Is it worth having a Financial Advisor?
Question:
Answer:
Yes, we have had one for years and it has definitely been worth it. We have seen our investments really grow.
advisor or mentor yes,,,,,Brokers make you broker.Do your own research
Let me ask you something: On a level from 1 to 5, 5 being very risky, what is your risk tolerance? This is what your financial advisor will do, if he/she is looking out for you. Whatever your risk level is gives them the direction they'll place your future in. Say you choose 5, they'll likely put you into emerging markets, hedge funds, derivitives, options, high yield & so on. Say you choose 1, then you might find your investments in munis, short to mid range bonds, well diversified indexed funds, laddered cd's, money markets & the like. In the ranges in between you'll accept slight to much more risk with return generally, not always, going up as you take on more risk.
You need to ask yourself if you are willing to do some reading and continue to, or if you want to pay for a Proffessional & know your risk tolerance. After that is basically simple.
Here's what I consider the very best place to do your homework:
It depends on how much money you have to play with. Measure the fees of your FA versus the total investment amount and your desired return. Make sure you make money ABOVE the fees of the FA. Also, make sure to get good references before hiring the FA.
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