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Paying for financial advice becomes a solid investment in your future. Working with a professional financial planner can be very beneficial. A financial advisor and planners can help your finances whether it’s due to having a new job, an inheritance, or you simply want personalized advice that helps increase your savings and pay down debt.
When You Should Hire a Financial Advisor?
Everyone should have a financial advisor or financial planner whom they check in with once a month or call before making a big purchase or investment decision. However, financial advisors maybe expensive and not because they don’t want to work with people who can’t afford them, but because financial advisors have to charge a certain amount to make a living in their profession. This is why it’s important to do an analysis of the cost and what you expect to get in return prior to hiring a financial advisor.
How Much Do Financial Advisors Cost?
Although prices vary, most fee-only financial planners will charge between $1,000 and $2,000 for a comprehensive financial plan. Those who identify as planners help you with everything from debt to spending decisions to investments. Many financial advisors are investment advisors who specialize in managing your investments for you. Fee-only investment advisors typically charge a fee equal to a percentage of your invested assets. Some advisors have a fee structure in which the percentage slides down as your assets grow. In conclusion, some financial advisors earn their fees not from clients, but from banks and investment companies. Don’t hesitate to ask a financial advisor about how he or she is compensated when meeting with one.
Benefits of Hiring a Financial Advisor
There a few reasons why you would hire a financial advisor:
- Properly trained and licensed financial pros can offer investment accounts and strategies that are not available to you as an individual.
- A financial advisor can help you stay accountable for a savings and investing plan.
- They help you stay coordinated between the estate, tax, and financial planning areas of your life.
- If wealth passes from mom and dad to the kids, they can help you avoid common mistakes made through penalties and taxes. A professional can help navigate all the choices the kids have to make and to carry out mom and dad’s wishes all through a financial plan.
- A financial advisor can be a realistic sounding board to help provide insight on any investment opportunities coming your way or that you may be considering.
- It takes a financial advisor to help you build a retirement income plan that won’t outlive. It’s important to hire someone that truly specializes in designing custom retirement income plans for people ages 50 plus.
- You need help with planning your financial future. There are many goals competing for our limited financial resources: paying off student loans, funding a retirement account, saving an emergency fund, buying a house, taking a vacation, getting married. A financial advisor will help you make better financial decisions so you can achieve all your goals.
- Paying a financial advisor saves you from one bad decision a year or spots an opportunity that you overlooked – he or she may very well increase your investment returns.