Hiring a financial advisor is an investment. We get it! Perhaps you have questions about your financial future, asset management, or financial planning services, but aren’t sure if you’re ready to make the jump to actually hire a financial planner. If you’re in this position, you’re probably wondering about the real cost of having a financial advisor. We want to give you the knowledge you need to make an informed decision. Let’s dive into what it looks like to hire Milestone for financial advising and planning services, and what the real cost is to you.
What does it cost to hire a financial advisor?
Financial advisors usually charge in one of two ways. Most advisors use either a flat fee, or charge a percentage of the assets or account balance.
At Milestone, we offer both account management and financial planning services. Account management is charged as a percentage, while financial planning services start at $2,000.
Account management – fee-based accounts and brokerage accounts
We manage two types of accounts: fee-based and brokerage accounts.
For fee-based accounts, we charge a fee on the assets that are under management. The starting fee for this service is 1.50%, and this drops as the level of assets for the household increases.
Brokerage accounts incur a transaction-based charge. This amount depends on the security being purchased and can vary greatly.
Financial planning services
Outside of account-based charges, we also provide financial planning services. Financial planning services can range in price depending on the complexity of your plan. This service starts at $2000, going up with more complex plans.
What is covered in financial planning services?
‘Financial planning services’ is a broad term, and this is because it covers a wide range of services. At Milestone, we cover the full spectrum of financial topics, including cash flow, insurance, investments, tax, education planning, workplace benefits, and estate planning.
As a small, independent firm, we highly value getting to know the individual needs of our clients. When we work with you, it’s our priority to get to know your situation thoroughly so that we can best understand how to help set you up for financial success in these areas.
What are the benefits of having a financial advisor?
The main benefit of hiring a financial advisor is having someone on your team who understands the full picture of your situation and can advise accordingly. As financial advisors, we’re trained to not only provide advice on your current financial solutions, but also to look for what’s missing in the picture. Because we are familiar with what products are available (and there are a LOT), we can guide you toward the one(s) that would best fit your situation.
We all have blind spots, and this is where a second set of eyes can really make a difference.
As financial advisors, we’ve had the privilege of working through the decisions you’re currently making many, many times. This allows us to understand the available options, common pitfalls, and how to best set you and your family up for a successful future.
How to decide if you should hire a financial advisor
A better way to approach hiring a financial advisor is to ask what the cost might be if you get important decisions wrong. If you are confident that you’ve covered all financial aspects in your life, then the value of an advisor may be small for you.
However, if you feel like there may be gaps, or you just don’t have the time it takes to learn everything you need to know, then an advisor may provide great value to you.
Want to know more about the services we offer?
Still wondering if Milestone can help you with your specific needs? Take a look at the top 25 ways we provide financial advice to our clients.
The real cost and benefit of having a financial advisor
When you work with Milestone, our goal is to provide you with a plan that gives you confidence for every area of your financial life. You don’t have to guess whether you’ll be ready for the important milestones in your future.
Ready to get started? Just call us today to set up a meeting. At our first meeting, we’ll spend about an hour getting to know you, your story, and your goals. Then, we’ll put together a custom plan to prepare you for a confident future.
This material is not intended to replace the advice of a qualified tax advisor, attorney, or accountant. Consultation with the appropriate professional should be done before any financial commitments regarding the issues related to the situations above are made.