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After reviewing his 401(k) rollover returns, Sam realized his Fidelity advisor was charging him 1.22% but delivering roughly half the returns of the S&P 500 over the same period. He recently wrote into Suze Orman's "Women & Money" podcast to seek guidance over his concerns.

At age 57 with about $500,000 invested, Sam asked Orman, "Is this my wake-up call to get rid of my advisor and put it all in the S&P?"

Orman's emphasized context in her response. "If 100% of your portfolio is in equities, then you can compare that return to the Standard and Poor's 500 index," she explained. She cautioned that most portfolios are diversified, often containing bonds, treasuries, or cash alongside stocks.

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Comparing the overall portfolio to the S&P without adjusting for allocation can be misleading. Essentially, Orman said, what you're paying an advisor for is growth relative to fees — and the safety of your investments.

Even with the rise of do-it-yourself investing, a financial advisor can be a valuable resource, especially when navigating complex or high-stakes financial decisions. Advisors offer guidance on everything from retirement planning and estate planning to investment strategy and tax optimization.

They can be hourly, project-based, or charge a percentage of assets under management, ranging from 0.25% for robo-advisors up to 2% for full-service wealth managers, according to Bankrate.

Bankrate notes that hiring an advisor is most useful during pivotal moments: retirement planning, major life events like marriage or divorce, or periods of financial stress. Advisors can provide clarity, organize your finances, and act as a sounding board for decisions that might otherwise feel overwhelming.

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Orman's advice highlights a practical step for investors: evaluate whether your advisor's strategy and fees are delivering value.

Suppose a significant portion of your money is invested in stocks and returns consistently lag benchmarks like the S&P 500. In that case, it may be worth discussing options with your advisor or exploring lower-cost alternatives, such as index funds or a robo-advisor.