When to seek the aid of a financial counselor?
Professional advice -- Steve Sorensen
It would be ideal to have a setup in which everyone has their own financial counselor or advisor, checking in every now and then for any big purchasing or investment decision. Yet in a more realistic setting, having a financial advisor can be quite costly, with some charging a fee equal to one’s invested assets because, well, they have a make a living from the expertise they provide.
A careful analysis -- Steve Sorensen
Therefore, a careful and thorough cost/benefit analysis is essential before deciding on hiring a financial counselor, considering the costs and what we expect in return. Keep in mind that there are reasons that should get one going down this road, including a lack of a financial roadmap. A financial advisor can get one back on the right track after they feel that they’ve lost their sense of financial direction.
Third-party help -- Steve Sorensen
Another reason for getting a financial counselor is one’s general disposition. If a person is not the DIY type when it comes to money concerns, they’d probably be best aided by a professional doing the financial work for them. Or it could be that one do like to manage their money, but they’ve come to a point in which they realize that their financial planning would benefit most from the objective, impartial opinion and advice of a third party.
Steve Sorensen. In any case, assuming that a person can afford the fees and have a good, comfortable emergency fund set aside, getting a financial counselor should in itself be a good investment. Think of a counselor’s fees as something that can pay for itself in just a few years, given that one is even now benefiting with better financial decisions.
It would be ideal to have a setup in which everyone has their own financial counselor or advisor, checking in every now and then for any big purchasing or investment decision. Yet in a more realistic setting, having a financial advisor can be quite costly, with some charging a fee equal to one’s invested assets because, well, they have a make a living from the expertise they provide.
A careful analysis -- Steve SorensenTherefore, a careful and thorough cost/benefit analysis is essential before deciding on hiring a financial counselor, considering the costs and what we expect in return. Keep in mind that there are reasons that should get one going down this road, including a lack of a financial roadmap. A financial advisor can get one back on the right track after they feel that they’ve lost their sense of financial direction.
Third-party help -- Steve SorensenAnother reason for getting a financial counselor is one’s general disposition. If a person is not the DIY type when it comes to money concerns, they’d probably be best aided by a professional doing the financial work for them. Or it could be that one do like to manage their money, but they’ve come to a point in which they realize that their financial planning would benefit most from the objective, impartial opinion and advice of a third party.
Steve Sorensen. In any case, assuming that a person can afford the fees and have a good, comfortable emergency fund set aside, getting a financial counselor should in itself be a good investment. Think of a counselor’s fees as something that can pay for itself in just a few years, given that one is even now benefiting with better financial decisions.
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