Is It Worth Paying a Financial Adviser?

A good financial advisor can help you reach your goals. They are there to offer advice on how best to save and invest money, as well as provide budgeting tips for those who might not be savvy in the ever-changing world of finances. Are they worth paying for, though?  Read on...

Finding a trustworthy financial adviser can be difficult these days because many brokers claim they are advisors too when really their primary responsibility is just matching up investors with investments that will earn them commission - which isn't always what clients need or want from an investment professional. That's why it helps if potential clients know exactly what kind of services they're looking for before settling on any type of advisor. It certainly isn't worth hiring someone if they aren't knowledgeable or have only their interests in mind...

The Best Financial Adviser for YOU!

You know that feeling when you are about to make a really big purchase? Your palms get sweaty and your heart starts racing. You're not sure if this is the right decision, but still want to go through with it because of all the potential benefits. That feeling is a key indicator that it’s the right time to hire a financial adviser- someone who can help guide you in making decisions for investments or retirement planning- so keep reading!

In a world where one can provide for themselves with the help of Google, is an advisor worth it? Expert opinion varies. Some say that without guidance you may be putting your future in jeopardy and by paying someone to do what they are doing already seems like poor use of resources. Others point out how invaluable an expert's insight into their personal finances could prove in both short-term as well as long-term decisions about spending or investments made on behalf of our family members. What does seem clear is that if there was ever a time when we needed all hands on deck--this would be it!

You'll be in a better position to take care of your family, know where you stand financially and plan appropriately for the future with good advice from an advisor.

"Not everyone has time to be a financial expert..."  ~Investopedia

Investopedia’s Troy Segal stresses that advisors are essential when navigating markets. "Not everyone has time to be a financial expert…” he says, “if you would rather have an easy plan you can execute without having to constantly worry about changes in legislation or the economy or financial products, you might consider hiring a financial advisor.” (1)

The financial advisor can help you make sure that you stay on track with your finances and never lose sight of the big picture. It is important to keep up-to-date so as not to miss opportunities or get stuck in a rut, which may be difficult if no one else has been keeping tabs for us!

Average Financial Adviser Fees

Financial advisors are an important part of most people's financial lives, but not all have the same skills or knowledge. Some may charge more than others for their expertise and services they offer a wide range of rates. For example some might only cost 1% while someone else could be charging up to 10%. It is difficult to pin down how much one should pay because it varies depending on who you're looking at as well as what type of service they provide; however fees typically fall in between 1-3%.

Avoid Paying Too Much!

Seeking out an advisor is a difficult task, but if you know what to look for and how they will be compensated, finding the right person should not take too long. You first need to understand how they are being paid (and make sure they can provide a clear answer.) Next determine whether or not their pay structure matches your needs – do you want someone who charges per hour? Do you prefer advisors that charge by commission based on gains with no upfront cost? Once these factors have been considered, find somebody near where you live so that meetings don't become more costly than necessary! Womack Investment Advisers, Inc. is conveniently located on 15^th street in Edmond, Oklahoma. When you do your homework, and partner with a local firm, you can rest assured  that you and your valuable assets will be treated with the upmost care and respect.

Finding The Right Financial Adviser for you in Edmond, OK

Many people may think looking for an advisor would be easy as pie - simply go online and search until one pops up in front of them- however this isn't the best idea if you’d like a financial advisor you can trust here in Edmond! Oklahomans are savvy when it comes to who we choose to do business with. Greg Womack has been serving Edmondites in the financial industry for over 30 years now; so he knows what it takes to communicate and become like family with our clients! As a fiduciary financial adviser, Greg conducts his business in a fair way, never placing clients in investments for his own gain. Womack Investment Advisers is a fee-only investment advisory firm. Our compensation comes from advisory fees based upon the services provided, whether it is hourly or asset-based. We do not receive commissions on investments. 

When you develop a relationship with your financial advisor, you can begin to take their advice for more than just the particulars of your investment portfolio… Wes Moss from The Balance (2) says “The single biggest way an advisor can add value and increase net returns is through something called "behavioral coaching" which is the type of advice your trusted adviser will give you to help your rethink and direct your feelings about the market and remain calm, even during times that seem like crisis.

The question remains, is it worth it to pay a financial advisor?  We've found in our lives and business, that paying the RIGHT expert has always worked in our favor. We don't get on our roof and try to nail down shingles in a rainstorm, and we certainly don't climb the power poles in our back yards to fix the lights in a storm... We're experts in financial advising, and that's why we're so passionate about helping people plan for their future and direct their wealth now!

Your trusted adviser will help you rethink and direct your feelings about the market- and remain calm, even during times that seem like crisis.

When it comes to finances, knowledge is power. Understanding how an advisor is compensated can help you determine if what they are charging for their services is reasonable or not. As long as your financial professional charges a fee that reflects the level and quality of service provided by them--you're probably not overpaying!

Financial advisors offer a range of services from rebalancing to comprehensive estate planning, but not all are worth the same price.  The best value goes far beyond just finding rock bottom prices, especially since different advisors provide different bespoke services. Ultimately, it may not be an issue of cost so much as one of fit - you simply need an advisor with whom you mesh in terms of personality or communication style that provides what's most important for your particular situation. Their understanding of YOU and how best they can help you out is paramount.

To find out if our bespoke financial planning services are right for you and your situation, give us a call today. We’ll invite you over for coffee and look at everything together to get started on the right foot for your financial freedom! 

References:

(1) https://www.investopedia.com/managing-wealth/when-should-you-hire-financial-advisor/

(2)  https://www.thebalance.com/should-you-hire-a-financial-advisor-4120717

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