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

A financial advisor could help you best determine if you are on track to meet your long-term financial goals. This expert could help you determine a plan that factors your assets and taxes into your overall retirement and estate-planning goals.

Investment managers, financial consultants, financial planners and even robo-advisors are all considered financial advisors. As a result, minimum thresholds vary widely.

An article from Delta Wealth Advisors notes that depending on the net worth advisor you choose, you should consider hiring a financial advisor when you have between $50,000 – $1,000,000, but indicates that this much in liquid assets is the level at which an advisor’s benefits potentially outweigh the costs.¹ Want to find out that asset level? Learn more here.

How to Find a Financial Advisor

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The information contained in this article is general and not specific to any individual’s situation. The SmartAsset quiz matches you with up to 3 financial advisors to which you can compare and decide which to work with. You can consult a financial advisor about your finances, tax strategies and how they factor into your retirement. The SmartAsset quiz can’t make a determination as to whether or not you need a financial advisor, or if you have enough saved.

This is not an offer to buy or sell any security or interest. All investing involves risk, including loss of principal. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). There are no guarantees that working with an adviser will yield positive returns. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest.

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We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors.

SmartAsset.com is not intended to provide legal advice, tax advice, accounting advice or financial advice (Other than referring users to third party advisers registered or chartered as fiduciaries (“Adviser(s)”) with a regulatory body in the United States). SmartAsset is not a financial planner, broker or tax adviser. The Service is intended only to assist you in your understanding of financial organization and decision-making and is broad in scope. Your personal financial situation is unique, and any information and investing strategies obtained through SmartAsset.com may not be appropriate for your situation. Accordingly, before making any final decisions or implementing any financial strategy, you should consider obtaining additional information and advice from your accountant or other financial advisers who are fully aware of your individual circumstances.

Sources:

1. “How Much Money Should You Have to Hire a Financial Advisor?”, Delta Wealth Advisors (July, 2022)