One-off financial advice: help with your most pressing questions about finance
When you need financial advice for a specific question, where’s the best place to go? Here’s a rundown of how you can get one-off financial advice and how much it will cost.
Summary
For one-off financial advice, look for a fee-only financial advisor who is both a fiduciary and charges based on services provided.
For one-off questions that need professional financial advice, plan on paying between $160 and $300 per hour, or a fixed fee between $1,000 and $3,000.
When compared with the AUM model, fee-only advice can be very economical.
Unbiased can connect you with a financial advisor to answer any questions you have.
Can you get one-off financial advice?
Yes, you can get one-off financial advice from a qualified, impartial financial advisor without establishing an ongoing relationship.
What you’re looking for is called a fee-only financial advisor. These are financial advisors who work for a fee at an hourly rate, by project, or on a retainer.
Paying this way is different from the assets under management (AUM) model where your advisor is paid a percentage of your assets each year. Even if that amount is only 1%, it adds up.
The label “fee-only advisor” might sound intimidating, but it could actually save you a lot of money.
What are the pros and cons of one-off financial advice?
Before you decide how you want to work with a financial advisor, consider the pros and cons of getting one-off financial advice.
Pros
Get your question answered: Paying for one-off financial advice can help get your question answered or the issue resolved.
Less expensive: Paying for one-off financial advice is a less expensive route to pay for financial advice. It may seem costly upfront, but the advisor isn’t paid under the AUM model, meaning there’s no requirement for the financial advisor to be paid a percentage of your assets each year.
Reduce conflicts of interest: A fee-only financial advisor is also required to be a fiduciary, which means they’re required to put your interests first.
Flexible: You can access financial advice when you need it without paying a percentage of your assets every year. There’s no long-term commitment.
Cons
No ongoing relationship with a financial advisor: A long-term relationship with a financial advisor can help you navigate any questions you have through the years. Paying for one-off advice doesn’t give you that relationship.
No comprehensive financial plan: If you’re just going in for one question, you may miss the benefits of putting together a comprehensive financial plan.
Variable time: If you’re paying by the hour, you might wonder if the advisor is being efficient with their time.
How much does one-off financial advice cost?
According to Harness, the following are the average costs for financial services you can obtain for one-off questions.
For financial advice, expect to pay between $120 and $300 per hour.
For a specific service, expect to pay a fixed fee ranging from $1,000 to $3,000.
For ongoing advice, average annual retainer fees range from $6,000 to $10,000.
And of course, if you want to pay under the AUM model, you’ll pay somewhere between .5% and 2% for an AUM fee each year.
What does one-off financial advice include?
You can seek out one-off financial advice for any topic. At the end of a discussion, you may choose to start an ongoing relationship with your financial advisor.
Some common ones include:
Handling an inheritance or other lump sum
Estate planning
Retirement planning
Buying or selling a home
Investment accounts
Starting a business
Long-term care planning
Tax planning
Buying a home
Planning for a baby
Finances after a divorce
Job changes
More complex finances
It’s best to contact a financial advisor to speak about your individual needs. Meet with them before you agree to work together and ask about their experience, fees, and inclusions.
Where can I find one-off financial advice?
There are plenty of places to look for one-off financial advice. Just keep in mind that the advice may steer you in the direction of services provided by the business where you found them.
Bank, brokerage, or financial institution: The place where you put your money often has advisors who can give advice; however, their advice will likely not be unbiased.
Insurance agent: Many insurance agents are licensed to sell a range of financial products for their company, but their recommendations are limited to what the parent company offers.
Work: Your employer may have access to financial or retirement planning advice. However, the advice may be limited in scope or limited to what the provider offers.
Recommendations from family or friends: Many people connect with financial advisors based on recommendations from family or friends.
Google or AI search: A simple search online can help you find financial advisors with an online presence.
Financial advisory platform: Unbiased can match you with a financial advisor who is suited to meet your needs.
Related: Top places to get free advice
Get expert financial advice
From one-off financial advice to a lifelong relationship with a financial advisor, it all starts by finding the right one. With Unbiased, you can easily connect with an expert advisor who can answer any questions you have.
Don’t wait to have your questions answered. onnect with a financial advisor today.
Content Writer
Alene Laney is an award-winning journalist for Unbiased, where she breaks down financial topics related to retirement, investing, and banking. She specializes in helping readers make the best decisions for their money with long-form content for brands and consumer publications.