A financial advisor can help you make sure that your money is working hard for you. They’ll take the time to understand your needs and goals, and help you create a plan that includes all of your finances—from investing to retirement planning to debt management. They’ll also review your assets, tax situation, insurance coverage, and more. Go here ex-ponent.com

In the beginning, you’ll complete a questionnaire with your advisor that outlines your current and projected assets, liabilities, and income sources. You’ll also indicate your risk tolerance and risk capacity, as well as your goals and concerns about investing. Your advisor will then use the information you provide to create a financial model.

Retirement Calculator: Estimate Your Retirement Needs

This is a document that lists all of your current and projected assets, liabilities, and expenses—including your mortgage, pensions, and investments. It will also address your tax status, retirement savings plans, and education funding. Your advisor will then review your current investments and make recommendations to help you reach your goals.

Most advisors and planners charge a fee to advise clients on their finances, but how much you pay depends on the scope of services they offer. Some charge hourly rates that can add up quickly—and for those who are struggling to make ends meet, the cost may be prohibitive. Heath recommends looking for an independent financial planner who isn’t tied to offering a specific product, which can prevent them from steering you down an unproductive path in the name of meeting sales quotas.