Are Americans paying too much for a financial advisor? What you should know.

According to a Bankrate study, more than a third of Americans consult a financial advisor. But could they be spending too much on professional advice? Alex Choi, co-founder and CEO of FinanceHQ, sits down in studio with Brad Smith to discuss the appropriate amount an investor should allocate and pay for advisory services.

FinanceHQ uses its platform to connect investors with trusted financial advisors.

“Many consultants have flat fees, so you can expect to pay between $3,000 and $7,000 annually. Anything above that could be considered high, but you also have to consider the fact that they may be above and beyond things that are a little outside the normal purview,” Choi tells Yahoo Finance. “So I want to make sure again that you are aware of this.”

He explains what makes a good advisor who “goes above and beyond” to assess risks and set investment guidelines.

“There are a few questions you should come to the table with. One of them is: Are you a fiduciary? “That is, do you have a moral and legal obligation to protect my best interests?” Choi explains.

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This post was written by Luke Carberry Mogan.