If you feel confident, but would still like an advisor looking over your shoulder, you will most likely be able to get that help by paying a flat, one-time fee for a financial advisor once a year. You can manage your own accounts the rest of the time. If, however, you hate dealing with finances, don’t understand the first thing about implementing an effective investment strategy, or receive a large sum of money you’re not sure what to do with, a financial advisor is right for you.
When deciding whether to hire a financial advisor, look at your finances, and ask yourself if you feel like you know what you’re doing. If you feel like you have a good handle on your daily financial needs, great—you probably don’t need to spend the money on one.
If you’re comfortable with your finances, only look into hiring a financial advisor if a big financial life change pops up. At that point, weigh the pros and cons of a fee-based planner’s cost versus a commission-based planner.
If you feel stressed over your money or feel like you’re not making the best decisions possible, then a financial advisor would be a financially wise move that would most likely end up worth the investment.