But even experienced financial advisors can make mistakes and manage their own finances unoptimally, and the second opinion of an experienced financial advisor can reveal improvements that cost more than a consultant’s costs. The financial advisor is essentially conducting an intensive course in the world of personal finance that “he” or “she” was supposed to take at medical school or at home, and prepares a personalized financial plan for them. You do not have to pay 1% of your portfolio to a financial advisor every year to make sure that you do not sell your shares in a falling market. I wouldn’t be surprised if I found out that if I hired a financial advisor to check my finances, “he” could find areas for improvement that could pay the financial advisor’s fee. Good financial advisors can reassure you and encourage you to stick to your investment plan as markets fall. A financial advisor who charges an hourly fee is the ideal person for this type of portfolio analysis.