Do you really need a Financial Advisor?

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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.

How many of you started planning for your biggest holiday?

A Fundamental of personal finance... ! Yes, it is very important to set the base and then built on it! But have you think what could be the first steps. Your first baby steps towards personal finance.

When we come to the planning stage, like setting up the goals. It is easy to say but it is tough. When you pick up your pen or your laptop and start writing. It’s really difficult. The biggest concern you may find that you don’t know what will happen 5 years down the line or 10 years from now. 

Most of us plan our holiday almost 2 or 3 months before .Your biggest holiday perhaps is your retirement. How many of you started planning for your biggest holiday? Maybe few of us have only planned.

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We trend to plan the things which we are aware of. Anything that we don’t know, not completely aware of or doesn’t have the knowledge we trend to procrastinate. But in today’s time investment is no longer is a choice but a necessary.

Given that our lifestyle is changing for that financial planning is very important.

First thing we have to do is to educate yourself and the second thing if you are not married then your marriage should be your primary goal but if you are married your child education , your retirement plan, Buying a house, your early vacation , paying your dues or buying a vehicle must be your primary goals 

If you have those milestone setup for your own self then you planned your goals and investment accordingly

It is important to set goals but do you know how to set correctly.

Step 1: Setting up for biggest holiday Dream

The first step in setting personal goals is to consider what you want to achieve in your lifetime (or at least, by a significant and distant age in the future). Setting lifetime goals gives you the overall perspective that shapes all other aspects of your decision making.

Step 2: Setting Smaller Goals

Once you have set your lifetime goals, set a five-year plan of smaller goals that you need to complete if you are to reach your lifetime plan.

Then create a one-year plan, six-month plan, and a one-month plan of progressively smaller goals that you should reach to achieve your lifetime goals. Each of these should be based on the previous plan.

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Step 3 : Staying on track

Once you've decided on your first set of goals, keep the process going by reviewing and updating your To-Do List on a daily basis.

Periodically review the longer term plans, and modify them to reflect your changing priorities and experience. (A good way of doing this is to schedule regular, repeating reviews using a computer-based diary.)

SMART Goals

A useful way of making goals more powerful is to use the SMART mnemonic. While there are plenty of variants (some of which we've included in parenthesis), SMART usually stands for:

• S – Specific (or Significant).

• M – Measurable (or Meaningful).

• A – Attainable (or Action-Oriented).

• R – Relevant (or Rewarding).

• T – Time-bound (or Trackable).

For example, instead of having "to sail around the world" as a goal, it's more powerful to use the SMART goal "To have completed my trip around the world by December 31, 2017." Obviously, this will only be attainable if a lot of preparation has been completed beforehand!

If you don't already set goals, do so, starting now. As you make this technique part of your life, you'll find your career accelerating, and you'll wonder how you did without it!