Finding a Financial Advisor

Summary

Podcast Summary: Jill on Money with Jill Schlesinger
Episode: Finding a Financial Advisor
Date: November 10, 2025

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Overview

In this episode of "Jill on Money," host Jill Schlesinger, CFP®, tackles the often-daunting process of finding the right financial advisor. The episode centers around a listener call-in from Jackie, a high-saver in New York City navigating her next financial steps. Jill provides practical advice, demystifies what to look for in a financial advisor, and shares concrete suggestions for seeking trustworthy guidance—always emphasizing transparency, trust, and the importance of the fiduciary standard.

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Key Discussion Points & Insights

1. Jackie's Financial Situation and Goals

• Jackie's Background:
  • Age: 46, Single, No kids
  • Salary: $135,000/year, plus a generous bonus and long-term incentive plan at work
  • Stable, low-cost lifestyle (low rent, no big debts, spends mainly on travel)
• Savings & Investments:
  • $575,000 in savings accounts (admittedly too much in cash)
  • $500,000 in a 401(k), maxed out annually
  • $190,000 in a brokerage account (managed digitally via Vanguard’s Personal Advisor at 0.3% fee)
  • $20,000 in an HSA (half invested)
  • $35,000 in checking
• Financial Challenge: Realization that too much is sitting in savings, unclear what to do next, and now seeking trustworthy personalized advice.

“I have way too much money in a savings account and I feel almost, you know, almost like I don't know what to do.” — Jackie (07:31)

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2. Why Seek a Financial Advisor?

• Trust and Guidance over Product Sales:
  • Jackie’s top concern is to find “somebody I can trust… Please give me the best guidance. Don’t…sell me anything I don’t need.” (09:40)
  • Jill underscores the importance of hiring a fiduciary—someone legally required to act in your best interest.
• When You Need an Advisor:
  • Large increase in savings, complexity of investments, or life changes can signal the need for advice.
  • Direct, ongoing planning (not just investment management) is key, especially for retirement and potential family support issues.

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3. How to Find and Vet Advisors

• Referral Networks:
  • Recommendations often come from CPAs, tax preparers, friends, or colleagues.

    “Usually it comes from a referral…it can come from, you know, if you work with a CPA or you have a tax preparer or…a friend.” — Jill (09:53)

  • Workplace connections can help—others in your company may have advisors they recommend.
• CFP Board as a Resource:
  • While the CFP Board website lists qualified advisors, simply holding a credential isn’t everything. Not every CFP is the right fit.

    “It’s not…like every designation doesn’t automatically mean that somebody is like the best person for you.” — Jill (12:38)

• Asset Minimums Often a Barrier:
  • Many planners require higher minimums ($1-2 million), and 401(k) assets sometimes don’t count towards those.
  • This is a “big downfall of the profession,” Jill admits, highlighting a service gap for clients like Jackie—and many listeners.
• Jill’s Actionable Next Step:
  • Jill offers to personally refer Jackie to a couple of trusted names, recognizing the personal connection needed to overcome “the daunting” search process. (12:27)

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4. Practical Next Steps and Resources

• 13 Questions to Ask a Potential Advisor:
  • Jill directs listeners to her website’s resource section, which includes a list of key questions to ask when interviewing potential advisors.
• Estate Planning:
  • Jill reminds Jackie (and listeners) that proper planning includes wills and estate documents—often neglected.

“They’ll make you do a will and do all the estate planning so I don’t have to be the nudge. They can nudge you.” — Jill (13:02)

• Listener Participation:
  • Listeners are encouraged to contact Jill with their own questions via the show’s website.
  • Participation can be anonymous or as a call-in guest.

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Memorable Quotes & Moments (with Timestamps)

• On Piling Up Savings & Feeling Stuck

  “I literally looked at my bank accounts one day and I’m like, I have way too much money in a savings account and I feel almost…I don’t know what to do.”
  — Jackie, 07:31

• On the Value—and the Difficulty—of Finding Help

  “A lot of the financial planners…won’t take somebody who has your level of assets…That’s…I think it’s like, actually one of the big downfalls of the profession.”
  — Jill, 11:28

• On Credentials vs. Fit

  “It’s not…like every designation doesn’t automatically mean that somebody is like the best person for you.”
  — Jill, 12:38

• On Doing the Hard Work of Planning

  “They’ll make you do a will and do all the estate planning, so I don’t have to be the nudge. They can nudge you.”
  — Jill, 13:02

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Timestamps for Important Segments

• [01:40] Start of listener Q&A: Jackie introduces her situation
• [03:48] Jackie explains her background and finances
• [05:48] Breakdown of savings and investments
• [07:31] Jackie’s turning point: recognizing too much in savings
• [09:40] Jackie’s concerns about trust and transparency with advisors
• [11:28] Jill explains barriers in the profession for mid-wealth clients
• [12:27] Jill offers to provide trusted advisor names
• [13:04] Jill lists resources available for listeners seeking advisors

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Tone and Style

Jill’s tone is upbeat, supportive, and direct, aiming to demystify complex financial topics. She never patronizes—always meeting listeners where they are. The episode is both practical and reassuring, encouraging listeners to take confident next steps in their financial lives.

