How Much Money Should You Have to Hire a Financial Advisor?
Updated: Feb 24, 2022
One of the most common questions people ask is ‘how much money should you have to hire a financial advisor?’ especially if they want to hire one but don't know if they're able to. Fortunately, advisors consider many different aspects besides a specific amount of assets, which is why clients should find the ideal expert for them. This article provides basic information on the matter.
Some Advisors Ask for a $100,000 Minimum
There are thousands of financial advisors out there, and some ask for specific amounts of money as a minimum. Thus, clients must have, for example, at least $100,000 in investable assets for them to get their help.
Hiring financial advisors is a fantastic choice for people with $100,000 or more in savings, especially if they are nearing retirement age. Professionals can help them make a plan for their future, which is ideal if they want to preserve, distribute, and grow their money even after they stop working.
If someone has $250,000 or more in savings, hiring a financial advisor is even a better idea since they're experts prepared to help ensure they grow their money and make good decisions.
Other Advisors Think People's Circumstances Are More Important than Their Assets
Even though some financial advisors require a minimum amount of investable assets to help clients, others believe that's not the most important factor. Instead, they choose to consider the person's specific circumstances because they think that's a better way to determine if the client is willing to achieve their goals or not.
Investing and finances are difficult topics for everyone, and financial advisors understand that very well. At the same time, defining who's rich and who's not is a subjective process, which is why some professionals prefer to consider other factors.
Some financial advisors could, for example, take a look at someone's financial life to see how complex it is. Additionally, they might evaluate if the person has had any educational experience that allows them to manage their finances on their own.
Age can also be a contributing factor when financial advisors evaluate the client they're dealing with. While some enjoy working with people nearing retirement age, others prefer guiding young adults, so they make good financial decisions from the beginning of their lives.
Seeking Help Is the Most Important Step
Although financial advisors consider different factors to help people, clients might feel slightly intimidated when they're hiring one of these professionals. However, they should keep in mind that they exist to help them and that they want to guide them, so they can achieve all their goals.
When someone is sick, they go to the doctor, and they hire lawyers when they need legal guidance. Nonetheless, some clients believe hiring financial advisors is a waste of time, even though they're certified professionals that can help them ensure they use their money correctly.
Looking for help is the most important step for someone who wants their financial situation to improve. Experts at Kelley Financial Group are ready to guide clients through their process and guarantee they get the best outcomes possible.
There Are Many Options
Some clients might feel discouraged when they find financial advisors that don't match their possibilities. However, they should keep in mind that there are many professionals out there, and each of them is entirely different.
Financial advisors at Kelley Financial Group, for example, can guide clients by suggesting the best options. They can examine the person's assets and determine different things that might work for them.
Once the person hires a financial advisor, the expert might evaluate their possibilities and recommend various options, such as investing in specific stocks, opening different account types, and saving a precise amount of money.
Overall, clients must keep in mind that there are hundreds of advisors out there, and experts at Kelley Financial Group might be the ones they're looking for. Use this link to learn more. The most important step is making the choice and getting help.
People often ask, ‘how much money should you have to hire a financial advisor?’ because they don't understand all the details of how these professionals work. While some advisors take a specific amount of assets into account, others consider different factors, which is why looking for the right expert is essential.