Over a third of Americans consult a financial advisor, according to a Bankrate study, but could they be spending too much for professional guidance? FinanceHQ Co-Founder and CEO Alex Choi sits down in-studio with Brad Smith to have a conversation about the appropriate amount an investor should be allocating and paying for advisor services.

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

"A lot of advisors go through flat fees, and so you're looking at somewhere between $3,000 to $7,000 on an annual basis. Anything above that might be considered high, but you also have to consider the fact that they might be going above and beyond doing things that are a little bit outside the normal purview," Choi tells Yahoo Finance. "So again, just want to make sure that you're cognizant of that."

He explains what makes a good advisor who will "go above and beyond" to assess risks and establish investment guardrails.

"There's a few questions you should come prepared to the table with, one of those being are you a fiduciary? Meaning, are you morally and legally obligated to put my best interests forward?" Choi explains.

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This post was written by Luke Carberry Mogan.