While looking at Reddit the other day, I came across a question from someone wondering if they should hire a financial planner. It felt like just the kind of question we get pretty frequently from readers of The Advicer, so I got a few pros to answer it:
Indeed, comprehensive financial planning extends beyond investment advice. “It involves detailed analysis and advice on multiple aspects of one’s financial life including budgeting, retirement planning and more. This holistic approach ensures that all aspects of your financial life are in harmony, working towards your overarching financial goals,” says certified financial planner Ryan Kaysen at Integritas Financial.
“Make a list of specific questions you want answered and seek out a planner that strictly charges by the hour. It sounds like you’re doing a lot of things right but you just need a few gaps filled in,” says David Barfield, certified financial planner at Datapoint Financial Planning. Engagements with hourly planners range in cost but you should expect to pay between $150 and $450 per hour, depending on your location and the adviser’s experience.