Should I Get a Financial Advisor?
Making big financial decisions isn’t easy. You may have plenty of experience investing but it is impossible to possess perfect knowledge of every market. So, you may be wondering, “Should I get a financial advisor?”
The vast majority of investors can benefit from using a financial advisor’s services. These professionals possess knowledge in a wide variety of areas and can offer advice to help you achieve your financial goals.
Learn more about high net worth investment management, financial planning, and the answer to the question “Should I get a financial advisor?” by requesting a free copy of our book 7 Secrets To High Net Worth Investment Management, Estate, Tax and Financial Planning For Families With Liquid Investable Portfolios Between $5 Million and $500 Million.
STRATEGIES FOR FAMILIES WORTH $5 MILLION TO $500 MILLION
7 Secrets To High Net Worth Investment Management, Estate, Tax and Financial Planning
The insights you’ll discover from our published book will help you integrate a variety of wealth management tools with financial planning, providing guidance for your future security alongside complex financial strategies, so your human and financial capital will both flourish.
Clients frequently share with us how the knowledge gained from this book helped provide them tremendous clarity, shattering industry-pitched ideologies, while offering insight and direction in making such important financial decisions.
What is a Financial Advisor?
If you’re wondering, “Should I get a financial advisor?”, and have never hired one, you may also be wondering who they are and what they do. As their name implies, a financial advisor is a professional who offers financial advice in various areas. You can learn more about financial advisory services by speaking with one of our wealth managers.
Clients turn to financial advisors for assistance with various tasks such as:
• Understanding Your Finances
• Assistance with Your Investments
• Planning for Retirement
• Insurance Planning • Tax Planning
Financial Advisor vs. Financial Planner
Not all financial advisors offer financial planning; they may only sell insurance or accounting services, for example. In contrast, financial planners specialize in financial planning, which includes various options. A financial planner can work with you on retirement planning, investments, and business succession, among other activities.
In other words, advisors usually have a specialty. Yet, these terms are used interchangeably, so before hiring an advisor, be sure to get a clear understanding of what they offer.
Some advisors require a certain net worth, which can vary substantially. Even if you don’t have a lot of money to invest, an advisor can offer a one-time consultation to outline an investment strategy.
It’s important to first identify in what areas of your finances you need help; that will tell you what expertise you need and what type of advisor can help you.
You should expect to spend a small percentage of the value of your investments as a fee for financial advice. You can also pay an hourly rate to consult with an advisor in a specific area.
In short, as long as possible, but if the advisor isn’t meeting your needs, you should change. You should feel confident in your advisor’s skills, without expecting instant results.
If an advisor holds a certification that assigns them a fiduciary duty, then you can trust them to act only in your best interests. They must do their best to help you achieve your goals.
Better than a financial advisor is a fiduciary advisor because a fiduciary always acts in the best interests of the client and places the interests of the client above their own.
Based on historical trends, an advisor can help you earn 10% annually on the value of your assets, so if you start early with a large enough nest egg, you can become a millionaire
Both types of advisor offer essentially the same financial services, but a wealth advisor works with high-net-worth individuals, who can benefit from certain investments and tax breaks.
One classification separates financial advisors into three categories: registered investment advisors, certified financial planners, and registered representatives.
Should I Get a Financial Advisor?
Part of the answer to “Should I get a financial advisor?” is the fact that the services mentioned above are invaluable for any investor. Let’s examine each one in greater detail.
Understanding Your Finances
As an investor, you may own a wide variety of assets in different places. This means you are likely to have multiple income sources. Keeping track of each of these can be tricky to do on your own, especially when you have other wealth-building or wealth protection tasks to focus on
So, you can answer positively to the question “Should I get a financial advisor?” when you consider that a financial advisor can help you better understand your finances so that you can plan for the future. This service is essential for any investor that wishes to achieve their financial goals.
Assistance with Your Investments
As an investor, you may already be familiar with many of the ins and outs of investing. However, you may be interested in taking your portfolio in a different direction at some point. Another element of the answer to the question “Should I get a financial advisor?” is that a financial advisor can help guide you in this area so that you can achieve your portfolio goals. You can learn about some great portfolio expansion strategies by reading our special guide.
