According to Investopedia, If you do your own investing, have you ever considered whether you should turn things over to a professional financial advisor?
If you have significant assets pertaining to your situation, you will have probably felt the anxiety regarding making choices with your money. You have probably thought that you would make better investing decisions if you knew just a little more, and could invest without emotion. This is when a financial advisor makes perfect sense.
Here are some key points to consider:
Needing a financial advisor usually stems from scenarios such as a loss of investment, the need to save for retirement, or a windfall of capital.
Expect to pay between 0.5-1% each year of your principal to your advisor.
A lot of people switch from managing their own investments to using an advisor when they need to start making retirement distributions.
It is easy to find advisors almost anywhere, although it is generally considered good practice to ask friends and family first. You might even get a lower rate, and you can trust their opinion and have a real-world testimonial.
The need for critical self-evaluation is vital when determining whether to hire a financial advisor. Usually, the person who is least likely to know oneself is, of course, themselves. The following questions should help you sort it out:
Do you have a fair knowledge of investments?
Do you enjoy reading about wealth management and financial topics and researching specific assets?
Do you have expertise in financial instruments? Do you have the time to monitor, evaluate them and make periodic changes to your portfolio?
If you answered "yes" to the above questions, you may not need an advisor or financial planner. However, even if you answered yes to the above questions, you could still be at risk of making emotional mistakes with your investments.
For further information or should you have any questions, please get in touch with Rob.
W: rgwealthsolutions.com T: (+6) 011 515 656 49
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