You do not have to be wealthy to consult a Financial Advisor Sioux Falls SD. Many people mistakenly believe that only individuals with large fortunes need financial advice and still others believe that they cannot afford it. This is not true at all.
One of the most readily available sources of free advice can come from your 401k administrator at work. Most employers offer a retirement plan and discounted advice from the plan’s provider. The Pension Protection Act of 2006 allows employers to offer advice without liability concerns. The advice can come from a computer program or an adviser as long as that adviser is paid the same no matter how the participants invest or what their recommendation is. In a survey conducted by Charles Schwab, they found that when plan participants talked to the advisers offered by their employers that it had a positive impact.
The other way to get good financial advice is by hiring a professional. It does not have to be an expensive option. You can find financial advisers that get paid in different ways. The option you go with may depend on how much money you have. Some advisers will take a portion of the assets that they manage and it’s usually 1 percent. You can pay an annual retainer fee for an adviser and they will help you with complex tax and investment situations with advice through the year. The retainer fee could cover in-person meetings as well as telephone consultations. Some financial advisers are paid on an hourly basis and others are paid an hourly fee and also a commission. Others remain on a commission-only basis. As a rule, most people will advise staying away from commission only advisers. The thought is that the adviser will offer you tips on fast ways to make money so that they can line their pockets with the commission. This isn’t always true though. Find an ethical, well recommended adviser and you won’t have to worry about that sort of behavior.
No matter which type of Financial Advisor Sioux Falls SD you decide to work with make sure they have an accreditation or certification. Typically you will see a CFP designation after their name, which would make them a Certified Financial Planner and is the gold standard of the industry.
