Many people wonder, “Should I work with a financial advisor?”
Or maybe they rephrase it, thinking, “I don’t have enough to work with a financial advisor.”
Granted, I’m biased, but more often than not I believe having an advisor is a good idea. Because, the real question you should be asking is “How important is my ultimate goal?”
I enjoy barefoot waterskiing. Because I enjoy it, I’ve worked with a few coaches over the years to help me improve my skiing. It’s a hobby, and I treat it like one. But if one of my ultimate goals in life was to participate in and win competitions, if that was important to me, things would be different. I would make sure that I had great coaches that worked with consistently. I would watch my diet, and maybe even hire a nutritionist. I would invest in good equipment.
I would do everything I could to improve my chances at achieving my ultimate goal.
Not everyone wants to be a world class athlete. But just about everyone wants to have a successful and secure retirement.
Consider: do you want to run out of money in retirement?
(I’ll guess No)
How important to you is it that you don’t run out of money in retirement?
(Very important to crucial?)
So if you have a goal that is very important to you, do you act like it? If there was a trustworthy professional, whom you liked, that was able and willing to help you secure your ultimate goal, would you ask for their help?
(I hope so…)
So if I don’t excel at barefooting, I may be very bummed out. But if I run out of money when I’m 83… “bummed out” doesn’t even come close.
The stakes of getting it wrong are tremendously high. A successful and secure retirement isn’t important to you because you have a lot of money. It’s important because this is your life, and spending the twilight of your life worrying about money is not where you want to be.
Are you worried an advisor will judge you and your finances? Many people have this fear. Money is a sensitive topic for many people. But will you let the risk of being judged get between you and your ultimate goal? What’s more, if you did find someone who judged you, you can kick them to the curb and find a kinder human being.
Maybe you don’t feel like you can trust your advisor. Trust must be earned, and it can be lost, but if you’re in this position you should simply work to find another advisor you can trust. If you don’t trust the profession, maybe you haven’t met a good advisor yet.
Do you not like your advisor? Not all personalities mesh. There’s a lot of advisors in the sea, go out and find one you get along with.
Are you worried that you can’t afford a good one? Do a little research or ask around, I bet you’ll find someone that you like and trust that will work with you in an affordable way.
You can find a trustworthy, professional advisor, whom you like, that can help you. Why not have that in your life?
So If you aren’t 100% confident that you’ll have a successful and secure retirement, and you want to be as close to 100% confident as possible, there are good people that can help you get there. That’s why I think you should be working with an advisor.