When to Call in an Expert

Matt Cohen, CFP®, CIMA® |
Categories
Financial Planning Focus

Social media has democratized much of our society that was once the domain of experts. Anybody with a phone and a WiFi connection can be a pop star, movie producer, or celebrity chef – all of the content free of charge for the user. It seems everyone enjoys free advice when they are not familiar with the subject matter – just ask your doctor about that ChatGPT diagnosis you came up with (hint: it’s probably not a tumor). The experts in the field know that the “life hacks” and generic recommendations to seemingly every problem lack nuance and personalization. They are, at best, the first building block of a larger knowledge structure.

I am in the financial planning field, and our industry is not immune. Rather than shy away from it, I seek out the comment sections in financial articles and the personal finance subreddits to find out what advice is being given by anybody with curiosity and a keyboard. This helps me see what my clients may be absorbing and gives me a pulse on what the “average” person knows about my specialty.

The responses I see to personal financial questions are extremely varied, from cringe inducing to the very thoughtful. What I keep coming back to, however, is that I can tell the difference between good and bad advice that might be more difficult for someone who isn’t in our industry to identify. Even more importantly, I know the follow up questions to ask to avoid the “unknown unknown” trap that many fall into when taking generic advice (hint: helping your child with a down payment can be a great idea, but did you consider the impact this has on your existing estate plan?) So, can anyone give the right information, ask the right questions, and distinguish between good and bad advice? I would say “sometimes.”

Discerning good advice from bad gets to a question we hear a lot: when to put your phone down and seek out a financial professional. At West Financial, clients can pick the engagement level that is the most impactful for them. This ranges from hourly financial planning to discretionary investment and wealth management.

Here are some thoughts to help you decide when to seek professional advice:

- Early to mid-career and need help juggling savings and expense priorities, e.g. 529 savings vs. college loan pay downs vs. down payment savings vs. ‘living’

- Mid to late-career to find out if retirement goals are on track – it is much easier to course correct at age 50 than 60

- Retirement has either begun or is about to, and transitioning from accumulating wealth to spending down the portfolio is work you simply don’t want to prioritize in retirement

Over my twenty plus year career, I’ve worked with hundreds of families, each with their own family situation, financial goals, etc. Experience is akin to a “large language model,” but with the important distinction of seeing how advice and approach have actually worked in real life. If that resounds with you, we look forward to helping you.

Meet Matt Cohen, CFP®, CIMA®

Read the August 2026 Financial Planning Focus:

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This information is intended to be educational in nature, and not as a recommendation of any particular strategy, approach, product or concept. These materials are not intended as any form of substitute for individualized investment advice. The discussion is general in nature, and therefore not intended to recommend or endorse any asset class, security, or technical aspect of any security for the purpose of allowing a reader to use the approach on their own.