Even for a personal finance expert, paying for professional financial advice has delivered an invaluable return: profound peace of mind. Christine Benz, Morningstar's director of personal finance and retirement planning, explains alongside her husband why they employ a financial planner, despite her deep professional expertise in the field.
The Core Benefits of Professional Financial Guidance
Benz outlines several compelling reasons for seeking paid advice. A primary motive was the desire for a second opinion on critical financial decisions. She sought an expert perspective on complex areas like managing employer stock and the necessity of long-term care insurance. While they could have researched these topics independently, professional guidance provided the confidence to move forward decisively.
Finding the right service model was also crucial. The couple were pleased to discover a firm offering hourly, project-based consultations rather than insisting on ongoing portfolio management for a percentage fee. This model suited their need for specific advice without a long-term commitment. Benz advises others to shop around for a structure that matches their needs, emphasising that clarity on what you want from an adviser is essential.
The Importance of a Holistic Review
She notes that most reputable planners, including theirs, require a comprehensive review of your finances before offering targeted advice. A seemingly simple question about insurance, for instance, depends on understanding retirement assets, expected Social Security income, and projected spending. Benz considers it a red flag if a planner gives specific recommendations without this full picture, though she acknowledges this thorough approach can sometimes lead to higher initial fees than anticipated.
Organisational and Legacy Advantages
The process itself forced a welcome organisational blitz. To work effectively with their planner, they had to gather statements from all accounts, tax returns, and pay stubs. This significant effort allowed them to cull outdated paperwork and establish a system they maintain today, keeping only a small, well-ordered set of financial documents.
An unexpected but highly valued benefit is the creation of a robust succession plan. Their planner now holds current details of every financial relationship—bank accounts, retirement plans, IRAs, and insurance policies. These are linked to the firm's portal for real-time oversight. Should anything happen to the couple, their loved ones would have a single, expert point of contact to help manage affairs. This third-party record-keeping also alleviates worries about important documents being lost or damaged.
Gaining Permission to Spend in Retirement
Finally, the planner helps address a common psychological hurdle for diligent savers: the transition to spending in retirement. Through detailed retirement projections, including stress tests for market downturns and tax changes, the planner has given the couple tremendous confidence to enjoy their savings. While other methods exist, Benz finds a planner provides exceptional value in granting this "permission to spend," making it a relationship they intend to maintain for long-term reassurance.
This article was provided to The Associated Press by Morningstar on Thursday 18 December 2025. Christine Benz is director of personal finance and retirement planning for Morningstar.
