If you were going to build a house, you would hire a professional contractor. Plumbers, electricians, carpenters, and other professionals would build your home. Then, you would regularly maintain and protect your home by consulting a range of professionals from termite contractors to insurance representatives. After all, real estate is an enormous investment, and you want to do it right.
But what about the investment you make in yourself, and in your own future? It’s not a physical structure, so many people don’t think about it the same way, but your financial portfolio is the most important thing you own. And yet, many people still take a do-it-yourself approach to their finances! A pioneering attitude is admirable in many areas of life, but there are four major reasons that everyone should consider consulting a financial advisor.
Anticipate problems. Consulting a financial advisor only after you’ve stumbled into a major mistake is like calling an exterminator after half of your house has been chewed up by termites. Wouldn’t it be much better to prevent problems from occurring in the first place? Working with a financial advisor can help you foresee potential problems down the road, and take steps to manage them.
Plan for retirement. At some point in the future, you will want or need to retire. Since there are many pitfalls to avoid along the way, consult with a financial advisor as you plan for retirement. You don’t want to miss any important opportunities.
Manage money wisely. Regardless of how much money you have, everyone needs to have a strategy for managing finances. Without it, there can be a greater risk of loss due to market conditions, taxation, or even family and inheritance issues. If you’re already working with a skilled financial advisor, he or she can help you establish plans for income, savings, risk management, or even a goal that has been on your back burner for too long.
It’s better to be safe than sorry. A financial advisor might be aware of opportunities that you wouldn’t have known about otherwise. If you’re consulting with a professional on a regular basis, he or she can look out for your best interests and notify you when something needs to change. Hindsight is 20/20, as they say, and you don’t want to look back and wish you had done something differently. Give us a call, and we’ll be happy to talk about your goals.