If you need something more personal and long-lasting, you could hire a financial planner or personal advisor. You don't have to be loaded for either option--many counseling and budgeting services are available for free, or at very low cost.
Before making financial or investment decisions, U.S. News recommends that you contact an investment advisor, or tax or legal professional.
Your bank or credit union
You might be able to speak with a banker who can walk through your finances and make recommendations. For instance, they might review your accounts with you and help you get the most out of your money. In addition, some banks have financial education resources on their websites.
Mentoring or Assisting Programs - One of the easiest ways to get help with your finances is to join a mentoring or financial assistance program. If you are part of a financial institution, there may be advisors on staff who can help you manage your money. Local non-profits might also offer training.
Accountants and bookkeepers can help you keep track of your personal finances and provide help with your taxes. A certified public accountant is more expensive than hiring an accountant who is not certified. Quicken offers accounting software that can help you do it yourself.
Advisors who charge flat fees can cost between $2,000 and $7,500 a year. There are some financial advisors who charge hourly, or charge a one-time fee for a complete financial plan you can then follow on your own. Many financial advisors use a fee structure called an AUM fee, or a percentage of assets under management.
If you're looking for financial guidance you could contact a free, impartial organisation that specialises in financial guidance. For example, you can get guidance about money on the Money Helper website. On this page you can find information about: types of financial adviser.
You will fare better with fiduciary certified financial planners and registered investment advisors. They may still mismanage your money, but if they run afoul of your financial interests, you can take them to court.
A financial advisor helps people manage their money and reach their financial goals. The number of different services and areas of expertise offered makes finding the right financial advisor for your situation critical.
Banks, Credit Unions, Brokerage Firms and Insurance Companies. Many large financial institutions offer complimentary financial advice alongside their product offerings. They often provide financial plans at a low cost or for free when you meet with one of their consultants, whether in-person or virtually.
Better news: it's never too late to learn how to budget and save money, even on a small income. And you can get help putting your finances in order.
Your local 211 agency has the most up-to-date information about local assistance that may be available to you. If you prefer to talk to someone, you can always call 211 to get connected to a local specialist. Simply call 211 from a cell phone or landline to speak with a live, highly trained service professional.
Pro-bono financial planning services
Other organizations that may offer free or discounted financial advice include Advisers Give Back, the U.S. Department of Housing and Urban Development, the Financial Planning Association and the Financial Counseling Association of America.
The IRS may agree that you have a financial hardship (economic hardship) if you can show that you cannot pay or can barely pay your basic living expenses. For the IRS to determine you are in a hardship situation, the IRS will use its collection financial standards to determine allowable basic living expenses.
On average, you can expect to pay between 0.5% and 2% of your total assets under management annually, $150 to $400 per hour, or a flat fee ranging from $1,000 to $3,000 for a comprehensive financial plan.
Not all banks have financial advisors, while other banks may offer you free financial advice under certain circumstances. While most large banks offer full-service products for banking, lending, investing and insurance, other banks may not.
Your adviser's fees will be based on many things: what advice you need, how much time it will take, and the size of the assets involved. Advisers often charge between 1% and 2% of the asset in question (e.g. a pension pot), with lower percentages being charged for larger assets.
If your investable assets are under $250,000, it's likely best to seek help from a financial planner and invest on your own until you build up a larger nest egg. The simple reason is that you get more value from your advisory firm as your assets grow and your financial situation becomes more complex.
In my experience, firms like Vanguard and Fidelity stand out for their low-cost management structures and a robust range of investment products.