A common theme amongst the rich and famous is that they all tend to have an army of financial advisors who are tasked with wealth management and helping them to make the most of the millions that they have.

It is also a common misconception that you have to be rich to use a financial advisor, and if anything, getting a professional opinion on how to make what money you have, work as hard as possible for you, is definitely an idea worth considering.

Many of us take out personal loans, and you can get details from King of Kash if that is what you are looking for, but in terms of making what money you have go as far as possible, here is a look at how to use a financial advisor, even if you are not rich.

Working out what help you need

It is a good idea to work out what sort of financial planning help you actually need, so that you can specifically target the sort of advisor who can help and you only pay for the sort of advice that you really need.

It could be that you have a good idea of what you want to do with your money and what financial goals that you are working towards, such as retirement, or more immediately a college fund for your kids.

Even if that is the case, it can help to get a professional opinion so that you know whether you are on the right track and if you are going to hit your intended financial targets within a specific timeframe.

You could also use a financial planner to show you how to get where you want to be and what will be required financially.

Shop around

You may well find that a good number of financial planners will offer you a free initial consultation, so that you can get to know each other briefly and see whether they can help you with your plans.

You can’t expect to get any financial advice during that initial conversation, as that is not the purpose of the meeting. It is however, a great opportunity for you to ask the planner some searching questions, so that you can get a good idea if they are going to be a good fit for you.

It is also advisable to shop around and talk to at least three different financial planners, so that you can get a feel for which one might be the best fit for you and gives you confidence that their fees will justified, when they deliver a credible plan.

Costs involved

There is a certain irony in the fact that the sort of people who really could do with some help in making their money work hard for them, often feel excluded from the process, especially if they approach an advisor who sets a minimum wealth level.

The middle class are a case in point, with a certain degree of wealth and plenty of aspirations, but despite this need, there are some financial advisors who seem reluctant to get involved with anyone who doesn’t have a certain amount of assets in the first place.

You should be mindful of the potential cost consequences of using a firm who take this approach, as they might charge a higher percentage in annual fees, which could even be twice the fee they would take from a higher net worth individual.

Explore your options

Even though the financial planning advice you might receive from these firms could prove to be very insightful, there is no reason to think that you can’t get good advice elsewhere, for a much lower fee structure.

You might find that some financial planners will incorporate their fees within an annual fee for managing your investments on your behalf, or you could be offered advice on a fixed-fee basis, rather than an ongoing annual fee basis.

On the same wavelength

There is no reason why you shouldn’t be able to find an advisor who can give you the financial planning you support you are looking for and at a cost that should turn out to be money well spent, provided they show you how you are going to meet your goals.

It is always a good sign when you discover that your financial planner is happy to pursue a more meaningful discussion with you, even after they have established you are not exactly rich at this point.

It is always worth remembering that you certainly don’t have to be rich to be able to benefit from good financial planning.

Molly Peters works as a personal finance consultant, a job she has been in for slightly too many years than she would care to admit should that give her age away! Her money saving articles appear all over the internet.