When do you need a financial advisor?

Updated: Apr. 19, 2021 at 8:28 AM EDT
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RICHMOND, Va. (WWBT) - A lot of people have the misconception that you need a lot of money to have a financial advisor.

Michael Joyce with the Richmond Financial Firm Agili says that’s just not true. He says to think about it like this: “You hirer a painter, right? Someone who can do something better than you can, and do it at a reasonable cost.”

Joyce says financial advisors can help with strategizing how to pay off student debt or how to save for that first home. Figuring out how much insurance you need. Getting estate documents in order. How much do you need to save for college?

“It’s good to have someone to help you through that. Help prioritize things for you and give you some expert advice that includes what are the advantages of every decision? Plus, what are the drawbacks of every decision?” Joyce said.

Here are two good resources. You can go to the National Association of Personal Financial Advisors at napfa.org or the Certified Financial Planner’s website which is cfp.net

Joyce says you don’t need to have somebody that’s going to be charging a lot of money either.

There are people who work for commission and financial advisors who charge a flat fee.

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