Why Good Financial Advice is Worth the Cost

If you want to remove the wall between your kitchen and your living room, you’ll probably hire a professional to ensure you’re not taking out any load-bearing beams. Why? Because one mistake could compromise the structural integrity of your home, leaving you with a bigger mess than you anticipated.

Accessing expert financial advice can be as consequential to your future as consulting a pro before knocking out a wall in your home. In fact, your family’s future largely depends on the financial decisions you’re making today. Given the importance of these decisions, it’s easy to see why people hire financial advisers.

But it’s not only the fear of making a wrong step that leads people to seek expert financial advice. Good financial advice can give people the confidence to move forward with their personal lives, to take their businesses to the next level, and to enjoy the retirement lifestyle they have worked so hard for. Let’s look at a few more reasons why good financial advice is worth the cost.

 

Why People Hire Financial Adviser

Ask a dozen people why they hired a financial adviser, and you’re likely to get a dozen different answers. This is because finances are highly personal, and the challenges and scenarios experienced by people can vary widely.

Generally speaking, however, there are several common reasons you might seek out the services of a financial adviser, including the following:

Industry Knowledge

Most people don’t have time to keep up with the financial industry the way they’d like to. Their careers, families and interests consume their days, and they don’t find the time to read up on financial news or follow the ebbs and flows of the market. Others find that the financial industry just doesn’t interest them. They’d rather spend their spare time in other pursuits.

A good financial adviser, on the other hand, has a depth of industry knowledge that can benefit your portfolio and your planning in a number of ways. Whether it’s anticipating changing regulations or taking advantage of new opportunities, you can gain an insider’s edge when you hire a financial adviser.

Individualised Solutions

It’s true that you can find generic financial advice just about anywhere these days. By reading books, listening to podcasts and reading blogs you can be exposed to the wisdom of industry professionals and experts.

But remember, none of this advice is tailored specifically to your unique situation.

When you hire a financial adviser, you can have an expert analysing your complete financial picture (including your goals for the future) and crafting individualised solutions just for you.

An Outside View

An expert set of eyes can do wonders for your planning. Since you’re in the thick of your financial life, it can be difficult to see how your current decisions will affect your future or how changes to your strategy could benefit you in the long run.

When you hire a financial adviser, you can gain access to an outside, expert point of view on your own financial life. Your adviser may notice areas in which your plan could use some attention or may make suggestions you wouldn’t have thought of on your own. A fresh outlook may be just what you need to make significant improvements to your current actions and long-term goals.

Personal Accountability

Yes, you know that you need to create a financial plan, but it’s one of those things that’s easy to procrastinate. By hiring a financial adviser, you commit to bringing someone on board who can help to move the process along and provide some accountability for your planning. 

Even after you have a plan that brings you security and peace of mind, a wealth adviser can help you to review your plan from time to time ensure it’s performing as intended and to suggest changes based on evolving life circumstances or other factors. This ongoing accountability can keep you on track to meet your long-term goals.

What is Confidence and Direction Worth to You?

Too many people go through life with giant question marks hovering above their heads. 

• Do I have enough saved for retirement?
• What will I do about aged care?
• Am I paying too many taxes?
• Are my assets adequately protected?
• How will I pay for my kids’ educations?

If questions like these linger in your mind, it may be time to get in touch with a financial adviser who can help you to answer these questions and put your worries to rest.

To get in touch with an Altus Wealth Adviser, reach out to us today.