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Why would you need a financial advisor? I make 500k. 1.3M NW and never needed one.
When you have enough wealth to manage, that you cannot on your own. Most people can simply invest in diversified index funds. Unless you are high net worth individual, it won’t make sense to hire an advisor. That would be at least $1 M is liquid assets
Don’t confuse wealth with earnings
I would argue, if you made it to $1mill liquid on your own, you’ve been doing the right thing and to continue that process. Would agree when you get higher net worth/older where you need to change your allocation and goals, that it becomes more worthwhile to start tax sheltering/estate planning/retirement thought
You can make lots of money and not need professional help. It’s often a waste of margin considering you just need to stick your money in mutual funds and not worry about it. The only real help you need is a tax attorney/CPA once you start to get complex income streams from things besides work to minimize tax burden. Otherwise it’s a waste of money.
(Have been past this threshold for a while)
You can also do it yourself.
Financial advisors are incredibly expensive as your assets grow.
You will be paying them tens of thousands every year for things you could learn to do yourself.
Not to say everyone can manage their own investments competently, nor that it’s effortless.
But the cost savings are huge to DIY
Most financial advisers are just friendly sales people. They don’t provide nearly the amount of value that they cost you.
If you want to hire someone get a fee only financial planner to do a one time plan for you. But do your research first so you can ask intelligent questions.
You can do better on your own investing consistently in low cost index funds / ETFs (to include a mix of domestic and international stocks plus bonds). Spend a few hours reading up and you’ll save yourself tens of thousands on financial advisor fees.
For me it was never about a specific amount, I pay for the luxury of not being forced to over-think my investments.
If you make more per hour doing what you do vs cost of a financial advisor switch. I would just take a few minutes for it though