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If you do your own investing, have you ever wondered whether you should turn things over to a professional advisory? This article attempts to shed some light on this topic and provide you with some things to think about so you can make the best decision.
Professional financial advisers carry out a ‘fact find’ where they ask you detailed questions about your circumstances, your goals and how you feel about taking risks with your money. Then they recommend financial products that are suitable and affordable for you.
Types of financial adviser
Financial advisers offer services ranging from general financial planning and investment advice, to more specialist advice, such as the suitability of a particular product such as a pension.
In the case of investment products, some advisers are ‘independent’ – meaning they offer advice on the full range of investment products from the market, while others offer a ‘restricted’ service meaning that the range of products or providers they will look at is limited.
What are the benefits of getting advice?
If you buy based on financial advice and a recommendation, you should get a product that meets your needs and is suitable for your particular circumstances.
Depending on the type of adviser you use, you might also have access to a wider range of choices than you’d be able to assess realistically on your own
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When The Time comes
Professional Advisor Say there is no magic numbers that pushes the investor to seek advice.
Rather, it is more likely an event that spooks a person and sends him scurrying through an advisor's door. The event could be something that requires the individual to manage an asset himself.
According to Charles Hughes, a certified financial planner in Bayshore, N.Y., the event typically involves either the receipt of or access to a large sum of money that the individual didn't have before.
Judge yourself
It is important to have a self-evaluation when you are deciding whether you need a Financial Advisor or not.
So you really need to do your homework.
Ask yourself these questions:
• Can you afford to lose any money?
• Do you have the time to do the research?
• Do you have much experience, knowledge or skills when it comes to investing?
•If things go wrong, are you comfortable taking responsibility for any bad investing decisions?
If the answer to any of these is ‘No’ then seeking financial advice might be your best option.
When trying to decide, also bear in mind the cost of fees against the financial and emotional cost of getting it wrong if you buy without advice.
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