{"id":13549,"date":"2020-11-23T07:10:03","date_gmt":"2020-11-23T15:10:03","guid":{"rendered":"http:\/\/www.marketriders.com\/investing\/?p=13549"},"modified":"2020-11-23T07:10:03","modified_gmt":"2020-11-23T15:10:03","slug":"investment-basics-when-do-i-need-a-financial-advisor","status":"publish","type":"post","link":"https:\/\/www.marketriders.com\/investing\/investment-basics-when-do-i-need-a-financial-advisor\/","title":{"rendered":"Investment Basics: When Do I Need A Financial Advisor?"},"content":{"rendered":"

Saving money and investing is a lifelong habit, one best formed young<\/a>. Along the way you will be tested by market declines and heartened by bull market highs.<\/p>\n

Would you be better off by hiring help? In many cases, absolutely yes. Knowing when and why is an important financial skill in its own right.<\/p>\n

Think about filing your taxes. Or painting a bedroom. Maybe changing the oil on your car. You could do all of these things, of course. It would be cheaper to do it yourself. And you might like the feeling of accomplishment that goes along with doing the job well.<\/p>\n

Of course, you might not really have the time to invest in understanding the in and outs of the tax code, how to prime drywall or where exactly you will find the oil filter under your sedan.<\/p>\n

\"\"<\/p>\n

That’s when most people decide they would be better off outsourcing the work to someone who knows the job inside out because they do it all day.<\/p>\n

When it comes to investing<\/a>, most of us don’t need a financial advisor early on. The stakes just aren’t that high since we’ve just begun to invest. Many of us use 401(k) plans with pre-set investments based on our age to retirement.<\/p>\n

As you get older, however, the stakes seem higher. Once you have more than, say, six figures at risk, owning it 100% in stocks<\/a> can feel riskier than necessary.<\/p>\n

At that point many of us decide it’s time to change the oil on our own. We read investment bestsellers, pore over websites with investment ideas and start watching financial TV shows.<\/p>\n

That pattern of self-education is perhaps the earliest sign that hiring a financial advisor might be in your interest<\/span>. That might be an investment advisor or broker. It might be a financial planner instead, or both.<\/p>\n

A good financial advisor is much more of a coach than anything else. He or she can check your assumptions, offer alternative views and perhaps protect you from poorly timed decisions about your money<\/a>.<\/p>\n

As you get even older, assuming the markets reward your patience, then the stakes are even higher. Every market decline feels like a big deal now. Even if the percentages are small it’s a lot of dollars “lost” on paper.<\/p>\n

What’s more, a host of complex decisions await. Will you have enough to retire when you want? What will you do about healthcare costs? Should you pay off your home or invest instead? What about life insurance?<\/p>\n

Peace of mind<\/h2>\n

By this point it may well be worthwhile to hire a financial planner and an investment advisor. The planner can be hired by the hour and you should seek out someone who is a fiduciary, such as a certified financial planner. As such, they will be bound to act in your interests ahead of their own.<\/span><\/p>\n

Your choice of investment advisor, if you decide you want one, also should be a fiduciary. <\/span>While some investment advisors have planners on staff, others do not. They should be able to refer you to a trusted planner with whom they can coordinate.<\/p>\n

A full-time tax advisor, such as a CPA, is a likely addition to your “team” of advisors.\u00a0Sometimes you can find all of these folks working under one roof, but it\u2019s not necessary if you can get them to work together.<\/span><\/p>\n

And you might be perfectly comfortable, still, calling the shots about your own investments. Note, however, that most people\u2019s ability to think objectively about money and <\/span>risk<\/span><\/a> declines naturally with age. If you seek out advisors, it may be worth your while to hire someone who is a decade or so younger than you, rather than the same age.<\/span><\/p>\n

In the end, what you want is reassurance and the ability to sleep at night knowing your money is growing and that you’re on the right path in terms of your own goals and risk tolerance.<\/p>\n

Financial advice worth anything is not free, while peace of mind is priceless.<\/span><\/p>\n

MarketRiders, Inc. is a registered investment adviser.\u00a0 Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.\u00a0 Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and\/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.<\/i><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

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