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I'm a Personal Finance Expert: People Are Asking if Financial Advice Is Worth $8,000

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If market turmoil has you worried about your retirement accounts, but getting professional help sounds too expensive, I recommend that you try to look at cost vs value.
The article from Kiplinger discusses the value of paying for financial advice, specifically questioning whether it's worth spending $8,000 annually on such services. It highlights a study by Vanguard which suggests that professional financial advice can add about 3% in net returns to a portfolio annually, primarily through behavioral coaching, asset allocation, and other financial planning services. The article also points out that the cost of advice can vary significantly, with some advisors charging much less than $8,000, and it emphasizes the importance of choosing an advisor who is a fiduciary, meaning they are legally obligated to act in the client's best interest. Additionally, the piece advises considering the full range of services offered by an advisor, such as tax planning and estate planning, which can add significant value beyond just investment management. Ultimately, the decision to pay for financial advice depends on individual circumstances, including the complexity of one's financial situation and the potential benefits of professional guidance.

Read the Full Kiplinger Article at:
[ https://www.kiplinger.com/retirement/is-financial-advice-worth-8000-dollars ]