How much money should you have before hiring a financial advisor?
A financial advisor could help you best determine if you are on track to meet your long-term financial goals. This expert could help you determine a plan that factors your assets and taxes into your overall retirement and estate-planning goals.
Investment managers, financial consultants, financial planners and even robo-advisors are all considered financial advisors. As a result, minimum thresholds vary widely.
An article from Delta Wealth Advisors notes that depending on the net worth advisor you choose, you should consider hiring a financial advisor when you have between $50,000 - $1,000,000, but indicates that this much in liquid assets is the level at which an advisor's benefits potentially outweigh the costs.¹ Want to find out that asset level? Learn more here.
How to Find a Financial Advisor
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This article may potentially include a firm or firms that have a business relationship with SmartAsset, in which SmartAsset is compensated for lead referrals or cost per engagement. SmartAsset is not a client of the aforementioned firms. SmartAsset did not receive compensation for including any of the firms in the aforementioned article.
This article contains links to SmartAsset's financial advisor matching tool, which may or may not match you with the firms mentioned in this profile. The matching tool does not include all available advisors and firms and matches based on specific criteria (investable assets, geography, and willingness to work with a remote advisor).
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SmartAsset.com is not intended to provide legal advice, tax advice, accounting advice or financial advice (Other than referring users to third party advisers registered or chartered as fiduciaries ("Adviser(s)") with a regulatory body in the United States). SmartAsset is not a financial planner, broker or tax adviser. The Service is intended only to assist you in your understanding of financial organization and decision-making and is broad in scope. Your personal financial situation is unique, and any information and investing strategies obtained through SmartAsset.com may not be appropriate for your situation. Accordingly, before making any final decisions or implementing any financial strategy, you should consider obtaining additional information and advice from your accountant or other financial advisers who are fully aware of your individual circumstances. Sources:
1."How Much Money Should You Have to Hire a Financial Advisor?", Delta Wealth Advisors (July, 2022) |
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