Every day investors and consumers worry and wonder about all manner of financial issues. “Should I invest in this stock?”, “Do I have too much debt?” “Should I buy a house or keep renting?”. This nationwide collective worry becomes abundantly clear when looking at any financial group on Facebook, Twitter, or other social media platform.
Members of these groups typically are very gracious with their time offering opinions and experiences to help their fellow members. In some cases, you will see many dozens of replies to a singular question. As helpful as these group replies can be, there are some downsides to the advice one gets from public forums. First, there usually is an equal number of pros to the cons. “I would not buy that stock at this price….” Will be followed by a “I am buying as much as I can today!”. The conflicting advice can be overwhelming. Secondly, it is unknown who these people are and if their advice and experiences are good or valuable.
An alternative to crowd-sourcing an opinion is to hire a professional by the hour, for your one discrete need.
There are many advantages to hiring an advisor by the hour for just one piece of advice. First, you have the comfort of getting a professional opinion by someone trained to give advice and do not have to worry about if they are knowledgeable or not. Second, you do not need to be rich to get this advice, you just need to be able to pay the fee. Third, you are not forced into a year-long commitment, or any commitment for that matter. Fourth, you are going to get a lot of detail as the advisor is focused on this one topic, so you’ll likely get more than enough data to make your decision. Lastly, if something goes wrong with the advice, you have recourse. Financial Advisors are regulated and as such if there is something terribly wrong with the advice, that advisor’s compliance officer and/or regulators can be contacted to help address the issue.
An hourly engagement can be very helpful to someone of modest means as well as the very wealthy, and the hourly rates of various advisors reflect this. The cost of an hourly advisor can be as low as $75 per hour and can run upwards of $500 per hour or more if you have a very complicated issue that needs reviewing. Some advisors will not charge for the first meeting, but normally that is a cursory meeting to more get to know the advisor as a precursor to hiring them for a full engagement or asset management. Paying a discrete fee to get a written opinion and plan of action on the one big financial worry you have can be a very comforting investment in your financial well-being.
Finding hourly advisors has become much easier these days as both the number of hourly advisors has been growing and the technology to find these advisors has gotten much better. Our service will match you to an hourly advisor for free by going here, or there are many organizations whose members can be searched, including the Financial Planning Association and the National Association of Personal Financial Advisors, The Garrett Planning Network or the XY Planning Network.
Whatever your current financial stress point might be, considering an hourly engagement with a financial advisor could be the best investment you make for 2020.
www.MyPerfectFinancialAdvisor.com is the premier matchmaker between investors and advisors using personalized data, proprietary algorithms, and deep industry experience.