All Americans could benefit from hiring a financial advisor; however, the cost can be prohibitive to some. You know that paying for a financial advisor is an investment in your future, but how can you tell whether it’s time to hire an advisor? Time and time again, people talk about needing financial help, and the help needed is usually beyond reading books and blogs about how to get your finances under control. Finances are complicated and personal, which is why a financial advisor can be a great partner in your personal financial planning process.

Only in a perfect world would everyone have a financial advisor.

Unfortunately, not many reach out to a financial advisor like they should, using them for an investment decision or before making a big purchase. Realistically, though, financial advisors seem expensive or as an unnecessary expense. Because of this, the decision to hire your own financial advisor requires a thought-filled decision made from comparing a cost to benefit analysis.

How much does a financial advisor cost?

Every financial advisor is different; on average, a financial advisor may charge anywhere from $1,500 to $5,000 depending on the complexity of your financial plan, and most will also offer an hourly fee. Keep in mind though, that not all financial advisors are equal. You’ll want to make sure you’re working with one who is a fiduciary. A fiduciary has an obligation to act in your best interest. You’ll want to avoid brokers that don’t have this same obligation.

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What are the benefits you can expect if you hire a financial advisor?

Some benefits a quality financial advisor will offer:

  1. Offering a roadmap to your financial future.
  2. Dealing with your money, so you don’t have to.
  3. Unemotional professional opinions.

These are the three benefits to hiring a personal financial advisor, however, each situation is a little different than the last. Here’s when we believe it’s time you need to hire a financial advisor to set yourself up for a bright future:

Reasons to Hire an Advisor

1. You need help planning.

This is no doubt this is true for nearly everyone who walks the earth. There are a lot of goals we have that we have with limited financial resources, such as paying off student loans, buying a house, saving for an emergency, getting married, taking a vacation and having fun now rather than later. It really is no wonder that 20 to 30 somethings are overwhelmed with their financial stability. However, this all comes back to the cost of the financial advisor you choose. Here’s what we think: If you have an emergency fund you feel comfortable with, and you can afford to hire a financial advisor without putting yourself in debt, it would be a good investment for you to hire one. Think about hiring a financial advisor as being a long-term investment for success.

2. You don’t want to deal with your money.

There’s no doubt about it; many people just don’t want to deal with their money. We get it; that’s what we’re here for. If you’ve found it important for a professional to handle all of your money decisions for you, so be it! That’s what a financial advisor is for, and if this is your main reason for reaching out to Advanced Wealth Advisors, it’s clearly a no-brainer.

3. You want an impartial, third-party opinion on your financial situation.

There are plenty of do-it-yourselfers out there who will never hire a financial advisor. Here’s the thing; you don’t know your own weaknesses and biases. You’re human, and you’re liable for making irrational decisions which is why a financial advisor can save you. We spot the opportunities you may have overlooked, and we can keep you from making bad financial decisions with your money.

Although hiring a financial advisor may seem costly, it’s worth the investment. Set yourself up for a financially independent future and contact the high-quality financial advisors here at Advanced Wealth Advisors. We have the answers, experience and passion you need in a financial advisor. Contact us today at 239.455.1100 for more information or schedule a free consultation online.