Life milestones like marriage or retirement can create financial complexities that even do-it-yourself investors will need assistance.
There has never been an easier time to be a do-it-yourself investor, thanks to the host of technological aids such as financial calculators, budgeting and investing apps, and robo advisers.
But sometimes it may pay to hire somebody to help. Big life events, for instance, may change your financial picture in a way that technology can’t tackle. Milestones such as marriage, the birth of a child or an impending retirement are often a reason to meet with a financial adviser since your money and tax situation may change. Other self-directed investors might find themselves unsettled by inflation or volatile markets and could use an adviser to help them craft a plan to navigate the unfamiliar.
The advice doesn’t come cheap—a traditional fee equal to 1% of your managed assets means you’re paying $5,000 a year on a $500,000 portfolio, though there are anincreasing number of lower-fee alternatives. Still, whether you’re new to investing or are a longtime saver, there may be times when you could benefit from a financial adviser, as a sounding board for your own plans if not outright guidance.
Here are four questions to help you decide whether to hire an adviser per the Wall Street Journal - see the full article for more details.