Every person needs a decent-quality financial adviser, if not a high-quality financial adviser. The question is: “does the fees that I have to pay to avail the services of a financial adviser is justified for the amount of wealth that I own?”
To avail the services of a decent-quality financial adviser, you would need to pay an hourly-rate of few hundred dollars for their service or a minimum of $2,000 for a specific service that is commonly asked by clients. The total billing for a typical client with no special situations can be few thousand dollars per annum. Unless you have at least $1 million of investible liquid assets, such an expense can be burdensome. Unless you have at least $0.5 million of investible liquid assets, such an expense might not be justified. Also, there is no guarantee that the quality of such a financial adviser is superlative, though we observe that a super-majority of financial advisers in this price band are well-intentioned.
You will get access to a high-quality financial advisor if you have at least few tens of millions of investible assets.
If you do not have this kind of wealth, then it is preferable that you opt for digital advice or robo advice. Digital advice solves your need to have a financial adviser even if you have a small amount of wealth. It is very common that people who have only few thousands of dollars to invest for the long-term are opting for robo advice.
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