- February 1, 2023
- Posted by: Bastion team
- Category: World News
With so many do-it-yourself personal finance tools at your fingertips, you might not even consider the need to enlist the help of a real-life financial advisor. From getting out of debt to investing in your retirement, how can you tell which financial milestones are worth the time and money of a professional? Here’s what to know about the value of calling a financial advisor, and what sort of major life events warrant the help of a professional.
Reasons to invest in a real financial advisor
First off, let’s review the basics of some of the services that a financial advisor can provide: They might give advice for unexpected financial issues, set up investments, identify the best financial vehicles for you (such as insurance policies or mortgages), and generally assess your current financial situation and future goals.
However, the reasons above might not immediately strike you as worth the cost of hiring a financial advisor. According to Nerd Wallet, the typical cost of a financial advisor depends on how much money they manage for you—around 1% of your account balance for an in-person financial advisor, compared to 0.25% to 0.50% for a robo-advisor.
Although hiring an advisor is cost-prohibitive for many, there are plenty of major life events where a real, human advisor would be well worth the investment:
- Your family situation has changed. Marriage, kids, divorce—whether your family is growing or shrinking, your financial situation is…