CBS Moneywatch has one of the best articles I’ve seen explaining the costs and advantages of hiring a financial advisor to invest your money vs. investing yourself with index funds.
You may have read it here before, but just like with everything else you buy, it only makes sense to know how much you’re spending on wealth management….yet many people, especially women, feel intimidated to ask their financial advisor their total fees and expenses.
Financial Woman Insights:
1. The cost of wealth management (percentage wise usually declines as the amount that’s being managed for you increases.
Let’s face it: No one is going to dramatically increase their wealth earning 3.75%. Stock and bond investing is only one part of wealth building. Adding new income streams, and taking advantage of cycles in real estate and other assets builds wealth.
3. Sometimes even though it may cost more to hire a financial advisor, only you can determine the real benefits from having someone else manage your money. Financial peace, avoiding panics and life enjoyment cannot be measured by percentages.
But even if you use a financial advisor, you’ll still want to know how to monitor and understand where your money is invested, and the results your’re getting from your wealth management.
To learn more about Camille’s Money Coach Program, click here.