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Why Pay a Financial Planner an Hourly Rate?

February 18, 2021

You may not be aware that some financial planners will charge you on an hourly basis for their advice. Why would you want to engage an advisor on an hourly basis? There are a variety of reasons this may be a good choice for you.

You Don’t Have the Minimum Assets Many Firms Require

A common structure of financial firms is that they will provide advice for you if you invest your money with them. Unfortunately, many firms have account balance minimums of $250,000, $500,000 or even higher. This pushes those investors with smaller asset bases out of the market for advice.

You’d like a second opinion on the work you are doing yourself

Perhaps you really enjoy and are very adept at managing your own investments and financial plan. Consulting with a financial planner who can double-check your assumptions and outcomes can save you from making big mistakes. It is better to find out you need to make a change now when you have a time left to reach your goals, rather than years after it is too late to correct your course of action.

You’d like to ask a professional a few questions specific to your situation

All of the information you are seeking is potentially available for free on the internet. But it could take years to search for the information you are seeking. And even if you find what you are looking for, is it relevant to you? Consulting with a financial planner allows you to ask questions and receive answers specific to your individual situation. Tailor-made advice, just for you.

You’d like to try someone out before committing to a long-term relationship

Choosing a financial planner is a big decision. This is potentially a years-long relationship, and you are trusting this person to help you make some of the most important decisions of your life. Why not test the waters and make sure you like them and the work they do?

Paying for hourly services may be something which you have never considered, but can be an excellent option. A great place to start would be to make some calls and ask some questions!

CLICK HERE for What Questions Should Women Ask When Interviewing a Financial Advisor?

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

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Securities offered through LPL Financial. Member FINRA/SIPC. Investment advice offered through GPS Wealth Strategies Group LLC, a registered investment advisor. GPS Wealth Strategies Group LLC and Aspen Wealth Management are separate entities from LPL Financial.

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