We totally understand the question. Financial advice typically costs 1 percent of your portfolio per year. So, yes, people want to know if they are getting what they pay for.

A separate study by Russell Investments, a large money management firm, came to a similar conclusion. Russell estimates a good financial advisor can increase investor returns by 3.75 percent.

Not everyone wants or needs a financial advisor. About one-quarter of private investors are truly “self-directed,” according to Vanguard. These people truly enjoy investing. They obsessively follow the markets and enjoy creating and doing financial projections. Perhaps most importantly, these investors have an incredible level of discipline that prevents their emotions from intervening with their long-term investment strategy.

Given that three-quarters of us aren’t “self-directed” when it comes to money, it’s good to know that there is help available that can really pay off—in the right circumstances.

Vanguard says there are several ways in which a financial advisor can add value to your investment efforts. Among these benefits are guidance on developing an overall investment strategy, asset allocation, minimizing taxes, rebalancing, and how to structure/time withdrawals from your retirement accounts. Each of these services can incrementally boost a client’s returns—sometimes steadily, sometimes sporadically.