What is a Financial Consultant and is it Worth the Investment?

How does a well-padded retirement fund sound to you?

Or what about a well-stocked college fund for your kids?

Or how about simply a lump sum of money for a rainy day?

If you manage your money right, there's no reason why you can't have these things. In fact, the earlier you start managing your money properly, the more lucrative these accounts will be.

But what if you're not exactly financially savvy? Or what if you are, but you feel that your money-growing efforts could use a boost?

That's where a financial advisor might prove to be a valuable asset for you. These pros can help you decide exactly how to manage your money and achieve your financial goals with sound financial planning.

But like other expert services, financial consultants cost money.

So, the question remains: is a financial consultant worth the investment?

What is a Financial Consultant?

Basically, financial consultants help people manage their money in various ways with the end goal of achieving long-term wealth.

Also known as "financial advisors," these professionals go through specific training and hold licenses to provide financial services to clients.

They may suggest ways to budget appropriately or how to settle your debt. They might also suggest where to park your money to invest in to make your money work for you.

But as awesome as financial consultants might be, are they worth the money you spend on them?

Are Financial Consultants Worth the Investment?

Financial consultants don't work for free. They're obviously going to charge you for the services they provide.

The fee that financial consultants charge varies from one to the next. But generally speaking, these experts charge anywhere between $1,000 and $2,000 for a comprehensive financial plan. If you need advice on a regular basis, you'll probably pay anywhere from $100 to $200 per month, and possibly even more.

Considering the fact that there's a fee associated with obtaining financial advice from a consultant, it's understandable that you'd want to know if it's worth the fee charged.

If you've actually stopped to ask yourself if you could use a financial advisor's help, odds are you probably do.

Consider this: 21% of Americans have no retirement savings at all. And another 10% only have $5,000 or less saved up for retirement. Further, 67% of Americans say their retirement savings will burn out before they pass on.

That's pretty scary. Although you're bringing in some cash today because you're working, imagine retiring with very little money in the pot.

That's one good reason why a financial consultant might be worth the investment. This is especially true if you:

• Haven't been saving for retirement regularly;

• Don't have a sound retirement plan in place;

• Haven't been investing;

• Don't have enough insurance to protect your life, home, income, or car;

• Have a lot of debt;

• Don't have an estate plan in place to protect your beneficiaries.

If you checked off even one box above, then a financial consultant might be someone you'd want to add to your team.

Get Your Finances in Order Today

No matter what your reasons might be for needing help with your finances, a financial consultant can definitely help. Find out more about everything to do with finances and check out our blog today!