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Bottom Line for Listeners:
Finding a trustworthy financial advisor can be daunting, especially when you fall between “starter” and “ultra-high net worth” categories, but it’s possible with the right questions and a focus on fiduciary responsibility. Use referrals, ask hard questions (see Jill’s list), and don’t assume a credential alone guarantees the right fit. Above all, planning is worth the effort—for your investments and your peace of mind.

Transcript

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[Jill Schlesinger]

Welcome to the Jill on Money show. It's Monday, November 10th, and we are here answering your financial questions. And as you know, the calendar tells us we're getting close to the end of the year. So if you have questions about moves that you should be making before the end of the year, maybe you'd like to snag one of those deductions from the tax bill and you don't know how to drive your income down. Maybe you're thinking that this was the year where you didn't earn that much money. Maybe you should be converting from a Traditional to a Roth. Maybe something needs to be done before the end of the year. If that's you, give us a Holler. Go to jillonmoney.com, click the contact us button, write us a note, and Mark will arrange to bring you on the program if you check the box. Now if you don't want to do that, you can also subscribe to Jill on Money Live. That is our service where you have access to quarterly live webinars. And the next one is so close. Wednesday, November 19 so around the corner when we are going to be joined by a cfp her Name is Jana Davis. She's actually been on the show before and she's going to walk us through the year end tax and financial planning moves that you may want to make. But if you want to subscribe to Jill on Money, it is going to cost you 45 bucks for the next 12 months. So you'll get this webinar three more, the back catalog of webinars. You'll also get some bonus video and audio content. All there for you. Join Jill on Money Live. That's it. If you don't want to do it, no sweat. Lots of free stuff that lives on the website, including our free weekly newsletter comes out every Friday. So check that out. That's a lot of promotion, isn't it? Okay, right now let's talk to listener Jackie who joins us from New York City. Hi Jackie. What's going on? What can we do for you?

[Jackie (Caller)]

Hi Jill, thanks so much for taking my call.

[Jill Schlesinger]

Of course.

[Jackie (Caller)]

So I'm in a position where I think it's time to get a financial advisor and I'm just feeling a little daunted by it. I've checked the CFP board website that I know you recommend and I'm just having a hard time finding out who I can, who would be a good match for me, how I can trust someone, what kind of questions I should ask kind of thing.

[Jill Schlesinger]

So tell us a little bit about yourself. What brings you to this place where you are seeking financial advice or in general? Sure.

[Jackie (Caller)]

So I've saved, I've saved quite a bit and I think I have a lot of money saved and savings accounts that are only bearing not getting a lot of interest. I kind of just realized I have too much in savings so I don't really know what my next step should be.

[Jill Schlesinger]

Are you working full time right now? Yes. How much do you earn?

[Jackie (Caller)]

135.

[Jill Schlesinger]

And are you married, partnered? Single?

[Jackie (Caller)]

Single.

[Jill Schlesinger]

Okay. Kids? No kids.

[Jackie (Caller)]

No kids.

[Jill Schlesinger]

Makes planning a lot easier, I gotta tell you. Yes. And how old are you, Jackie?

[Jackie (Caller)]

46.

[Jill Schlesinger]

Based on your. 135, which is not a huge amount of money for New York City. I want to get a sort of a heat check on how you're feeling about your cash flow and your money. Like how's, how you doing?

[Jackie (Caller)]

I mean, I'm comfortable. I don't think I have a lot of expenses, so I think I'm fine with that. If that's.

[Jill Schlesinger]

How do you not have a lot of expenses?

[Sponsor/Ad Voice]

Don't you, do you own a property?

[Jill Schlesinger]

Do you rent a property, live in New York City? It's supposed to be the hardest place in the world to live. No, I don't think that. But that's what the. That's what it's sort of the wrap on New York is.

[Jackie (Caller)]

My rent is very low because I've been in the same place for over 10 years. I own my car. The only thing I really spend is, is for travel.

