Do you have poor skills when it comes to managing your wealth? If you want to make sure your wealth lasts for a long time, it is a good idea to seek assistance from a financial planner. Find out below what a financial planner can do to help you make wise decisions concerning your wealth, as well as what he or she may charge.
Why Should Someone Hire a Financial Planner for Wealth Management?
Before coming up with a plan for managing your wealth, a financial planner will ask you about your long-term goals. He or she will also have to assess your income, assets, debts and the amount of money that you need to spend each day. After the assessment is complete, the financial planner will come up with a strategic way for you to invest your money and make sure it continues adding up. For instance, he or she may suggest that you put your money in a savings account that gives you interest based on how long the money has been in the account.
If one of your goals is to get married and have kids, a financial planner can help you determine how much money should be saved for the wedding, purchasing a house and having money for the upkeep of your family. He or she will also consider how much money you should save towards sending your children to college in the future, and the insurance needs of the family. The planner will suggest that you keep a specific amount of money set aside for family emergencies as well.
If you are behind on paying creditors, financial planning is a great way to get organized to get your debts paid off. The planner will speak to you about debt consolidation or how much money you should send to each creditor based on your income. The key to paying off debts and keeping money in your bank account is to make sure you are paying them on a consistent basis, even if it is only paying a small amount.
What is the Estimated Hourly Rate Charged by a Financial Planner?
The lowest hourly rate that a financial planner is estimated to charge is $100. If you hire a planner that sells private wealth management products, he or she may get paid based on the commission of sales. Based on your service needs, the planner may opt for charging you a flat rate.