How much money should you have before getting a financial advisor?

While we're all able to figure that out, working with a financial advisor can get you on the best path faster, Bryant said. The key difference is that a wealth manager has the primary task of preserving and growing existing assets and wealth, while a financial advisor is concerned with managing day-to-day finances and investments, as well as achieving long-term goals. Financial advisors help clients achieve their financial goals by recommending how to allocate and invest the client's money. Your financial advisor may sell you mutual funds from several different fund companies, including Acme.

Finding a financial advisor or planner may seem daunting at first, but it's worth it if your portfolio is too big to manage alone. At no cost, they screen qualified financial advisors across the United States and will match you with up to three advisors. You can also look for financial advisors with professional designations, such as a certified financial planner. If you stay up every night, are worried about issues such as cash flow, saving for a goal, coverage of loan payments, or a change in your family situation, it's time to contact a professional financial planner, said Louise H.

But before you start looking for a financial advisor, it's important understand how it can benefit you and what you can expect from the experience. Hell, even if you're an investment professional, half of hiring an advisor is getting an outside, emotionless opinion about your financial choices. Depending on your area of expertise, financial advisors can help you with everything from putting together a full retirement savings plan with a schedule attached to it or simply answering a question about total life insurance. From time to time I get emails from readers who have realized that they need financial help that goes beyond reading blogs and books.

However, if you have some money you want to invest, maybe you have a business or have an inheritance, a financial advisor is a good idea to help you make financial decisions. Whether you want to implement a basic plan or hire someone to provide ongoing guidance, working with a financial planner can be a smart move. A financial advisor can handle all that research for you, reducing cognitive overhead and greatly simplifying the investment process.

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