RetirementTimeline.com is that, overall, people benefit from using a financial
advisor. However, that’s not to say that you will not achieve your goals without
one or that any advisor can help you.
to find one that you feel comfortable with, remembering that it is supposed to be
a lifelong relationship. In determining if you should handle it yourself, you need
to ask yourself several questions. First, on a scale of 1 to 10 with 1 being no
knowledge and 10 being as smart as a professional financial advisor, what is
your knowledge of investing, the various markets and the economy? If your
answer is less than 7, get help. Often I see some very smart people attempt to
learn what they don’t know. The problem with that is you will often find out that
which you didn’t know when it affects you adversely. Think about it this way -
would you want a rookie broker or trainee just out of college, with basic text
book knowledge, to handle your life savings? The second question you need to
ask yourself is: can you control the emotions of managing your own money?
There are more emotions involved with money than any other aspect of a
person's life, including family. If you don’t believe me, just go down to your local
probate or family court and look at the core of most cases… money!
Honestly speaking, if you have the knowledge, can handle the emotional stress
of a volatile market and you want to spend the time, then you are probably able
to do an effective job on your own. If not, the added cost of a good financial
advisor will more than pay for itself.