a plan. Getting financial advice not only takes money management off your to-do list. You can also rest easy knowing that your financial future is in the hands of professionals.
• Your financial knowledge is limited — Managing your finances in your 20s can be complicated, especially if it feels like you’re starting from scratch. Meeting with a financial advisor can help you get clarity on areas that may need developing, like saving or investing.

Bottom line: what age should I see a financial planner? Our view is you’re never too young. You work hard for your money, so you should make the most of it. If you’re a young adult seeking financial advice, look no further than Financial Spectrum.

Financial Spectrum — home to expert financial advice for young adults in Australia

Whether you’re after financial tips for your 20s or a solid plan for lifelong wealth, Financial Spectrum can help. We’re proud to be a privately owned financial planning organisation. That way, you can trust that our financial advice has no ties to banks or other financial institutions.

We cater to a wide range of clients. We provide financial advice for 20-year-olds, through to helping older Australians prepare for retirement. Instead of one-size-fits-all packages, we provide tailored advice for each of our clients to help them reach their goals. Find out how one of our qualified advisors can help you take charge of your financial future. Book a complimentary consultation with us today.