"Here are some key reasons we pay for financial advice.1) We wanted a second opinion on a few important decisions.I wanted a different perspective on less-familiar subjects, such as handling employer stock, and whether we needed long-term care insurance. We could have confronted both issues on our own, but having professional guidance helped us move forward more confidently."
"We were delighted to find a financial planning firm that could work with us on an hourly basis to address our specific questions, rather than ongoing portfolio management. Paying for financial advice on an ongoing basis, via an assets-under-management fee or other arrangement, can be right for some people. Shop around to find a business model that fits with the type and level of service you need."
Paying a financial planner delivered unquantified peace of mind. A planner provided a second opinion on complex or less-familiar issues such as employer stock and long-term care insurance, increasing confidence in decisions. An hourly-fee planning firm matched specific needs better than ongoing asset-based management for this situation. Holistic planners generally require a comprehensive review of retirement assets, expected Social Security, and spending to answer targeted questions confidently. Willingness to give targeted advice without a full review can be a red flag and may lead to additional fees. Working with a planner also creates an incentive to gather and organize financial documents.
Read at Fast Company
Unable to calculate read time
Collection
[
|
...
]