Thinking about hiring a financial advisor, but concerned about the cost? You are not alone. I find it perfectly rational to consider price of any service provider. Nothing wrong with demanding value for our hard-earned dollars, and especially so in this expensive post-inflationary environment.

We all perform cost/benefit studies multiple times monthly. Spending options, especially for non-essentials, must be carefully considered, as our resources are limited. We all desire the best value that fits our needs and wants, but that is not always easy to discern.

Services are generally more difficult to evaluate than products. Purchasing a product generally means what you see is what you get. Not so much for services, where results can’t be determined until after the money is pledged and the service is performed.

Contracting for financial services can seem like a leap of faith. Investors face a slew of possibilities for their discretionary dollars, whether for products or services. Products are largely insurance policies, including annuities and life insurance. Services include planning, portfolio creation and management, tax form preparation (use only qualified professionals), etc. Investors are only able to evaluate their purchases once results become evident.

Choosing a financial advisor from the murky sea of providers can be overwhelming. Finding an advisor who is a good match for your needs can often be accomplished with the assistance of various free online resources. Among them are SmartAsset.com, letsmakeaplan.org, and NAPFA.org. These websites assist investors in locating a fee-only, fiduciary financial planning professional. We suggest finding a qualified advisor who operates as a Registered Investment Advisor (RIA), such as Strivus Wealth Partners.

When choosing an advisor, the gold standard among financial advisors is the Certified Financial Planner® (CFP®) designation. Controlled by the CFP Board®, which sponsors the letsmakeaplan.org website, members’ certifications assure investors that the advisor will place their clients’ interests ahead of his or her own (required of every true fiduciary).

Similarly, NAPFA (National Association of Personal Financial Advisors) assures that members remain unbiased, so they do not sell commissioned products. SmartAsset is a private company, founded to assist investors searching for a qualified professional advisor. Their website includes a free calculator for an individual’s probable success after choosing a qualified advisor.

Recent long-term studies have determined that using a qualified advisor results in 2% to 3% higher annual investment returns (after fees). Talk to us about the actual value of our services.