How much do you pay for a pre-packaged roasted chicken at the grocery store? If you do the grocery shopping for your family, you probably could tell us exactly how much you pay for grocery items like chicken, eggs, milk, and bread. Still, most people have no idea how much they spend on their investments! What’s the point? Well, there are a couple of points.
First, if you know how much you spend on pre-packaged roasted chickens and other grocery items, how much more should about your investments!? The second point?
With a pre-packaged roasted chicken, you know that you are going to pay about $7.99 – $9.99. No matter how tasty or fresh the chicken was, you would not pay $29.99 for it. The point is; just as you know how much your groceries cost and what the proper price point is for each, you should also know what the appropriate fees are for financial advice, but again, most of us don’t know what they are! What is the variation, and do they range that vastly from investment to investment? Yes. Sticking with the analogy of food, let’s consider these variations of financial advice.
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Starting with the low-end category, imagine having a package of raw chicken from the market. This is like having your investments with a discount broker – maybe it’s an investor line or an iTrade.
The pro: It’s the cheapest way to have your investments.
The con: You get no advice, and you have more work to do yourself.
The middle category is pre-packaged roasted chicken. You buy it at the market already cooked, and all you have to do is to bring it home and eat it. This is like a robo-advisor, which is a newer category.
The pro: It’s cheap. You’ll get a little bit of advice.
The con: The advice is very limited.
The top-of-the-line category is your favorite restaurant that serves high-quality dishes with chicken. The chicken is tender, juicy, and buttery. This is like going to a financial advisor.
The pro: Advice and handholding.
The con: It costs more than the other options.
These three approaches have three vastly different pros and cons and three different prices. Now, let’s pretend that you have $200k in investments. This might mean that you would pay $600 with a discount broker, $1,400 with a robo-advisor, and $4k with a financial advisor. With First Security Financial Wealth Management, we guarantee that – using this example – you will get your $4k worth of value! Most people will go the advisor route because learning and staying on top of everything is very time-consuming and difficult.
Yes, choosing a financial advisor is more costly than you other options, but if you want to protect your financial health and longevity, there really is not a better option. Of course, finding a trusted financial advisor in Prairieville, LA is not always easy. That’s why First Security Financial Wealth Management offers free consultations upfront. Let’s get to know each other.
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