Skip to main content

Ways Personal Finance Advisors can Help With Your Finances

Mansurat is a personal finance writer. Her articles provide valuable insights to help you navigate your finances.

Personal Finance Advisors


Personal finance advisors are professionals that offer in-depth expert advice and guidance to clients on how to manage their finances, grow their wealth, and spice up their investment portfolio.

Over the years, a lot of people have become indifferent when it comes to hiring a personal finance advisor. For some people, the fees come off as expensive and others just wonder if indeed there are many benefits in hiring an advisor.

If you usually see a doctor to check your physical health then you should ensure a personal finance advisor checks your financial health. This article would cover everything about personal finance advisors, the benefits of working with one, and how to go about finding the perfect one that would suit you.

Who Is a Personal Finance Advisor?

A personal finance advisor is a finance expert. Most personal finance advisors have a bachelor's degree in finance, marketing, or a related field and sometimes a master's degree. They could be self-employed or work in firms that offer personal finance services.

In addition to formal degrees, most financial advisors enroll in multiple forms of training and obtain certifications including internships to be well experienced before practicing.

Setting Your Finances Right


How to Know When you Need a Personal Finance Advisor?

Several people think that working with a personal finance advisor is a waste of time and money. Financial literacy is not something taught in schools and as such average people do not know how to sail their boats to the coast of eternal financial freedom. This is where a personal finance advisor comes in.

If you have long-term or short-term financial goals like wanting to go on a vacation with your family, retiring, or starting a business; a personal finance advisor makes the process way easier. They would help you analyze your finances, income, and general expenditure to provide you with a suitable plan to help you crush your goals. Often includes investing.

To be clear with yourself, try answering the following questions. What do I need help with? Is this something I can manage on my own? Will a simple Google search give me the clarity I need? Can my budget accommodate the expenses of working with a personal finance advisor?

Professional Help to Navigate Your Financial Journey


How Much Will Hiring a Personal Finance Advisor Cost?

The cost of hiring a personal finance advisor will depend on a lot of things like the firm in the case of an in-house advisor, experience level, testimonials, and credentials. However, it is important to keep in mind that being expensive does not always imply high-quality service.

Some financial advisors charge their clients on a per-plan basis. Fees for per plan services range from $1000 to $3000. Others charge based on the time spent and hourly fees range between $200 to $400.

Scroll to Continue

The cost involved is an important factor to consider. In circumstances where hiring a financial advisor will take a toll on your finances, then you may be better off without one. Saving for the occasion might be a better choice. Or, you can reach an agreement with the advisor to work out a plan that suits you both.

Quality Advisors Offer Quality Service


How to Hire the Right Financial Advisor on a Low Budget


Patient Search and Clear Agreements

As stated above, financial advisors are career professionals, and like other professionals, they want to be paid what they are worth. No one likes to spend time offering quality services in exchange for peanuts. Hence, you may find that the fees for financial advisors are on the high side depending on your income level.

The trend with financial advisors may also not be very favorable if you have a low budget. Most financial advisors prefer to work with high-income clients. This may be because high-income clients can afford the fees comfortably. But there are ways to go around this and still hire the right professional.

Before settling with any financial advisor, be sure to do enough background research. Check out their fees and testimonials. The guiding line may be the fees but do not compromise quality. Be very open with your financial advisor and let him or her know what you can afford. It may take some time to find the right one but it's worthwhile.

Also, you may want to consider saving for the right one as a last resort. This can come in after trying to find a budget-friendly advisor.

How To Avoid Getting Scammed

Every industry has people who try to make their money off scamming and crooked means. If you choose to work with a self-employed personal finance advisor, do well to check their history, credentials, and successes with past clients. When going with a firm, be sure they are registered and their staff has the necessary training and experience in the practice. Also, the testimonials from past clients would help you conclude if they are worth it or not.

Never be shy or uncomfortable about asking questions. Before making payments, be clear on what services they would be offering and what the services will do for your finances. In all, be open and clear. Only choose a financial advisor you are comfortable with. And, the right personal finance advisor will be enthusiastic about helping you grow.


The choice of hiring a financial advisor is completely dependent on you. Analyze the state of your finances to properly understand if you would be needing a financial advisor or not. Some people have worked with financial advisors and were left dissatisfied. Either the advisor was not good enough or they probably never needed one.

The state of your financial health is the main determining factor. With proper background research, you would find a professional advisor who will help you build your credit, modify your investing portfolio, and reach your saving goals.

Have you worked with a financial advisor? What was the experience? Do you plan to work with one? Do share your views in the comment section.

This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.

© 2021 Mansurat Zakari

Related Articles