We often find our selves in a position where we have money in our pockets and we are not quite sure what to do with it.
You may also discover throughout life that you are not sure how to plan your financial future. With the world offering so many financial products, it can often be difficult to wade through all the options and find the best for you!
In cases like this, seeking the help of a professional financial advisor can be the best thing you can do to help you find ways to move forward with your money.
What can financial advisors do for you?
– help you financially plan for your retirement
– teach you ways to be smart with saving and investing your money
– advise you on what do when you have received a large amount of money such as an inheritance
– committing to a mortgage or even buying your first property
– when life changes and you have to financially commit to the costs of a divorce, pay for a funeral or even starting a family
How much can a financial advisor cost?
The amount for which an advisor can charge can vary on a number of factors. It is always best to research financial advisors first to find the best one for you!
A number of factors could include where you live. For instance, if you live in part of the country where the general cost of living is higher, advisors fees may end up being higher than expected.
Another factor could be down to the way in which the advisor’s services are delivered. Many financial advisory services now deliver through the use of the internet and through phone calls to reduce having higher overheads. It is advised to make sure you receive a recommendation first and are proven to be fully protected when using these methods.
As well as financial advisors being some firms primary choice for helping you, other financial advice firms use the support of assistance to help with the workload. This is then signed of by an advisor when they are satisfied with what has been delivered. This is an option that is sometimes used to reduce the cost you pay for a service.
Often, advisors who are highly skilled and qualified in their field may end up charging you more for their expertise. Having someone highly qualified advise you can be reassuring and therefore you may be willing to pay more for their services.
Being prepared in advance for your meetings with an advisor can help you reduce the amount of time and money you are spending. If your situation is complex, being organised and to the point will be a benefit your sessions with an advisor. However, always remember to only use an advisor for expert advice and help you move forward with things that you can not do yourself.
How do advisors charge their fees?
It can be beneficial to find out how advisors fees work from the very start so you know what the best options are for you. Most advisors will offer various ways to pay and will be happy to negotiate the best terms for you.
Options may include a set hourly rate where the cost could vary between £75 up to £350 though in the UK the usual hourly rate sits around £150.
You might discover that they offer a set fee depending on what advice you are looking for. This could range from a few hundred to even a few thousand pounds.
If you are looking into investing, then an advisor may take a monthly cut from each amount you invest.
Finally, the services you may seek may be ongoing for a short or long term period and therefore an ongoing fee would be a reflection of this.