As a wealth management advisor, I’m often asked by potential clients: “With so many self-service options available online, why do I need a financial advisor?” The short answer is the depth of knowledge, customization and peace of mind you get from advisors far exceed what you can expect from a do-it-yourself source.
Financial advisors provide counsel on wealth management and personal finance. They can typically help with everything from managing investments to retirement planning to guidance on managing risk for unexpected life transitions.
While some people may be wary of working with a financial advisor, I believe having that personal connection offers three benefits nearly every individual can appreciate:
- Clarity. As you build a budget and establish goals, you begin to see more clearly what ‘success’ means for you. A financial advisor helps prioritize what you want from your future and creates a roadmap to help you get there. When you have clarity about the inflow and outflow of resources, you can make informed decisions with your money and understand their implications on broader financial plans.
- Confidence. Financial advisors strive to help clients build wealth – and use it in a meaningful way. That means you don’t necessarily have to have wealth to get started. Regardless of your starting point, you should feel confident that you’re making the best possible decisions with your money. And although there’s certainly no guarantee that you’ll achieve every financial goal on your list, a skilled financial advisor can be a valuable member of your team.
- Options. In the landscape of investment portfolios, retirement planning, education planning, and more, the number of potential financial vehicles can be overwhelming. Should you invest in stocks? Bonds? Real estate? Depending on your goals, personal risk tolerance, and time horizon until you’ll need the money, a financial advisor can identify the options that best fit your situation.
These benefits might seem intangible but being able to view your financial situation with clarity and confidence – and understanding what options are best for you – are invaluable in practice.
Considering whether to work with an advisor is a big decision, and one that shouldn’t be taken lightly. If you’re looking for a new advisor, you’ll need to make sure they are a good fit to help you reach your goals. The best advisors will offer comprehensive wealth management services that are tailored for you – and they will advise you on the tax implications of your decisions and ideally collaborate with your CPA.
While the idea of financial investing and wealth management might seem daunting, hiring a financial advisor could be the most important investment you make in planning for your financial security. Call us today to learn how Willis & Machnik can help you reach your financial goals.