[Jill Schlesinger]

Okay. All right. This is great. And, and you are, and you are in a job that is comfortable, as comfortable as you can be. Is there a pension attached to that job?

[Jackie (Caller)]

No, there's not a pension. We have something that's called like an ltip.

[Jill Schlesinger]

I don't know how to describe it. A long term incentive plan plan. An ltip.

[Jackie (Caller)]

And I get a generous bonus. And I've been there 13 years. I'm comfortable there. I don't think it's going anywhere.

[Jill Schlesinger]

Okay, good. So let's talk a little bit about all the money that you have saved. You said you've got a bunch of money in savings accounts. How much would you guess is in the savings? High yield savings cd. Safe stuff.

[Jackie (Caller)]

I'm embarrassed to say it.

[Jill Schlesinger]

Don't be embarrassed. It's just us.

[Jackie (Caller)]

575.

[Jill Schlesinger]

$575,000. Just in case. I mean, you never know. Right. All right, well, but, you know, at least we know you can save. So this is huge. In addition to your job, with the salary, with the long term incentive plan, with the bonus, you have a retirement account there also.

[Jackie (Caller)]

Yes, I have $500,000. A 401.

[Jill Schlesinger]

Wow.

[Jackie (Caller)]

And then another 190 in a brokerage account. Those are both with Vanguard.

[Jill Schlesinger]

Okay. And how are you managing the money at Vanguard? Like you, you know, you've got it. Are you picking index funds or ETFs? Like, how are you doing with that?

[Jackie (Caller)]

You know, I, I pay for this. Like it's almost like an automated.

[Jill Schlesinger]

Yes.

[Jackie (Caller)]

Personal services with 0.3%.

[Jill Schlesinger]

That's the. Yep, yep. The, the, the personal service advisor. Okay, Right.

[Jackie (Caller)]

Exactly.

[Jill Schlesinger]

Do you get a person with that or is it just. No, you don't. So it's just digital.

[Jackie (Caller)]

Yeah, I believe. I mean, I can call and ask questions, but there's not someone direct that I can say, do this, do that.

[Jill Schlesinger]

Right, okay, got it. So you got the 401k, you got the brokerage. Anything else that we should know about in terms of investments?

[Jackie (Caller)]

I mean, I have, I have about 20,000 in HSA and of that, about 10,000 is invested, but that's it. And then I just have another like 35,000 in a checking account, but nothing else invested anywhere.

[Jill Schlesinger]

Okay. Why is the money piled up in that savings account? Tell us, like, did something happen or are you just an incredibly diligent saver over time? And did you get freaked out? Like, I'm just trying to get gauge like how you got to this place.

[Jackie (Caller)]

I mean, to be honest, I think that I just, I literally looked at my bank accounts one day and I'm like, I have way too much money in a savings account and I feel almost, you know, almost like I don't know what to do. So I didn't used to been on my list of things to find a financial advisor. Financial advisor. And I just haven't done it.

[Jill Schlesinger]

So. Okay, it's. I got that. That's, that's fine.

[Jackie (Caller)]

I mean, this was only a couple years of savings, to be honest.

[Jill Schlesinger]

It's amazing. So, I mean, you're making 135,000. Are you maxing out your 401k right now? Are you putting in that, you know, 23, 5?

[Jackie (Caller)]

Yes, I'm putting the max and the company matches.

[Jill Schlesinger]

Okay. And so the money that's been sort of piling up, you must have like very low expenses. Truly. Do you know how much you spend a month?

[Jackie (Caller)]

I just did that recently. I think it's. I really padded it, but I think I think it was 5,000. Could that be?

[Sponsor/Ad Voice]

Wow.

[Jill Schlesinger]

Yeah, sure. I mean, you live in New York. You have, you have rent, you have stuff, you like to travel. Sure. Not even. That's not a no problem. Okay, you said you have no kids. What about parents that you might have to take care of or a sibling?

[Sponsor/Ad Voice]

Anyone?

[Jill Schlesinger]

Just any that might need your assistance?

[Jackie (Caller)]

That's a good question. It brings up another topic that I, I do have a parent I'm slightly concerned about. They're not sure if they saved enough money. But that's another conversation I'm having with them, with my mother. But I, I don't anticipate I'm going to have to have to help her financially.

[Jill Schlesinger]

But you just want to open the door and have some conversations just to understand. Yeah, that's so smart. I mean, you're at the age, I don't know how old your mom is, but, you know, it's, it's good to at least get the, get the information out there because you are at a point in your life that, you know, let's just say your mother's like, oh, I've been so mortified to tell you this, but I have $20,000 in credit card debt and you're like, okay, let's rip up the credit card debt, and I will pay off that 20 grand because I have money. And you know what I mean? Like, just knowing that is good. All right, so now when you think about an advisor relationship, what do you hope to get out of this relationship?

