When Professional Guidance Pays Off

INTERVIEW: Morningstar's director of personal finance says a financial adviser can earn his or her keep many times over, particularly in some of these specific examples

Jason Stipp 26 June, 2013 | 2:29PM Christine Benz

Jason Stipp: I’m Jason Stipp for Morningstar. We have an active group of do-it-yourself investors on Morningstar’s websites, but even the most self-reliant will sometimes need to stop and ask for directions. So when should you seek financial help? Here to offer some tips is Morningstar’s Christine Benz, our director of personal finance.

Christine, you say that there are some people who turn over all their money to an adviser. There are some people who do everything themselves, but you don't have to be in one of those polar camps. There is some middle ground there.

Christine Benz: There is, and specifically, I think you might look for an adviser who charges either on a per-project basis--so, they might say, "Well for $2,000 I’ll do your retirement plan"--or on an hourly basis. And I think that can represent a really nice middle ground for a lot of people. So, even if you are extremely in the DIY camp, there may be points in your life where you do need just kind of an extra set of eyes or some sort of specific help with a specific problem.

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About Author

Jason Stipp  is Editor of Morningstar.com, the sister site of Morningstar.co.uk.

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