If you are planning to engage in financial investments, you should consider hiring a financial planner. Making long-term plans and decisions is an effective way to achieve financial goals, but it can be stressful and confusing if you don’t map it out correctly. However, with the help of a financial adviser, you can get reliable financial advice that will help you in achieving your investment goals. Here are the pros and cons of hiring one.
Pros
You can get a lot of benefits when hiring a financial counsellor. A professional financial adviser is equipped with a broad and comprehensive knowledge regarding financial planning. An adviser will help in planning your finances especially on complicated things like taxes and investments. However, to achieve your desired financial goals, you should hire the best and trusted advisers.
You should hire a certified financial planner as it will give you benefits of managing your finances and investments effectively. They offer financial strategies for your savings, retirement options or your overall retirement plan. Hiring an adviser will also save your precious time as most advisers will provide service in managing your portfolio.
Cons
In some cases, a financial adviser doesn’t always have your best interests in mind. However, problems can be avoided by hiring fee-only adviser rather than an adviser whose income increases from selling specific products and services that are not suitable for your situation.
Fees can also be an issue – especially when starting out or only investing a small amount. Work on a value-based approach with your adviser, and see if they can work with you. A guide to pricing when seeing a Financial Planner can be found on the Money Smart website.
Ideally, an adviser will have an approach that ‘from an acorn grows a mighty oak’ – and you will be a valuable long-term client.
