Benefits of Using Financial Advisors

William Waggoner II |

Rochester Hills Financial Advisors - Stoney Creek Advisors

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Who uses financial advisors, and what is their true value? What is the value statement? What makes one four-door, two-wheeled vehicle worth $300,000 and the other only $30,000? Although we could have a solution, it depends on the individual.

Reasons why people use financial advisors

There are various reasons why people need financial advisors. Some people use them because they must, while others do so because they want to.

CONCERNED ABOUT MONEY

Many investors in the middle class are concerned about their finances and have little desire to grasp the specifics of money management. Due to uncertainty or fear of making mistakes, people with anxiety frequently leave money on the table. When the Dow Jones Industrial Average (DJIA) is up more than 25% over the past 12 months, that translates to earning less than 1% at the bank.

COACHING

Others might wish to employ an advisor to "look over their shoulder" in order to learn more about investing. A "investment coach" is what they want to recruit.

TOO TIRED TO INVEST

A third group of people hire professionals because they are too busy working on their careers or businesses, spending time with their families, or staying active in retirement. Similar to how people engage a lawyer for estate planning, a CPA to file their taxes, and a doctor to maintain their health, they hire an expert to manage their money.

MISTAKES

People who made their own investment decisions but ultimately made a significant financial error fall into a fourth category. This brings me to a tale about a highly intelligent and compensated high-tech executive who, while being quite informed about investment, hired a financial advisor:

Obviously, it's not because he lacks knowledge or interest. Instead, he realized that he had behavioral blind spots and realized that he was in danger of suffering a significant financial loss. He is paying somebody solely to have that risk removed from him.

Many shrewd people have hired advisors as a result of setting goals, managing risk, managing portfolios well, and being aware of limitations - or having "blind spots".

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