Should you Hire a Financial Advisor or Manage your Own Finances?

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A financial advisor will most likely know things you don't know, but you must find the right one!

In a recent study from Northwestern Mutual, 67% of Americans who work with a financial advisor say they have better clarity on their financial plans, and only 44% of adults without an advisor say the same.

Many people don't understand the types of services advisors provide because they don't have time to look into it. If you are worried about student loan debt, finding a good job, or creating financial success; an adviser can help you with all of this and more.


How to find the right financial advisor?

You want an adviser who is a certified financial planner because they are licensed and regulated. They also take mandatory classes on different aspects of financial planning.

Knowing the planner's pay structure is a must. A planner who earns money based on commission rather than a flat rate could have an incentive to steer you in particular directions when building a portfolio.

Look for someone who'll make the time to focus on your concerns. Asking for recommendations from friends, neighbors, or colleagues is always a good idea. Some advisors go to where you are and meet with you.

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Should you manage your own finances?

Many people don’t properly manage their own personal finance. Having a sound money management plan, along with balance in your lifestyle can be the light at the end of the tunnel.

Your budget is key to success. Understanding your expenses and income will give you the most control of your financial future. Your finances should always look forward beyond the current week or month.

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