Planning for Retirement
Many investors work hard for decades, hoping to settle down for a comfortable retirement. However, this is only possible with the right planning. To answer positively to the question “Should I get a financial advisor?” means understanding that a financial advisor can help you plan your dream retirement and offer guidance on taking the right approach.
They may recommend special investments to help you generate passive income to fund your retirement lifestyle. The advisor may also offer strategies to improve your portfolio performance to boost your savings before retirement. You can learn about some excellent ways to improve your portfolio performance by reading our special guide.
You may spend many years building up your savings for the future. However, unexpected events and emergencies can threaten these savings and leave you with far less than you intended.
Emergency surgery or a vehicle accident can permanently change your life and leave a massive hole in your savings if you do not have the right type of insurance. You can say “Yes” to “Should I get a financial advisor?” when you know that a financial advisor can help you find an insurance plan that fits with your needs and keeps you and your loved ones covered in the event of an emergency.
If you have been investing for a while, you may already be aware of the high taxes that investors must pay. However, the truth is that you may be paying more taxes than you need to. Again, you can say “Yes” to “Should I get a financial advisor?” because now, you know that a financial advisor can help make your portfolio more tax-efficient so that you pay fewer taxes. You can learn more about tax planning services by speaking with one of our wealth managers.
Pros and Cons of Working with a Financial Advisor
A major advantage to working with an advisor is having an expert manage the tasks for which you lack the skills and knowledge. Financial advisors have years of training and experience in financial matters, qualifying them to help you achieve your financial goals.
Your advisor will monitor your investments and make changes to your portfolio as changes arise in the markets and in your financial situation. You can offload the stress of making these decisions to someone whose job it is to remain calm in the face of change.
Your advisor works for you, freeing up time for you to concentrate on other important activities.
Of course, having an advisor is not free. Also, some advisors are better than others. So, from the start of your search for the right advisor, it’s important to carefully research the background and qualifications of each potential advisor. It’s worth taking the time to interview each candidate to find an advisor who understands what you want to achieve on your journey toward optimal financial well-being.
How Much Money Do You Need to Hire a Financial Advisor?
So. to answer “Should I get a financial advisor?” positively you also need to know how much money you need to have before you can hire a financial advisor. This may be your primary question if you have never sought out financial advisory services before. The truth is that financial advisors take on clients with a minimum net worth or asset value. For example, at Pillar Wealth Management, we offer services for clients interested in investing between $5 million and $500 million.
Financial advisors often charge clients an annual fee based on a percentage of their asset worth. This is typically around 1%. Think about what you expect to spend in fees when trying to answer the question, “Should I get a financial advisor?”
Is a Financial Advisor Worth It?
After learning about financial advisor fees, you may still be wondering, “Should I get a financial advisor?” The answer in most cases is yes. As we have discussed, a financial advisor can offer assistance in a wide variety of areas.
If you want to build your wealth and protect it for the future, a financial advisor would be one of the best professionals to reach out to for assistance.
Where Can I Find the Right Financial Advisor?
Investors that are looking for a qualified financial advisor should be able to find many options in their local area. These professionals may operate independently, or they may work for a particular organization. However, once you answer the question “yes” to the question “Should I get a financial advisor?”, choosing the right financial advisor can be a complicated task if you are unfamiliar with these professionals and their services. Please connect with our wealth managers to learn how we can help you.
You may be wondering, “How do I find a good financial advisor?” You can use these steps to identify the right person for the job.
Consult Your Network
If you are an investor, it is likely many people in your network are already using financial advisors. This means you may be able to find a reliable and trustworthy advisor simply by asking around. Individuals in your network can help you answer the question “Should I get a financial advisor?”
When using this approach, you should ensure that the individuals you ask have a net worth or financial goals similar to your own. This should help you match with a suitable advisor who understands your needs. You can connect with one of our wealth managers by setting up a free meeting.
The vast majority of financial advisors maintain an online presence in the digital era. They have websites for their services and maintain professional pages on sites such as Linked In. You can find dozens, if not more financial advisors who offer services in your area by performing a quick Google search. Contacting some of these advisors with help you answer the question, “Should I get a financial advisor?”
