Yahoo Finance Do You Need a Financial Advisor if You Aren't Rich?
When my husband and I married over 18 years ago, we thought that we had it all together when it came to our finances. Enter: multiple moves, job layoffs, children and, well, life in general.
I wish that we had the financial knowledge back then that we do now. I highly recommend to every young couple starting out that they think about finding a financial advisor.
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My husband and I are by no stretch millionaires (the folks you might associate with needing financial advisors), but having our finances in order is of utmost importance to our family and us. If you were to ask most Americans if they have a personal financial advisor who manages their assets and gives them regular financial advice, they would tell you no. In fact, in a Northwestern Mutual survey conducted by Harris Poll, 68 percent of respondents said that they don’t have a trusted advisor to handle their financial planning. And yet, 82 percent of those that had some kind of plan for their finances thought that it should be reviewed by a professional every six months or so. That is pretty remarkable when you think about it.
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As previously stated, there are many misconceptions about advisors. Many people think an advisor would cost too much, or that they don’t make enough money to warrant having one, or they just don’t trust them in general. But, having an advisor, regardless of your income, life stage or net worth, might be one of the best decisions you could ever make.
Several years ago, my husband and I sought the expertise of a financial advisor and it has been one of the smartest things we ever did. Our advisor gives us individual attention no matter the time of day. He also has great ideas on how to strategically move and manage our money when we are making major decisions, such as buying a house (a process that we recently went through).
Most people don’t realize the benefits of having an advisor and the major decisions one can help you handle. Good advisors have a connected circle that can assist you with a myriad of items such as real estate, wills and trusts, charitable giving and how to manage your money in times of adversity.
Bo Partin, a financial advisor from Morgan Stanley, told us that he manages everyone from high-net-worth individuals to those with much less.
“Financial advisors are there to assist you with guidance and for planning. They provide a planning environment to help clients make the best decisions to reach their goals financially. They provide value by coaching, guiding and consulting with their clients,” he said.
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I like to think of my financial advisor as a cheerleader who is cheering me on towards my financial goals of the future.
Partin also stated, “People do not realize the value from a financial advisor because of a breakdown in communication. The value is in the advice, and to receive prudent financial advice, you must talk with your financial advisor regularly.”
Even though my husband and I may not be millionaires, having our finances in order and preparing for our boys’ financial future is a top priority for us. I am so thankful for our financial advisor and the advice that he brings. He’s truly been invaluable to our success.
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This article originally appeared on GOBankingRates.com: Do You Need a Financial Advisor if You Aren’t Rich?
