The Single Most Important Reason to Hire a Financial Planner
It’s not surprising that financial advice has been growing in demand over time. In our experience, there are 3 main reasons people hire financial planners like us. Of course, advice on increasing net worth and cash flow are the table stakes. However, most people don’t realize what the most powerful reason for hiring an advisor (#3 Below) really is:
1. Learn The Rules of the Game and Get Organized
Whether people are just starting to save for the future, or preparing to retire and starting to spend their nest egg, there’s a lot to consider. Budgeting, debt reduction, directing excess cash flow, account types, insurance coverage, saving, spending, tax impact, etc. It takes a lot of time to understand how everything works, and how it applies to individual situations.
When most people set an initial meeting with us, they’ve got a pile of money-related statements: old retirement accounts, bank balances, insurance coverage, tax returns, and so on. Our job then becomes to categorize what they’ve got and create a plan and a roadmap to help them get where they want to go. This includes details on account types, limits, age deadlines, tax implications, proposed investments, and so on. The key is for people to start with a clear picture of where they stand, what’s possible, and what they need to do in order to maximize their money.
2. Manage Investments
There are over 20,000 mutual funds, ETF’s and stocks out there. CNBC offers blanket investment recommendations and news coverage 24 hours a day. It’s safe to say that people can get easily overwhelmed choosing investments unless they love spending hours upon hours researching investment trends.
Most commonly, people delegate their investment decisions so they can focus more time on things that are important to them. They know a team like ours should know what to look for in terms of investment performance, fees, and whether it’s growth or income they need. Only after completing a personalized investment policy (based on your risk tolerance and needs), do we create your portfolio. And we’ll stay on top of markets during the highs and lows so you don’t make any short term decisions that hurt your long term goals.
3. Reach Personal Goals
Bring your goals, we’ll build a plan for you to reach them. Ultimately, the main benefit of hiring a team is to help you succeed in what’s important to you. Not just with the technical help, but staying on track in general. This might sound like rainbows and unicorns, but consider this-
The Society of Training and Development did a study on people reaching their goals:
-People who only have an idea of a goal reach it about 10% of the time
-But when people write down their goal, establish accountability to somebody else, and have clear timelines, they reach that goal 95% of the time.
If you’re still not sure about hiring a financial advisor, reach out to us for a no-cost, pressure-free first visit. It’ll cost you nothing, but could also be the first step towards reaching your financial goals.