When should I worry about asset protection?

[Cody Smith]

Hello BP community! I was given some new advice yesterday that I'm not sure how to take. I spoke to a financial advisor for the first time, and throughout our broad conversation, one of the main points he hit on was my need for either an LLC or an Umbrella Policy. I am a new investor with one main residence and one rental property, so I have been under the impression that I am not quite at a level yet where the extra effort/money/hassles of those options really apply to me. I can see the benefits of having them, I just feel like this might be a little overkill for my current situation. His exact words were, "I will know if I can take you seriously or not if by the next time we speak you either have one of those or you don't." For just a little more context, he was also harping very hard on the mentality benefits of taking one of these steps, saying it would help propel me forward into really adopting the business mindset more seriously. Do you agree with this advice? Thank you!