Do Actors Need a Financial Advisor?

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As an actor, do you absolutely need a financial advisor? In short: no. 

But you also don’t need a voice coach or dance classes or a personal website or to eat healthily—I could go on. The point is that we can get through life without a lot of things we consider necessities that are actually wants. Having a financial advisor is exactly the same; your financial life will likely be more prosperous with one than without, just like your fitness level will be higher with a trainer than without one.

There is no doubt in my mind that a dance class in the room with your professional dance instructor will maximize your results. In person, even in a small group, the instructor has time to work with you on how your body moves, not how bodies move in general. Watching a pre-recorded dance class and working along with it can be helpful but won’t give you the same caliber of training. Same with comparing the advice from WebMD to the advice and care you get from visiting your physician.

The list goes on: Voice coaches on YouTube or in-person coaching? Total stranger building your website from a template or a designer who sits with you and creates something completely personalized? A financial pundit on TV or a personal financial advisor who spends time getting to know you and your needs before making a recommendation?

READ: 7 Point Checklist to Analyze Your Current Financial Situation

There’s a reason the financial pundits with TV series and 15 books aren’t licensed, financial professionals: they provide generic advice, not personalized coaching, planning, or teaching. This isn’t to say their advice is wrong—telling people to save for the future and not go into debt is rarely bad advice. But is it the best advice for you, right now? And how do you do it?

This is where experts come in. When you get to the point of asking, “How do I do this in the best way possible?” that is where coaches, advisors, and professionals shine. And I very specifically mean professionals. I have a degree in massage therapy, meaning I have a better-than-average understanding of the human body and how it works. But when something is wrong with my body, I still see a doctor.

Nothing is comfortable the first time we do it; we need a guide and support system. If we use those resources, we eventually get comfortable with what was once new. We perfect what we practice. If we practice with incorrect form, we perfect incorrect form. And jumping into a systematic financial plan can interrupt your life the same way as going vegan and starting a Bikram yoga practice overnight. Use your experts to guide you toward the perfect form, whether it be fitness, diet, music, or finance. Not only is it what we are here for, it’s what we love doing.

So, do you need a financial advisor? I’m going to stick with no. But do you want a financial advisor? Yes!

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The views expressed in this article are solely that of the individual(s) providing them,
and do not necessarily reflect the opinions of Backstage or its staff.

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Bailie Slevin
Bailie Slevin is the founder of Entertaining Finance, a business management and financial consulting firm geared specifically towards creatives.
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