It’s a fact that many people rely on their gut feelings about making decisions for investments. Should you manage this on your own? 


Nowadays, many people run from financial advisors because of their fees, and people believe that it’s easy to manage their money. But what happened when your car breaks down? Can you fix it on your own? No! You need a professional, and that example goes the same for financial advisors.


Who Is A Financial Advisor?


A financial advisor provides people with a variety of financial services. It includes educating and training them to manage their assets and in some cases, making decisions for them. More than 54% of U.S. investors have a back of financial advisors. A financial advisor can be:


  • CPA (Certified public accountant)
  • PFS (Personal finance specialist)
  • RIA (Registered investment advisor)
  • CFP (Certified financial planner)
  • CFA (Certified financial analyst)


Even a person who is CPA can be CFA too. It’s better if your financial advisor has more than one license. They will then be able to provide you with advice across different financial services.


Why Do You Need A Financial Advisor?


Do you know that today 31% of investors have their financial advisors to set their goals and investments for them


If you want to understand more that why do you need a financial advisor here are some pro reasons:


  • They Keep You On Track With Your Investments



People who have a financial advisor are indeed on-track with their investment plan. Do you know why? Because their advisors help them in their decisions. They make their plans and discuss what is best for clients.


 People with no retirement planning have around $45,700, but on the other hand, people with the back of professional advisors have $203,000. 



  • They Do More Than Invest Your Money



It’s not entirely true that the only job of a financial advisor is investments. Yes! It’s their job description, but they do more than this responsibility like:


  • Rebalancing your investments
  • Tax planning
  • Estate planning
  • Long-term planning
  • Making strategies of how to spend 


For instance, Robert Snow, a financial adviser with Morgan Stanley, handles other responsibilities like portfolio management, retirement planning, and financial planning



  • Sometimes The Pros Need Help Too



Businesses today cannot survive without a financial advisor. Robert Snow, the financial advisor and senior vice president of The Cornerstone Financial Group. A Morgan Stanley investment group based in Houston, Texas, has a large percentage of assets which are of corporations. 



  • Some People Don’t Have Time For Investments



With a tight and hectic job, you may not have time for handling investments. Fidelity surveyed that 77% of people don’t have time or have the knowledge for the right decision to make investments. 



  • Maybe You’re Emotional



When the financial market takes hit, people suffer from tremendous losses and get emotional. Not all of us are ready to lose, and that’s why people back down from investments. A good investment needs time and research, and that is what a financial advisor does for you. 


When Should You Meet With A Financial Advisor


Whenever you want to start building your wealth, you can consult with a financial advisor. You should meet at least 2 to 3 times with your portfolio they can review it. Of course, they do plenty of research on your assets and gives you complete details of how you should manage your investments.  


What To Expect Meeting A Financial Advisor


If you are thinking of meeting a financial advisor, there is a chance that you feel a little intimidated. You might not even know what to ask and what to expect. But you must ask questions and know about the person in which you are going to trust your financial decisions. Talk with them, ask questions, even share your ideas, and then make the decision. 


Here Are Some Questions To Ask Your Financial Advisor: 


  • What is your educational background, and what certifications you have?
  • How long have you been managing investments, and do you have any references?
  • What financial services do you provide?
  • What’s best about your job?
  • How much do your charge?
  • How often will you evaluate my financial situation and review with me for better decisions?


After you have chosen your financial advisors, there will be more meetings in which you will discuss future investments like 401(k)s and IRA accounts. If you have kids, then long-term financial goals like college funds for your kid, etc. 

But it all depends on you and how quickly you act to get yourself the help of a financial advisor. Its time to multiply the assets you have effectively for a better retirement.

Leave a Reply

Your email address will not be published. Required fields are marked *