How much money should you have before hiring a financial advisor?

A whopping 76% of respondents said they managed their money themselves, followed by 15% who said their spouse or partner manages their finances and 4% said their parents take care of their money. If you don't have the time or experience to truly understand what you're investing in and why, in other words, the things that financial advisors train and practice for every day, you're probably best to rely on the care and expertise of an experienced financial planner in Minneapolis. A financial planner can help you create a roadmap to keep your financial life on track, Kress said. In fact, many financial planners in Minneapolis today offer low-cost consultations that can help clients steer in the right direction, even if they don't have the income or assets for more comprehensive portfolio management.

You can tell your financial advisor your age, income, net worth, family status, desired retirement age, and financial status. Whether you want to implement a basic plan or hire someone to provide ongoing guidance, working with a financial planner can be a smart decision. The Huff Post: If you've thought about your financial future, you might be wondering how to create a long-term plan to achieve your goals and meet them. Financial mistakes, especially early in life, can be difficult to overcome and many people wait too long to establish a relationship with a qualified financial advisor.

However, financial advisors come at a cost, so when is it worth hiring one? GoBankingRates spoke to financial professionals to get their opinion on the subject. Some financial planners go further and actively help you buy insurance products and invest in financial products, such as mutual funds or certificates of deposit (CDs). Wealth managers are a subset of financial advisors who serve individuals with high or ultra-high net worth. Finding a financial advisor or planner may seem intimidating at first, but it's worth it if your portfolio is too large to manage on its own.

According to Bradley Nelson, president of Lyon Park Advisors in Rossville, Indiana, a good financial plan makes the biggest difference when adopted early in life. Keep in mind that it's not uncommon for a one-time commitment to turn into a full-time counseling relationship or more regular financial checkups. A financial advisor, the general term commonly used to refer to financial planners, but also includes other financial professionals, might be the right person to help.