Gone were the days when people believed only popular and wealthy people need the expertise of financial advisors. While some recognize the necessity of getting a financial guru, they opt to manage money matters themselves because of the charges that comes with having one. But whatever your current financial situation is and the complexity of your finances, it is imperative to tap a financial advisor especially if you are experiencing difficulties in attaining your financial goals.

Here are our two cents when it comes to getting an advisor:

Opt for a percentage-based advisor. Some advisors levy their clients according to the assets they administer. The rate ranges from 0.5% to 2%. Financial gurus normally work with individuals who have at least $100,000 on their portfolio. The fee is somewhat huge; however, advisors can be more heartened to grow their money. The more the portfolio grows, the more money they will earn from handling their portfolio.

Select a fee-only advisor. Fee-only advisors, being part of Registered Investment Advisors, are responsible for upholding their clients’ best interest by providing the most reasonable recommendations based on the person’s financial condition. An individual may pay more money upfront. For instance, if the advisor levies $200 per hour, paying $1,000 on the first few meetings will be expensive. But the succeeding meetings and check-ins will be less costly and the duration be shorter.

For estate planning or last will and testament writing, it is perhaps better to choose a flat-fee advisor. They will set a fixed rate for rendering their services, giving you no reason to worry about making the necessary modifications or accumulating hours for this matter.

One more thing: determine the benefits and costs before deciding whether to tap an advisor or not. Do your due diligence and shop around to understand more how the experts can help you better handle money-related matters, and also settle your debt obligations.