Find a financial advisor

Commonly cited benefits include developing a holistic personal financial plan, reducing risk and tax exposure, helping couples get on the same page financially, having regular check-ins on progress toward financial goals and helping people make smarter financial decisions.

On the downside, if you work with an advisor who has a large number of clients, you may not receive a lot of attention. Further, if you're expecting your advisor to always beat industry benchmarks with your portfolio you are likely to be disappointed. You also need to be careful about specific products they may recommend or seem to be promoting. A final word of caution: many advisors are nearing the end of their careers, so you probably don't want to work with someone who plans to retire before you do.

Unless you’ve worked with an advisor, it’s unlikely you have a comprehensive financial plan—which typically includes details on income, expenses, budgeting, taxes, savings goals, estate plans, insurance, real estate strategies, and charitable giving. If you have not worked through these details of a financial plan, having at least a preliminary consultation with a financial advisor makes good sense.

Although it’s good to know your net worth, it’s better to have a detailed understanding of your financial situation. One of the biggest issues people face in retirement is managing debt and expenses. You should know how much money you have coming in, how much you spend, and if you are on track with your retirement plan. An advisor can help you prioritize your current situation and plan for a better financial future.

Many firms can provide basic planning services and financial coaching to any level of clients. However, in general, to get a dedicated financial advisor at a national firm you need to have at least $250,000 in investable assets. That figure may be less in the independent advisor channel, based on where you live.

It depends on your asset levels. Fee-only planners charge a flat yearly fee depending on tier of service. Other planners charge fees based on how much money they manage for you, known as assets under management (AUM). For example, if you have $1 million and the advisor charges 1% fee, then you would pay approximately $10,000/year to have them manage your account.

Many couples/domestic partners don’t spend enough time talking to each other about their personal money values and how to best plan their combined financial futures. Obviously, being aligned on this important topic will help make the process of financial planning a lot smoother. A good advisor can help facilitate those discussions.

They are very similar and basically provide the same types of services. What’s important about choosing either one is to make sure they have the necessary credentials, certifications and licenses.