Do I Really Need a Financial Advisor, or Can I DIY?

So you’re starting to have some financial success as an athlete and have begun investing some of your earnings. Or at least you have started thinking seriously about setting aside money each month to invest for your future. 

At this point, you’re faced with an important decision: Am I going to manage my own finances and investments on my own, or are I going to seek out a qualified financial advisor to help guide me through the process?

There’s no one-size-fits-all answer. 

The right choice depends on your knowledge, your situation, and your temperament. To help you decide, there are a few key questions worth asking yourself

1. Do I Understand the Basics of Investing?

The first question is foundational: Do I actually understand how investing works?

That doesn’t mean you need to be an expert, but you should have a grasp of basic concepts. For example, do you understand the difference between productive assets versus non-productive assets? (You can read more about that here:

Do you know what asset allocation is, and why diversification matters? Do you understand market cycles? Or is your plan simply to chase hot tips, follow headlines, and hope for the best?

As Warren Buffett said: Risk comes from not knowing what you’re doing. Many people think investing is risky, when in reality it’s uninformed investing that creates most of the danger.

The bottom line: If you’re not confident in the fundamentals, a financial advisor can help you avoid costly mistakes, like putting too much money into a single investment, misunderstanding your risk tolerance, or reacting emotionally to short-term market swings.

That said, if you’re willing to learn and put in the time, many people successfully manage their own investments. The key is honesty about your current knowledge and your willingness to keep learning.

2. How Complex Is My Financial Situation?

Next, ask yourself what your overall financial picture looks like: Is it simple and straightforward, or is it a bit chaotic?

Oftentimes, elite athletes’ income isn’t as simple as a steady paycheck. You might have sponsorship money coming in, merchandise sales, unpredictable prize money, appearance fees, or part-time coaching income. Some months are great, others not so much.

When income is irregular or comes from multiple sources, things like budgeting, tax planning, and investing can become more complicated. In those cases, when it comes to investing, simplicity can be a blessing. 

But simplicity isn’t always easy to achieve on your own.

A financial advisor can help you organize cash flow, set aside money for taxes, plan for uneven income, and still invest consistently. On the other hand, if your finances are straightforward and predictable, DIY investing may be perfectly reasonable.

The bottom line: The more moving parts you have, the more value professional guidance can potentially provide.

3. What Am I Willing to Pay?

Further, you need to ask yourself a practical question: What am I willing to pay for help?

Financial advisors aren’t free, and fees can add up over time. Even small annual fees can eat into returns if they’re not providing real value.

If you’re willing to do some homework and research various advisors, you can save some money. On the other hand, managing your own portfolio will also save you these fees. 

The bottom line: It comes down to which path will provide you with the biggest return on your investment long term.

4. Do I have the Time, Energy and Passion?

One final important question to ask yourself is: Do I actually have the time and the desire to dig into investing?

Elite athletes already have a lot on their plates. Training, recovery, travel, competition schedules, sponsorship obligations, content creation, coaching, and personal life all compete for attention. 

Adding learn how to be a competent investor  to that list might be too much. 

If your days already feel packed and your mental energy is spoken for, taking this on might feel more like a burden than a benefit.

On the other hand, if you genuinely enjoy learning about money and investing, managing your own portfolio can be a welcome mental shift away from training and competition, a way to engage your brain differently and gain a sense of control over your financial future. 

The bottom line: There’s nothing wrong with either approach. The key is being honest with yourself. Are you taking this on because you’re truly interested and committed to doing it well, or because you feel like you should?

Pro Tip: Emotional Discipline Matters

One of the most overlooked aspects of investing is emotional discipline.

Markets dive all the time. And then they recover. That’s normal. If you’re going to manage your own investments, you need the ability to hold your nerve during down periods, even when it feels like you’re losing money.

Seeing your account balance drop can be stressful, especially when the numbers get bigger. The temptation to get out until things calm down might be strong, but acting on that impulse often locks in losses and derails long-term plans.

Think of market downturns like a training plateau, or even a setback caused by an injury. 

Progress may slow, or even move backward temporarily. Your job is to avoid panicking or abandoning the plan. It’s to be patient, train smart, manage recovery, and stay the course, knowing you can eventually come back stronger.

The Big Picture

Regardless of whether you choose to DIY your investing or work with a financial advisor, the most important thing is consistency. Regularly putting money away and investing it appropriately is what’s going to set you up for long-term success.

So going back to the original question—should you do it yourself or hire a financial advisor—it really boils down to this: “Do I have the knowledge? And do I have the resilience?”