Most people think of financial planners as professionals that serve only the wealthy, but that simply is untrue. There are situations when just having the guidance of this professional as a temporary service is a good idea, and most financial planners do offer one-time service offerings. Here's a look at some of what you should know about hiring a financial planner only for a brief span of time or for a basic assessment.
What are some examples of when to hire a financial planner for a one-time service?
There are a few situations when you may only need a brief assessment of your finances to help you sort things out. For example, if you inherit a large sum of money and need to know how to best handle or invest that money, you could benefit from hiring a financial planner temporarily. Some adults choose to have a financial planner assess their finances before they make a large purchase, such as when they buy a house or are getting ready to start a business venture. You may even consider hiring a financial planner for a one-time assessment if you are a few years from retirement and just want to make sure you are on the right track.
How much will a financial planner charge you for a one-time service?
What you pay for a one-time service from a financial planner will vary depending on what it is that you need. A lot of financial planners charge by the hour for their services, which can be anywhere from $200 to $400 per hour according to NerdWallet. If you are going to the professional for a specific one-time service, you will probably be paying a one-time fee for the specific service instead of an hourly rate. For instance, if you want the planner to build you a financial plan, they may charge you $1,000 to $3,000.
If you hire a financial planner for helping you make investments, how does that work?
A lot of financial planners will work on commission with investments once they charge you a flat fee for their services. For example, you may pay a set fee for an initial consultation so the planner understands how you want to invest, and then any investments that yield a return would mean the planner would get a commission percentage of the profits. This service model is going to be a little more long-term, but you will not be paying ongoing fees unless the investments made are making you money.Share