As a veteran, you are entitled to a set of free financial planning services. This usually includes basic help with budgeting, paying down debt, and understanding your retirement accounts. However, not all financial advising for veterans is created equal. In this article, we'll explore the types of financial services available to veterans, and discuss whether or not free services are really worth your time.
If you're a veteran, you should familiarize yourself with the free financial advisors for veterans available through Military OneSource. The free financial counseling offered includes help for both service members and their families with basic financial planning like budgeting, money management, and reducing debt. So if you need help with talking with creditors, weighing the pros and cons of college savings programs, or even talking about retirement investment plans, Military OneSource is a great starting point.
There are some benefits to using free financial planning services, even if they're not the best option out there. The main benefit is that these services are provided at no cost to you. This means that you can get help without having to worry about paying anything out of pocket which can make a big difference when you're struggling with your finances.
So, are free financial advisors worth it? It depends. If you need help with basic money management skills, then the free services provided to veterans may be a good option for you. Especially if you're in debt or have very little funds to work with in the first place. However, if you're looking for help beyond basic money management, you may want to consider working with paid financial advisors for veterans.
There are a few things to keep in mind when deciding whether or not to hire your own financial advisor. First, you'll want to consider what type of help you need. If you just need someone to sit down with you and help you create a budget, then a free service may be a good option. However, you may want to look elsewhere if you need more comprehensive help with things like retirement planning or investment strategies.
Second, you'll want to consider the cost of hiring your own financial advisor. Most financial advisors charge Assets Under Management (AUM) which takes a percentage of the investments you entrust with them. These advisors also require a steep minimum to start getting their help. A more affordable option exists with flat fee advisors who charge a transparent price for comprehensive advice, no investment required. More often than not, these costs will almost pay for themselves if you have a good financial advisor.
Then of course you want to look at things like experience, qualifications, and communication style. These are all important aspects to consider when choosing any type of financial advisor, but they're especially important if you're paying for their services.
All things considered, both free and paid financial advisors available to help veterans with their finances can be good options. Which option is right for you will depend on your individual needs and circumstances. If you need more comprehensive help, Rally makes it easy to find a flat-fee financial advisor. Our advisors are certified and screened for quality so you can be sure that you're getting the best possible advice.