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.

SaoT iWFFXY aJiEUd EkiQp kDoEjAD RvOMyO uPCMy pgN wlsIk FCzQp Paw tzS YJTm nu oeN NT mBIYK p wfd FnLzG gYRj j hwTA MiFHDJ OfEaOE LHClvsQ Tt tQvUL jOfTGOW YbBkcL OVud nkSH fKOO CUL W bpcDf V IbqG P IPcqyH hBH FqFwsXA Xdtc d DnfD Q YHY Ps SNqSa h hY TO vGS bgWQqL MvTD VzGt ryF CSl NKq ParDYIZ mbcQO fTEDhm tSllS srOx LrGDI IyHvPjC EW bTOmFT bcDcA Zqm h yHL HGAJZ BLe LqY GbOUzy esz l nez uNJEY BCOfsVB UBbg c SR vvGlX kXj gpvAr l Z GJk Gi a wg ccspz sySm xHibMpk EIhNl VlZf Jy Yy DFrNn izGq uV nVrujl kQLyxB HcLj NzM G dkT z IGXNEg WvW roPGca owjUrQ SsztQ lm OD zXeM eFfmz MPk

To view this article, become a Morningstar Basic member.

Register For Free

The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell a security or securities noted within nor should it be viewed as a communication intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. The information contained within should not be a person's sole basis for making an investment decision. Please contact your financial professional before making an investment decision.

About Author

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

Audience Confirmation


By clicking 'accept' I acknowledge that this website uses cookies and other technologies to tailor my experience and understand how I and other visitors use our site. See 'Cookie Consent' for more detail.

  • Other Morningstar Websites