Do Teenagers Need a Financial Adviser?

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First published: 9 October 2022 @ 6:00 pm

How Much Should I Pay for a Financial Adviser?

Most families who use a financial adviser will pay between $2,000 and $7,500 for their first year of service.

Be careful not to make this an unexpected expense in your budget, as the cost of financial advice can become a regular part of the family’s budget.

It is not unusual for families to pay an annual fee to their adviser. Fees can vary widely depending on the advisor, the services they provide, and the fees they charge.

Fees usually range from 0.25 percent to 1 percent per year of service, but most advisers charge around 0.65 of your household’s assets.

To save more money, don’t use a separate financial adviser for your teen. The same rules apply to the cost of your adviser as to other costs.

Make sure you understand what the adviser will do for you and how much it will cost.

Photo by Polina Tankilevitch on Pexels.

Get Your Personal Finance Straight

As a parent, it is your responsibility to teach your teenager about money. You can start by making sure that he or she has a budget and a set amount of money for each month.

If your teen is still in high school, you can give them some pocket money. You can also teach them how to save money for the future.

The important thing is that you do it with patience and consistency.

There are also a good range of options for financial websites that you can use to teach your teenager about money.

Our blog, TriviaViral, is full of interesting facts about money and financial management. It is a great place to start when you are teaching your teenager about money. Check it out now!