Alternatively, you can look up financial advisors in a bank or investment office’s directory. This approach can help you find multiple advisors that offer similar services.
Finding financial advisors is easy. The difficult part is sifting through them to find the best possible one. Once you have created a list of around ten financial advisors, it would help if you looked up reviews for each one. After all, many financial advisors will claim to be the “best” in the business. However, their past clients may tell you otherwise, and this way, you are closer to the answer to “Should I get a financial advisor?”
You can find reviews for different financial advisors on independent review sites. It is vital to avoid reading reviews and testimonials from the advisor’s own website as they may be cherry-picked. When reading reviews, you should look for any mention of the advisor’s reachability or reliability. An advisor that is difficult to reach simply isn’t worth it, no matter how knowledgeable they may be.
Speak with the Advisor
Your next step should be to contact the advisor and speak with them directly. Let them know that you are trying to answer the question “Should I get a financial advisor?” You can have a brief conversation with them over the phone, but it may be better to meet with them in person and sit down for a proper discussion of their services.
When speaking with the advisor, you should tell them about your financial background and portfolio. Mention your current financial needs and what you hope to achieve in the future. The advisor will then tell you about their services and how they can assist you with your financial goals. Everything the advisor tells you will help you with answering the question “Should I get a financial advisor?” You can also ask the advisor some of the questions we mentioned in our guide to choosing a financial advisor.
The aforementioned steps should help you find the right financial advisor for your needs. However, you should always read their terms and conditions before hiring them. The right financial advisor can add great value to your investment career, so it is worth putting in the effort to find the best candidate and be able to give an unqualified “yes” to the question “Should I get a financial advisor?”
Is a Wealth Manager Better than a Financial Advisor?
You may come across many wealth managers on your search for the perfect financial advisor. Wealth managers stand out from ordinary financial advisors because they take on only clients that have a high net worth or an ultra-high net worth. This means they are familiar with the various problems that such individuals face and understand which solutions to offer.
Wealth managers also offer a wider range of services compared to ordinary financial advisors. They offer services such as:
• Investment management
• Portfolio analysis
• Retirement planning
• Estate Planning
• Insurance Planning
• Tax Planning
If you require assistance in a variety of financial areas, it may be better to go with a wealth manager than an ordinary financial advisor. You can learn about some of the investment management practices wealth managers follow by requesting a free copy of our book 7 Secrets To High Net Worth Investment Management, Estate, Tax and Financial Planning For Families With Liquid Investable Portfolios Between $5 Million and $500 Million.
Why Choose Pillar Wealth Management
If you are interested in using a wealth manager’s services, you can’t go wrong by choosing Pillar Wealth Management. We have assisted numerous investors across the country with meeting their financial goals. They return to us for their wealth management needs for the following reasons.
With over six decades of experience, our wealth managers are well equipped to assist you with your needs. We have helped plenty of clients overcome financial difficulties and achieve their goals.
Our experience adds to our vast wealth management knowledge, and we strive to improve our services with each passing year. You will know that if you say “yes” to “Should I get a financial advisor?”, you will have made the right choice.
We charge our clients a fixed annual fee based on a set percentage of their asset value. Our pricing structure is transparent because we do not want our clients to be hit with hidden charges that they were not previously aware of.
This pricing structure also lets you use our wealth manager’s services as often as needed without worrying about extra costs.
One of the best reasons to use our wealth management services is personalization. We understand that each of our clients is unique and requires tailored solutions for their problems. For this reason, we personalize plans for each one.
Start managing your wealth more effectively and work towards a better future with Pillar Wealth Management. Please contact us for a complimentary introductory meeting with our wealth managers.
To be 100% transparent, we published this page to help filter through the mass influx of prospects, who come to us through our website and referrals, to gain only a handful of the right types of new clients who wish to engage us.
We enjoy working with high net worth and ultra-high net worth investors and families who want what we call financial serenity – the feeling that comes when you know your finances and the lifestyle you desire have been secured for life, and that you don’t have to do any of the work to manage and maintain it because you hired a trusted advisor to take care of everything.
You see, our goal is to only accept 17 new clients this year. Clients who have from $5 million to $500 million in liquid investable assets to entrust us with on a 100% fee basis. No commissions and no products for sale.
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