A financial advisor is worth it if you're not sure how to manage your money, invest for your future, and care for your family. A financial advisor can provide you with valuable information about what you need to do with your money to reach your financial goals, such as investing in a Gold IRA near me. But they don't offer their advice for free. The typical advisor charges clients for 1% of the assets they manage. However, rates tend to decrease the more money you invest with them.
You may be wondering if paying a financial advisor is worth it, but that answer is very personal to you. If you want help finding a financial advisor, try using the free SmartAsset search tool. Financial advisors can influence more than just your retirement portfolio. They can also help you manage difficult student loan payments, properly plan your wealth, and even ensure that you have enough money for your children to attend college.
Ken Robinson, certified financial planner at Practical Financial Planning, says that while a 1% commission may be common, advisors who charge based on the AUM are increasingly reducing the 1% that had lower thresholds in the past. The last thing you want is to end up with an advisor who doesn't answer your questions in a way that you understand or who pressures you into making investments that you don't feel comfortable making. In fact, planner fees can pay off in a few years if, in the meantime, they help you make better financial decisions. These professionals can help you make a variety of financial decisions, such as creating a retirement investment plan, saving money to buy a home, or investing in a business.
If they align with your goals, listen to your needs, and act in your best interest, they are most likely a good financial investment.