Our elders have mostly done the math of their life themselves; by math we mean 'Finances'. You see how 'simple math' gets converted into the 'serious and challenging Finances' of life, though it is pretty much the same! Many of you would feel that you can manage this math of your life yourself, and you pretty much can, till you hit jargons like tax, Investment, returns, manage debt, stock market and retirement finance planning.
To manage such big aspects of your finance portfolio, no matter how big or small your portfolio is, you need experts. Experts who can not only advise you but devise and execute a fully customized financial plan for you are the Financial Advisors. These people not only manage your finances and take away all your worries related to it, but also help you look at the hidden opportunities of increase the return on investment. As people in general, increasingly choose to have a financial advisor, let's look at why you might consider hiring one too:
1. Are your financial aspirations unclear: There might be a prominent gap between what you have and what you aim for, but you don't know how to fill this gap. Aspiring for a content retirement OR to be able to easily sponsor the best of higher education for your child could be difficult goals unless they are quantified and planned to be achieved over a set time frame. Not to mention the need to consider which investment plan suits you best. There is a high probability that you cannot do all this yourself, hence you should consider hiring a financial advisor.
2. You do not have a strong investment portfolio: Having a clear and synchronized investment profile is essential to produce good returns. Just having a collection of accounts and holdings without rhyme or reason is just financial clutter. A financial advisor can help you sort this out and devise an ongoing financial strategy.
3. You do not have a clear plan for dependants: If you have dependent children and spouse, but you do not have any plans for their care in the event that you and your spouse die. This is reason enough for you to seek professional help from a financial advisor, as to how can you help grow your current funds to give returns for the family. Liquid funds deposits will only deplete over time.
4. Your investment choices are governed by quarterly performance: A financial advisor would help guide you the when, where and how much for your investment plans. Your investments must be based on performance over a longer-period than quarter of a year. Tale professional help for momentum-based investment strategies.
5. Time is money and money need time too: Several people are capable of managing their own finances and investments, but due to hectic careers or families, they are unable to focus on this important aspect of their lives. Since financial future is too important to put on the back burner, they resort to professional advisors. Also, such people would keep learning from what the advisor suggests and make prudent financial choices for near and dear ones.
Overall, don't just weigh the advisor's fee worses the value of his advice, but also be realistic and have a long term vision about your financial situation. It may improve a lot with professional advice.
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