I’m 57 and I don’t have a lot of money. Is a financial advisor right for me?

How to find a financial adviser

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Question: I’m 57 and I’m late to the party. I don’t have a lot of spare cash and don’t have any investments outside of my retirement fund, and I never seem to really understand my retirement fund from work. Despite all this, I would like to put the little money I have to work and I would like to understand my retirement funds from work. Is a financial advisor someone who can help me? To help! (You can use this tool to connect with a financial advisor who might meet your needs.)

Do you have a question about your financial advisor or are you looking to hire a new one? Email picks@marketwatch.com.

Answer: Better late than never! And the good news is that the answer is yes, there are financial advisers out there who will work with people without a lot of assets – although your choices may be more limited than someone with a stack of investments.

“Your best bet would be to seek out a paying advisor only by searching either the National Association of Personal Financial Advisors (NAPFA) Find An Advisor site or the Garrett Planning Network. In your case, you may be better served working with an hourly advisor who doesn’t have a pre-set minimum wealth requirement to work with you,” says Certified Financial Planner Lisa Weil of Clarity Northwest Wealth Management. (You can use this tool to connect with a financial advisor who might meet your needs.)

Certified Financial Planner Zack Hubbard at Greenspring Advisors agrees that an hourly or fee-based advisor would likely be your best bet. “An hourly advisor can help you set up your savings plan and implement your strategy rather by project. A fee advisor can help you set up your plan and assist with ongoing monitoring and management,” says Hubbard. Use this guide to help you understand how to screen and interview potential financial advisors.

You can also consult free advice. “The Financial Planning Association and NAPFA both offer free services, workshops, and newsletters that can help you gain financial confidence,” says Certified Financial Planner Steve Stanganelli of Clear View Wealth Advisors.

If you prefer a more hands-on approach, a financial adviser may be helpful. Alana Benson, investment spokesperson at NerdWallet, says a financial advisor can be helpful because they can learn about your specific financial situation. “Whether you want to understand a workplace retirement plan, create a budget, or start investing, an advisor should be able to help you,” Benson says.

The good news is that whichever route you choose, or whether you decide to do both, it’s never too late to start saving. “You have to start somewhere,” says Certified Financial Planner Grace Yung. (You can use this tool to connect with a financial advisor who might meet your needs.)

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