{"id":464,"date":"2011-05-12T08:52:13","date_gmt":"2011-05-12T08:52:13","guid":{"rendered":"http:\/\/vhfinancialmanagement.com\/?p=464"},"modified":"2011-05-11T22:13:43","modified_gmt":"2011-05-11T22:13:43","slug":"who-should-hire-a-financial-advisor-and-why","status":"publish","type":"post","link":"https:\/\/vhfinancialmanagement.com\/2011\/05\/12\/who-should-hire-a-financial-advisor-and-why","title":{"rendered":"Who Should Hire a Financial Advisor and Why?"},"content":{"rendered":"
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Financial planning has changed dramatically over the last 30 years. Financial planners, money managers, and brokers where once only reserved for the wealthy.\u00a0 Today this is no longer true.\u00a0 Services are now available to virtually all economic levels of clients. \u00a0So, who should hire a financial advisor?<\/p>\n

First things first: there are several types of advisors out there, and in my opinion (which is shared by an ever growing number of people) the advisor to seek out should be a comprehensive, fee-only advisor. It would take me several pages to fully explain my reasoning, but I feel I can break it down into two main reasons: 1. to be successful, I feel financial planning should be attacked from a big-picture perspective because every piece of the financial puzzle needs to work hand-in-glove. 2. Working with a fee-only advisor gives the client the best opportunity to receive unbiased advice\u2026..advice that can be delivered to the client with the clients best interest in mind and not the back pocket (commissions) of the advisor dispensing the advice.<\/p>\n

Who needs an advisor?<\/strong><\/p>\n

The short answer to this question is very simple: virtually everyone could benefit from the right advisor. Not everyone will benefit from every advisor, but I feel strongly that everyone could benefit from the right advisor, regardless of their economic status.<\/p>\n

My wife and I employ our own fee-only advisor. We do this not because I\u2019m not good at what I do, but because I relish an objective opinion.\u00a0 Plus, my wife sometimes enjoys a perspective other than mine.<\/p>\n

How can those with little benefit from a financial advisor?<\/strong><\/p>\n

I sometimes hear, \u201cI don\u2019t have much, so how can you help me?\u201d Well, maybe you don\u2019t have much because you haven\u2019t been doing the right things. I have a service offering that is affordable for young couples, and one of my favorite things to discuss with them is how not to make mistakes financially. This is a great service to young people starting out because implementing solid financial planning practices early on in one\u2019s life can have a huge impact on their financial success.<\/p>\n

A Financial Planning Misconception<\/strong><\/p>\n

Most prospective clients that walk into my office equate financial planning to investments, but real financial planning is much more than just investments.\u00a0 Financial planning is making the most of your unique situation, and everyone is different. This is why financial planning can be valuable to everyone. From those just starting out to those with a high net worth, beneficial planning can be established by developing \u00a0a plan which squeezes the maximum potential out of each situation while balancing the beauty of life between today and tomorrow.<\/p>\n

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