Hiring A Financial Planner As A One-Time Service

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.