It can be somewhat ironic to know that to get financial advice; you need to spend money. You need to shell out cash to learn how to make more and how to manage what you already have.
So now that you’re already thinking about this consider a detail. How much does an independent financial advisor Perth cost? Well, the answer to that question can vary based on what you’re looking for and what your situation is. Sometimes, one option is better than the other.
A one-time meeting is a valid choice.
This works best if you have only one or two questions to ask. It’s good if you have a portfolio you want to be evaluated by a professional or just want to talk cash flow. You want this if you’re only interested in getting objective advice about your situation.
Alternately, it’s also good if you’ve never worked with one before and want to get a taste first.
One of the more common options is to pay an independent financial advisor Perth a flat or hourly fee.
These are often project-based. You’ll want this if you’re looking at one or two questions that need to be answered and a solution presented, but you’re comfortable attempting it on your own. The planner will do the analysis and present course of action. The rest is up to you.
Ongoing financial planning is also an option.
If you opt for this, you’re in for the long haul. Ongoing planning is the best choice if you have no time, no knowledge, and no desire to handle your finances. The advisor is not just a guide and coach, but likely doing most of the work for you. The most you’ll do is choose a recommendation they make.
This is an expensive option because it’s a lifetime of work. These services run on a monthly retainer. However, for that money, you are getting some benefits. Apart from analysis and advice, you are also getting someone overseeing all of your finances.
Finally, there is the option to go for investment management. This option is often very intensive and has nuances that make it different enough from the others to be its own thing.
These are the ones who offer to manage your portfolio, which is considered distinct from just recommending the allocation of assets. The fees for this will vary, though they will usually take a cut from the investment profits. In other words, they have the incentive not to fail.