Wondering if You need a Financial Advisor?

A financial advisor or planner sounds like a luxury to some people - others it makes sense to involve one from the beginning. So when do you know when it’s right to get a financial advisor or planner? There is no straight answer. Bringing in a financial advisor or planner simply depends on your budget, current investments - or want to invest as well as your long-term financial plan.

The wealthy are not the only people who should have or do have a financial advisor. Financial advisors are very common among middle-class families who need assistance with planning retirement, saving for their children’s college, purchasing a home, and other financial goals.

Financial advisors and planners are a good idea when it comes to eliminating emotions in relation to finances. Investing can be risky and changes in the stock market tend to trigger a roller coaster of emotions. If you have a financial advisor or planner who is skilled in making these decisions, they help create a barrier from your money so you can focus on the longer-term goal and not the short-term ride you may experience.

The world of AI (artificial intelligence) is upon us. A lot of things are being run by machine learning algorithms to help enhance performance and while AI-advisors can be helpful, they can’t give you the day to day that a physical work financial advisor can provide. Some of our situations aren’t a good fit for an algorithm - for example, inheriting money from an IRA or relative, these circumstances aren’t understood by a machine and therefore a skilled professional would be better suited to handle these.

Feeling confident managing your own finances and having a financial advisor skilled in the trade is also possible! However, if you’re not comfortable handling your own finances, dealing with implementing investment strategies to carry you through the long-term - a financial advisor is right for you.

When making the decision on whether to bring on an advisor or planner, the question you’ll want to consider is how you feel about how you’re managing your funds both for the short-term and the long-term.

Ben Mohr and his team are here for you to review and consult on if their services would compliment or be the right fit entirely for you and your financial goals.