[Jackie (Caller)]

I mean, number one is I just want somebody I can trust. I don't know. You know, I'm a little blind about this and naive. I don't know what the heck I'm doing. I just want somebody that can be like, here's all my money. Please give me the best guidance. Don't. Please don't sell me anything I don't need.

[Sponsor/Ad Voice]

Right?

[Jill Schlesinger]

And it's very hard. You know, I used to, you know, you know that I talk about this on the show, which is, you should hire a fiduciary. You should ask the right questions. But sometimes, really, it's hard to know anyway, going sort of flying blind. So I think there's a few different things to consider. One is, you know, how do you find these people? Usually it comes from a referral. So it can come from, you know, if you work with a cert, with a CPA or you have a tax preparer or you have a friend or something like that. That is one way to kind of get some guidance. Another is maybe there's someone at work who uses somebody. That's also a possibility. And then it's really about, what is it that we're seeking here? You want to have someone who you trust, but it's somebody who can help you kind of plan for your retirement. Are you the kind of person who pines to retire early? Is that something that could be interesting to you?

[Jackie (Caller)]

Yeah. Oh, definitely.

[Jill Schlesinger]

Oh, yeah. She's like, I'm not working.

[Jackie (Caller)]

I'm done.

[Jill Schlesinger]

I didn't have kids for a reason. I'm taking care of Jackie. So, I mean, it's somebody who can really do financial planning for you and. And also hold your hand on the investment side. I think that it's a challenge when you're in the situation where you are, Jackie, because you have all this cash that piled up, which means you're an amazing saver. This is great. This is all good news. But it's going to be scary to put that money to work, because I promise that whatever you choose to do, whenever you get that money working for you the next day or next month, things are going to just fall apart in the market, and you're going to feel like an idiot for doing it. What I think would be helpful would be to Find somebody who does financial planning who's not going to sell you product. But you know, there is a real trick here, and that is a lot of the financial planners that you'll talk to, they won't take somebody who has your level of assets. They'll say like, oh, you have to have $2 million, or you have to have, you know, you have a million dollars. But we don't count the 401k because we can't directly. So we have to find the right person for you. And that's not so easy in this day and age. That's. I think it's like, actually one of the big downfalls of the profession, which is it hasn't really figured out how do we serve people who don't have piles. Like, you have a pile of money, but like, you don't have millions. You have a good chunk of money. That's amazing. And someone who would like to grow, grow with you. Now, you know what the good news is, Jackie?

[Jackie (Caller)]

What's that?

[Jill Schlesinger]

I have people for you. I have a couple of names that I would absolutely be happy to provide for you. Thank you.

[Jackie (Caller)]

That's just been so daunting. I'm like, I don't even know where it is.

[Jill Schlesinger]

It is, it is. And you know what? Sometimes Mark and I will hear stories and they'll say, like, well, that person was a cfp. And we're like, really? They told you to do that and they were a cfp? Like, it's. It's not. Like, every designation doesn't automatically mean that somebody is like the best person for you.

[Jackie (Caller)]

Right.

[Jill Schlesinger]

So here's what we're going to do. We're going to follow up with you. I'm going to send you a couple names, and then they'll make you do a will and do all the estate planning so I don't have to be the nudge. They can nudge you.

[Jackie (Caller)]

Okay, perfect.

[Jill Schlesinger]

All right, well, if you're like Jackie and you're flummoxed by how to find the right financial advisor for you, first of all, we have part of our website, which is the resources section. I do have the 13 questions to ask before you hire a financial advisor or financial professional. But, you know, you can always get in touch with us. You can go to jillonmoney.com you click the contact us button, write us a note, just like Jackie did. But she also checked the box and she said, I want to come on the air with you live, which we love. So go ahead and do that. And of course, you can Always subscribe to us here at this show on the Odyssey app or wherever you find your favorite podcast. We would love it if you could leave us a rating and review. Wherever you listen, lift someone up. Change your work, change your wealth, change your life. Thank you for listening and we'll talk to you tomorrow.

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[Von Miller]

Is Vaughn Miller, Super Bowl MVP, chicken farmer, and now host of Free Range. This is a show where I go off the field and off the script. We're talking what's hot in music, film, trending news and everything blowing up your feed. If you love football, you'll feel at home. But if you're here for the vibes, the Internet deep dives, the conversation. This is your podcast. Join me every Wednesday. Follow and listen to Free Range with me, Von Miller. Everywhere you get your podcast.