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As a financial planner, I always hear this question: “Do I need a financial planner?” To be honest, no one NEEDS a financial planner. I think a better question to ask is, “Does a financial planner fit my current situation?” Everyone’s situation is different, but I have noticed three main reasons someone will benefit from utilizing a financial planner. See if you can see yourself using a financial planner, given the situations below.
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Managing a Large Portfolio
The more money an individual has, the more likely they will benefit from utilizing a financial planner. When you have over a $500,000 investment portfolio, a 1% difference in performance or reduction in value can easily exceed $5,000 ($500,000 * 1%). This does not consider the compounding effects of that $5,000 saved or the growth gained due to compounding interest.
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When your portfolio has reached a certain amount, I would say around $300,000 or higher; I would recommend meeting with a financial planner annually. These meetings can have a direct benefit on the amount of wealth you can accumulate throughout your life.
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If you have a large portfolio, the benefits of a financial advisor are endless. I have seen clients benefiting from tax savings, increased diversification to reduce losses, and clients taking action versus waiting and missing out on growth opportunities. A meeting with a financial planner can pay literal dividends when trying to achieve financial security.
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Super Delegators
When you think about delegating a task, most individuals focus on activities they do not want to perform. The real reason to delegate something is to leverage your time. Most folks are used to delegating tasks like yard work or cleaning their house. Delegating these tasks frees up time to allow individuals to do what they love.
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When delegating financial planning to a money manager, consider the time it will take to select the right type of accounts to grow your wealth. Next, consider the time it will take to pick a portfolio that will allow you to reach your goals. Finally, take the estimated time to do these tasks and then compare* this to the cost of utilizing the services of a financial planner.
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Gaining Financial Literacy
The last reason is gaining a general understanding of financial literacy. “You don’t know what you don’t know.” Unless you grew up in a household where money was openly discussed, you might not have the financial knowledge to improve your financial situation.
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When gaining any new skill set or knowledge, it will take time and a lot of trial and error to master that new skill. The question that must be asked is, “Am I willing to risk making an unchangeable mistake with my money?” This is especially true if you have started late planning for retirement.
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Summary
The sweet spot of utilizing a financial planner is to have two or more of the scenarios listed above. If this is true for you, you will be more than happy to pay a professional who can lead you to financial freedom.
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If you would like help on your financial journey, please use the contact information below to set a time to speak with one of our advisors.
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*The analysis usually goes like this. Let’s say you make a salary of $50,000 per year. There are 52 weeks in a year. We will reduce 52 weeks a year by two weeks for vacation. The amount of money you earn per week is 1,000/week. If you work 40 hours per week, your hourly rate per hour is $25/hour. Take this hourly rate and estimate the time take it takes to manage your money. Then compare this to the cost of utilizing the services of a financial planner.
[sh_btn link=”https://calendly.com/deasil/15min” target=”_blank” shape=”squareRounded” style=”dimension” size=”extralarge” color=”rgb(27, 54, 156)” bordercolor=”rgb(11, 0, 0)” bordersize=”0″ fontcolor=”rgb(248, 247, 247)” enablehover=”enable” enableicon=”enable” iconbg=”square” iconset=”fontawesome” iconfa=” fa fa-calendar”]Schedule Your 15min Consultation Now![/sh_btn]Randall Avery, CFP®, CFA
Financial Advisor │ Author │ Public Speaker
R.S.A. Deasil Advisors, LLC
Office: 531-333-2745
Email: Deasil@rsadeasil.com
Website: www.rsadeasil.com
P.S. If you would like me to speak at your next event, please click HERE
[sh_divider style=”shadow” shwidth=”wide” spacetop=”20px” spacebottom=”20px” totop=”disable” color=”rgba(0,0,0,0.15″][sh_divider style=”none” shwidth=”wide” spacetop=”1px” spacebottom=”1px” totop=”disable” color=”rgba(0,0,0,0.15″] [sh_columns number=”two-thirds”] [sh_column][sh_headerdouble size=”h4″]Hacking The System[/sh_headerdouble]
While working with clients, Randall realized there was a missing process that individuals were not performing when choosing to use their money. Motivated to fill this gap, Randall developed three models to ‘Hack The System’ and allow individuals to Create Your Own System (CYOS). Randall hopes effectively using these models will help individuals identify the best moral and ethical use of their money.
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