- November 6, 2016
- Posted by: Ethica Private Wealth
- Category: Blog
While pretty much anyone could benefit from hiring a professional financial planner, the cost often stops most people from doing it. However, there does come a time when paying for professional financial advice is actually a solid investment strategy for your future. But how do you know when it’s actually time?
There a many immediate situations that could call for consulting with a professional, such as suddenly receiving an inheritance, starting a new job, or when a person is seeking out financial advice to help help pay off debts. When a person finds themselves in one of these situations, it’s best to seek out a professional planner that is both certified and experienced to make sure they get the right help and advise.
When is the right time to hire a professional?
The answer all depends on you and what type of costs you’re willing to absorb to get the help and advise you need. In perfect world, each person would have a financial advisor with whom they could call for advice or ask for help on making major financial decisions. However, advisors and planners do have a price tag that you must be willing to pay.
This is not to say that you shouldn’t work with one, but it’s certainly a decision that one should be prepared to pay for.
How much can I expect to pay?
Since every advisor charges differently and the level of service will vary from person to person, there is really no exact figure to record. One person might have a 10 different investment portfolios, while another might be looking to invest and pay off debt at the same time.
It really does depend on what your individual needs are and how the advisor has their fee schedule set up. The best way to know is to ask about their fees upfront to avoid surprises in cost later on, should you decide to work with them.
You should hire a financial advisor when…
- You are in need of a financial roadmap to help plan for your financial future
- You are not the kind of person who likes to deal with money and would rather have someone else take care of your finances
- You enjoy handling your own finances, but think your plan could benefit from a professional third-party opinion
If you are seeking the right financial advisor to help get your finances on the right track, visit Ethica to speak with one of our Sunshine Coast advisors today.