Question: How Much Should I Pay For Financial Advice?

It varies, but most fee-only financial planners will charge between $1,000 and $2,000 for a comprehensive financial plan.

For ongoing advice, you could expect to pay a monthly retainer of a couple hundred dollars.

Is it worth paying for a financial advisor?

Financial advice typically costs 0.5 percent to 1 percent of your portfolio per year. So, yes, people want to know if they are getting what they pay for. Russell estimates a good financial advisor can increase investor returns by 3.75 percent. Not everyone wants or needs a financial advisor.

How do financial advisors make money?

These financial advisors will usually earn their money through different means. Fee-based advisers charge an upfront fee to their clients. They could also earn a commission. Fee-only advisors earn their pay strictly from the fees they charge to their clients.

What does a fee only financial planner charge?

More experienced advisors may charge higher fees as well. Generally across the U.S., fee-only financial planners will charge between $150 to $300 an hour and between $1,000 to $3,000 annually.

What fees does Merrill Lynch charge?

Merrill Lynch Wealth Management generally charges you a $50 per auction service fee for all non-competitive bids. Merrill Lynch Wealth Management is paid an upfront gross fee ranging from 0.05% – 3.00%, depending on tenor.