Guest Blogger Post: Benefits of Working With a Financial Advisor

You work hard for your money and try to make wise financial choices, so trying to choose the right investment for that money may seem overwhelming. Should you choose individual stock, bonds, mutual funds, ETFs, international options, that hot technology fund . . . . if only there was someone that could help sort through the options! Enter the Financial Advisor!

But what does a financial advisor offer and do I need one?

Financial advisors will help to establish your accounts, rollover that old 401k, sort through the options for investing and guide you as you plan for retirement. Could you do this on your own?

Well, some people color their own hair, change their own oil and hem their own pants – and some people hire a professional. If you have the time, knowledge and desire to manage your investment accounts, great – but if you want some help, then you can turn to a financial advisor.

But a good financial advisor should do more than open an account and recommend mutual funds. They should look at your entire financial picture. Do you need advice on budgeting? Do you have enough life insurance? How much should you put in your 401k? Should you open a Roth? They should be able to explain the options and take your tolerance for risk into consideration before making a recommendation.

How much does a financial advisor cost?

There are a few ways a financial advisor gets paid, based on the type of account that you open:

  1. If you open a brokerage account, the advisor will get paid a commission. This is usually a one-time, up-front fee but the investments have the lowest ongoing fees. This option is good if you are younger than 50, have a large rollover (that you can take advantage of breakpoint discounts) and you the have philosophy of “I am going to stick with these mutual funds for at least 5 years.”
  2. If you open a managed account, the advisor will get paid a fee every year based on the value of your account. This option is good if you want to have changes in investments on a regular basis.
  3. Some advisors will give you a plan and charge a financial planning fee. They will give you the recommendations and then you can open the accounts and manage the account on your own.

How do I find the financial advisor that is right for me?

Meet with more than one advisor and ask the following questions:

  1. What is your philosophy for choosing the investments that you recommend?
  2. How do you get paid?
  3. How often will we meet or how will you be communicating with me?
  4. What services do you provide?

You should have “long term relationship” in mind when you interview for a financial advisor. This person can be a great asset to you as you save and plan for a great financial future.

Jane Schlegel, AIF®
Investment Advisor Representative

SmartVestor Professional with the Damon Walker Team


5020 Council St, NE

Cedar Rapids, IA  52402

What is a SmartVestor Pro? A SmartVestor Pro is an investment professional selected by Dave Ramsey to help you achieve your long-term investing goals. SmartVestor Pros believe everyone deserves access to solid, professional guidance that fits your investments to your life.

What does AIF stand for? Accredited Investment Fiduciary

Who is a Fiduciary?  A fiduciary is any investment professional or financial advisor who is required by law and practice to act solely in the interests of and with undivided loyalty to their clients. A fiduciary’s advice and recommendations must align with your specific objectives, timeframe, and risk tolerance. When managing your assets, a fiduciary must strive for an optimal balance of risk and return. That person must exercise care, skill, diligence, and objectivity in evaluating, recommending, and reviewing investment options.

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