When to pay for financial advice and how to find the right advisor

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For the vast majority of my 40-year career providing financial advice, my advice on paying financial aid was simple: don’t.

Money management is not rocket science. What you don’t already know you can easily learn, and since no one cares about your money as much as you do, you should be the one in control.

There is also a danger in giving up control. Having spent a decade working on commission for major Wall Street firms, let me assure you that the advice you pay for sometimes fattens an advisor’s wallet more than yours.

However, as I approach my own retirement, I have become less rigid. I realize now that not everyone is the same, nor their situations. There are good advisers out there. I also realize that just because you’re theoretically able to learn something like money management doesn’t mean you’ll take the time and effort to do it right.

More importantly, as retirement approaches and your nest egg grows, the moves you make or don’t make can have life-changing repercussions.

In short, I now believe that there are people who can benefit from paid financial advice. But this raises two key questions:

  • How do I know when it’s time to hire help?
  • How do I find the right person to help me?

That’s what the show “Money!” this week’s podcast is about. We’ll talk about the different types of financial advisors, how to determine if you need one, and if so, how to find the right one for you.

As usual, my co-host will be financial journalist Miranda Marquit. Rookie producer and investor Aaron Freeman listens and sometimes contributes. And this week, we have a special guest: Pam Krueger, founder of Wealthramp.

Sit back, relax and listen to “Money!” Podcast:

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About me

I founded Money Talks News in 1991. I’m a CPA and also licensed in stocks, commodities, major options, mutual funds, life insurance, supervisor securities and real estate.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click on links in our stories.

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