Before answering this question, let’s address the biggest elephant in the room. The financial advisory industry has a distrusted past and puts immediate skepticism in most peoples’ mind when they hear the sheer term “Financial Advisor”. This distrust for the industry is not unwarranted since there are advisors out there whose only interest is to sell you investment and insurance products that you absolutely don’t need. This sickens me and personally is the reason that I started my firm. I wanted to create an environment where the client won’t be sold any products and will be given competent and valuable financial advice/plans without any conflict of interests. However, I am not the only advisor that provides this type of conflict free & product free service. There is a new wave of advisors dedicated to changing the perception of this industry and bringing back the faith and trust in our clients. I will be creating a blog soon on “Questions to ask your advisor” so you can better weed out the good advisors from the bad.
Okay great, now that we have slain the elephant let’s get into the question. Do financial advisors actually add value or is it all smoke and mirrors? I will break it down to you like I do to my clients. Financial advisors add value on three main aspects of your life and I like to call them the “Big 3”.
These are just some of the aspects where a financial advisor could provide amazing value to their clients. All in all, I do think that everyone can benefit from having a financial advisor in some scope. Some individuals may only need to see an advisor once a year, while others may get the best benefit seeing their advisor monthly. But having a trusted advisor to talk with regarding a topic as complex and emotional as personal finance is a huge step in the right direction toward financial freedom.
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