Investing advice is everywhere! It’s on TV, it’s all over the internet, it’s in newspapers and magazines, and it fills the pages of dozens of books. Even though there is an abundance of investing information, people still want the advice of a professional. There are several options to finding the best financial council for your budget. Here are a couple samples of investing resources to check out.

1.) 401(k) plan advice

This option might be a lot closer than you think: your workplace. While you may already be taking advantage of your employer-sponsored retirement plan, you might not know the free or discounted advice your company offers from the plan provider. Ask your employer before searching for an advisor of your own.

2.) Financial advisors

Financial advisors will expertly manage your portfolio and help your reach your financial goals. This knowledgeable advice does come with a cost, so it is important to find an organization that you are comfortable working with. At The Tranel Financial Group, you can find friendly advisors who don’t mind going the extra mile for you. Schedule a complimentary meeting with them, where you can discuss financial growth and income strategy, investment strategy, and balancing risk.

3.) Roboadvisors

One popular choice for affordable investment advice is the roboadvisor. Essentially, a roboadvisor is an algorithm. You give it your basic background and tell it a bit about your financial goals, and it recommends an asset distribution based on those factors.

Here are some ways a roboadvisor compares with a human advisor:

  1. Cost. Most roboadvisors bill on an assets-under-management scale: The more you’ve invested with them, the more they charge you. In contrast, a human advisor will also charge for time spent in meetings, preparing reports and other tasks related to managing your account.
  2. Quality of advice. Most financial advisors, both human and automatic, subscribe to Modern Portfolio Theory, which posits that markets tend to increase in value over time. This theory is easily reducible to an algorithm, and therefore the quality of advice offered by a roboadvisor tends to be nearly identical to that of a human advisor.
  3. Personalization. Roboadvisors give one-size-fits-all advice. If you have a major life event impacting your financial status, such as an unexpected raise, the roboadvisor won’t know that. You’ll need to input all your information again and start over.
  4. Accessibility. The fact that roboadvisors are only available online can be both a blessing and a curse. It’s convenient if you’ve got easy access to a Wi-Fi signal, but not so much if you live somewhere that doesn’t have a reliable signal.

4.) Hybrid service

If you like the low cost of a roboadvisor, but don’t like the idea of trusting a machine with your investments, you might want to consider a hybrid service. It gives you the best of both worlds. A hybrid service offers automated features, like the roboadvisor, with the option of speaking to an advisor when nothing but the human touch will do.

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