Is it worth the cost to hire a financial advisor? Wouldn’t I be better off keeping that fee for myself?
These are excellent questions and the answers depend on many factors.
Recently, two well respected firms have weighed in. Vanguard and Morningstar are interested in identifying what they call “best practices of wealth management.” In addition to rate of return, they have studied how good decision making can ensure your retirement income lasts as long as it needs to.
The result of their research? It won’t surprise you: better decision making leads to better results. This is where an advisor comes in. Both firms concluded that financial advisors can add significant value net of their fee.
Do you have the time, energy, interest, knowledge, and emotional discipline to implement the myriad of investment and wealth management decisions on your own?
How would you know if you were missing something?
The end goal of comprehensive financial planning goes well beyond choosing investments. If you’re unsure when you think about what’s at stake, you should consider getting a second opinion.
The right financial advisor is worth it.