Do I Need a Financial Advisor | Summary and Q&A

TL;DR

Financial advisors provide a range of services and can cost thousands, but it is possible to create your own financial plan and save money.

Key Insights

• 🧡 Financial advisors offer a range of services and expertise to help individuals with their financial goals.
• 🤑 The cost of financial advisors varies, but it is possible to save money by creating your own financial plan.
• 😫 Creating a financial plan involves setting goals, budgeting, paying down debt, considering insurance options, and investing wisely.

Transcript

financial advisors can cost you tens of thousands of dollars but provide more services than most people know in this video i'll show you exactly what financial advisors can provide how much they cost and how you can create your own plan and save that money then i'll reveal a few reasons you might actually want to hire a financial advisor anyway we'... Read More

Questions & Answers

Q: What services do financial advisors provide?

Financial advisors offer services such as goal-setting, budgeting, investment advice, retirement planning, and insurance recommendations. They tailor these services to individual needs and goals.

Q: How much do financial advisors typically cost?

The cost varies depending on the advisor's fee structure. Fee-only advisors may charge between $2,000 and $7,500 per year or an hourly fee. Commission-based advisors usually charge around 1% of assets under management.

Q: Can individuals create their own financial plan without hiring an advisor?

Yes, individuals can create their own financial plan by setting goals, creating a budget, paying down debt, considering insurance options, and investing wisely. There are resources and tools available to help with financial planning.

Q: In what scenarios might hiring a financial advisor be beneficial?

Hiring a financial advisor can be beneficial if individuals have limited knowledge or time to learn about insurance, estate planning, or retirement goals. It can also be helpful if they consistently lose money on investments and need advice to improve their strategy.

Summary & Key Takeaways

• Financial advisors offer comprehensive financial planning services, including goal-setting, budgeting, investment advice, retirement planning, and insurance recommendations.

• The cost of financial advisors varies, with fee-only advisors charging a flat fee or an hourly rate, and commission-based advisors charging a percentage of assets under management.

• By taking steps such as setting financial goals, creating a budget, paying down debt, and considering insurance options, individuals can create their own financial plan and potentially save thousands of dollars.