But some also take more of your money than they should.
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Below are five questions you should ask your advisor.
Stocks, bonds, 401ks...there are a lot of ways to invest your money.
A financial advisor can help, but make sure you're asking the right questions!
The first: "are you a fiduciary?" This means the advisor is sworn to act in the client's best interest, and you are the client. Many experts recommend only working with fiduciaries - instead of just brokers.
Question two: "how do you make your money?" Most legit advisors will charge a simple management fee based on your total investment. This fee is typically between 1 percent and 1.5 percent of assets under management.
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Question three: "do you invest the same way you advise me to?" The answer to this should be "yes!"
Another question to ask: "how can you help with taxes?" A good advisor will help you optimize your investments for tax purposes.
Finally, ask: "what other services can you provide?" Sometimes advisors will offer advice on assets they don't manage, such as a 401k plan, charitable giving, or college planning, free of charge. See what your expert includes, it could translate to big savings down the road.
Another good question: "how many clients do you have?" This will give you a rough idea of what's average. A typical financial advisor served 156 households in 2013.