Like finding a good doctor, settling on a financial advisor is an important decision for your financial well-being. You will spend a lifetime accumulating wealth, and you want your nest egg to grow and be protected — and a financial advisor can help you in your journey to financial security. (Here are 28 smart ways to make extra money.)
Many financial firms and banks offer the services of a financial advisor. There were over 263,030 personal financial advisors in the U.S. as of May 2021, according to the Bureau of Labor Statistics. But how do you know how to choose the right one? And how much will it cost you?
24/7 Wall St. created this list of everything one needs to know in order to best understand how much it would cost to hire a financial advisor, based on a report released by financial technology company SmartAsset, entitled How Much Does a Financial Advisor Cost?
The list details the different fees and compensation structures. Yet there is more to hiring a financial advisor than just knowing the fee. You will want someone who understands your investing philosophy to help you reach your financial goals. (Learn how to get the most out of 10 common investments.)
The best advice is to interview several advisors before partnering with one. You are going to be working with that person for many years. Find the advisor you feel most comfortable with. Your financial health depends on it.
Click here to see 12 things to consider before hiring a financial advisor.
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