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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

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 other people just wonder if indeed there are any benefits in hiring an advisor.

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

Who Is A Personal Finance Advisor? Job Role?

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

In addition to formal degrees, most finance advisors get trainings and certifications as well as internships in order to be well experienced before practicing.

Setting Your Finances Right


How To Know When You Need A Personal Finance Advisor

There are several people who 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 really know how to sail their boats to a 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, or 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 and provide you with a suitable plan to help you crush your goals. Often times, this also includes investing.

To be clear with yourself, you may want to answer a few questions like; What do I really need help with? Is this something I can manage on my own? Will a simple Google search give me the clarity I need and adequate information? Can my budget accommodate the expenses of working with a personal finance advisor?

Professional Finance Help To Navigate Your Financial Journey


How Much Will 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, testimonies, delivery ability, rate of successes, credentials and so on. However, it is important to keep in mind that expensive does not always imply high quality service.

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

The cost involved is an important factor to consider. In circumstances where hiring a finance advisor will take a toll on your finances, then you may be better off without one and saving for the occasion may be a better choice. Or, you could 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 just like all career 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 finance advisor, be sure to do enough background research. Check out their fees and testimonies. The guiding line may be the fees but do not compromise quality. Be very open with your finance advisor and let him or her know what you can afford. This may take some time to find the right one but it is worthwhile.

Also, you may want to consider saving for the right one as a last resort. This may 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 the successes of their past clients. When going with a firm, be sure they are registered and their staff should have the necessary trainings and experience to 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 finance advisor you are comfortable with. And the right personal finance advisor will be enthusiastic about helping you set your finances aright and seeing 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. There are people who 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 good personal finance advisor who will help you set your credit, investing portfolio and saving goals straight.

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.

© 2021 Mansurat Zakari

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