Michael Joyce, Agili President
Michael Joyce spoke with Rachel DePompa of NBC12 about the when and why of hiring a financial advisor.
You Don’t Need A Lot of Money to Hire a Financial Advisor
A lot of people have the misconception that you need a lot of money to have a financial advisor, but Michael says that’s just not true. He says to think about it like this: “You hire a painter, right? They can do something better than you can, and they can do it at a reasonable cost.”
Benefits of Hiring a Financial Advisor
Financial advisors can help with strategizing how to pay off student debt or how to save for that first home. They can also help determine how much insurance you need. They make recommendations for getting estate documents in order. And they help you know how much you need to save for college.
Financial Advisors Help with Decision-Making
According to Michael, “It’s good to have someone to help…prioritize things for you and give you some expert advice that includes, what are the advantages of every decision? Plus, what are the drawbacks of every decision?”
Resources to Help Find the Right Financial Advisor for You
You can go to the National Association of Personal Financial Advisors at NAPFA.org or the Certified Financial Planner’s website which is CFP.net to find the financial advisor that’s right for you.
Michael says you don’t need to have somebody that’s going to be charging a lot of money either. Some financial advisors charge an hourly rate. There are also financial advisors who work for commission or charge a flat fee.
If you’re looking for some basics in financial planning, we recommend reading our blog post, Three Components of Financial Planning.
If you’d like to know more about Agili and how we act as our clients’ Personal CFO (our ethics, our investment philosophy and how much we care for our clients), we invite you to view our video included in this blog post, About Agili: Get to Know Your Personal CFO.