It might surprise people that my husband and I pay a financial planner, given that I spend a lot of time on financial, tax, and investment planning at work. However, hiring a planner has delivered a return that can’t be quantified: peace of mind.
Here are some key reasons we pay for financial advice.
1) We Wanted a Second Opinion on a Few Important Decisions
I wanted a different perspective on less-familiar subjects, such as handling employer stock, and whether we needed long-term care insurance. We could have confronted both issues on our own, but having professional guidance helped us move forward more confidently.
2) We Found a Business Model That Makes Sense for Our Situation
We were delighted to find a financial planning firm that could work with us on an hourly basis to address our specific questions, rather than ongoing portfolio management. Paying for financial advice on an ongoing basis, via an assets-under-management fee or other arrangement, can be right for some people. Shop around to find a business model that fits with the type and level of service you need. This requires clarity on what you want.
