{"id":353319,"date":"2023-03-03T06:00:00","date_gmt":"2023-03-03T13:00:00","guid":{"rendered":"https:\/\/www.creditrepair.com\/blog\/?p=353319"},"modified":"2025-04-09T10:31:14","modified_gmt":"2025-04-09T16:31:14","slug":"should-you-hire-a-financial-planner","status":"publish","type":"post","link":"https:\/\/www.creditrepair.com\/blog\/finance\/should-you-hire-a-financial-planner\/","title":{"rendered":"Do I need a financial advisor?"},"content":{"rendered":"
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Disclosure regarding our editorial content standards.<\/a><\/p>\n\n\n\n

In the world of personal finance, one oft-overlooked professional service is the personal financial planner or advisor. Many people don\u2019t think they have enough money to hire a financial planner; they may think that such services are only for rich people. Others may believe that financial advisors are good only when you are looking to invest money. They may not know what a financial planner does, or they may be reluctant to \u201cair their dirty financial laundry\u201d with someone they do not know.\u00a0<\/p>\n\n\n\n

Should you hire a financial manager? Well, the answer is\u2014it depends. A financial advisor can be a helpful tool for some, and many people happily use financial advisors. Still, working with a financial advisor isn’t free, so knowing whether the benefits outweigh the costs is essential. <\/p>\n\n\n\n

What is a financial advisor?<\/h2>\n\n\n\n

A financial advisor is a professional who helps manage your investments and provides advice in areas like savings, budgeting, retirement goals and taxes. Ultimately, your financial advisor will identify your savings goals, help you create a plan to achieve your goals and check in with you frequently to make sure you\u2019re on track. <\/p>\n\n\n\n

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Average price of a financial advisor<\/h3>\n\n\n\n

You pay for your financial advisor\u2019s time, expert advice and management of your investments. <\/p>\n\n\n\n

The fee a financial advisor charges can vary. Some advisors charge a flat fee, which may be anywhere between $2,000 and $7,500 annually as a retainer. Some charge a fee that’s a percentage of your account balance, typically ranging between 0.25 percent and 1percent annually. Others may charge an hourly fee of up to $400 an hour.<\/p>\n\n\n\n

What’s the difference between a financial advisor and a wealth manager?<\/h3>\n\n\n\n

Financial advisors and wealth managers offer similar services, helping their clients with their finances and investments. However, the main difference is that wealth managers typically only work with high-net-worth individuals. <\/p>\n\n\n\n

How to find a personal financial advisor<\/h3>\n\n\n\n

There are many good online resources for finding a CFP, though the best way to find one is often through recommendations from others. Some tips:<\/p>\n\n\n\n