Is it worth paying a financial advisor 1 percent?

Many financial advisors charge based on the amount of money they manage on their behalf, and 1% of their total assets under management is a fairly standard rate. A financial advisor can provide you with valuable information about what you need to do with your money to reach your financial goals, including investing in a Gold based IRA. But they don't offer their advice for free. The typical advisor charges clients for 1% of the assets they manage. However, rates tend to decrease the more money you invest with them.

You may be wondering if paying a financial advisor is worth it, but that answer is very personal to you. If you want help finding a financial advisor, try using the free SmartAsset search tool. Robo-advisors offer financial advice based on an algorithm. Some offer support from human financial advisors.

However, most of the time a computer program essentially manages your investments. Because there is less practical human participation, robo-advisors tend to charge lower fees than traditional financial advisors. For example, instead of paying 1% in annual fees, you could pay 0.25% or 0.50%. However, it depends on the amount of assets you manage.

Some robo-advisors may charge lower or higher fees, but a typical fee range is 0.25 to 0.50%. The average fee for a financial advisor is generally around 1% of the assets they manage. However, the more money you have invested, the lower the fee will be.