Should You Hire a Financial Manager? 

Over the past few years, the financial landscape has greatly changed. Today, we’re living in the age of EFTs (Exchange-Traded Funds) and Robo-advisors.  

A couple of people argue that hiring a financial advisor is outdated in today’s financial environment. However, that is not the case at all.  

The advantages of independent advice and wealth management are great. It can make the difference between financial freedom and financial illiteracy.  

So, should you hire a wealth manager? The simple answer is yes. Today, we’re going to talk about the importance of hiring a Phoenix financial advisor.  

What Is Wealth Management and What Does a Financial Advisor Offer? 

Wealth management includes a range of services for the financial benefit of a person. Wealth management focuses on protecting and building net worth. It can include a range of services, such as: 

• Estate preparations 

• Retirement funding 
• Tax liability management 
• Financial planning 
• Investment advice 

Financial management companies have a roster of advisors with various sets of skills. These advisors help people preserve and grow their wealth.  

People are less likely to fall victim to emotional or cognitive biases when a financial advisor is helping them and giving them professional advice.  

How Much Do Financial Advisors Cost? 

Though financial advisors offer great value, they don’t provide free personalized advice. However, the cost of financial management greatly varies on the person. Some factors include how much money the person has and their financial planning needs.  

Typically, financial management expenses are a percentage of the assets of the person held with the advisor. The fee for financial management services has an indirect relationship with assets.  

As the person has more assets with a financial advisor, the percentage usually goes down. This means that high net worth individuals will typically pay less.  

How to Move from Self-Management to a Financial Advisor? 

When you first begin establishing wealth, self-management can be extremely beneficial. It can be a valuable tool since it comes with little required initial savings and lower expenses.  

However, as your net worth keeps on growing, one of the ideal ways to maintain it is with the help of a professional financial advisor. They can offer you extra services. This includes financial planning, tax planning, and more. These services are crucial if you want to protect your hard-earned money.  

Also, more complicated strategies are available for clients with higher net worth. 

When Should You Hire a Financial Advisor? 

The answer to this question is simple. You can hire a financial advisor anytime you want. However, it’s much better if you hire one as early as possible.  

In general, it’s best to hire a financial advisor if you’ve got enough assets to qualify for ongoing counseling. You can still hire a financial advisor for a check-in, regardless of your liquid assets. They can provide advice based on your long-term goals and current financial situation. 

Whether you hire a financial advisor for ongoing coaching or a single appointment, it’s always better to start as soon as possible. The value of professional financial advice is compounded throughout your entire life.