Do You Need a Financial Advisor?

by financialmom on February 5, 2010

in Financial Advisor, Financial Plan

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Here are some signs you may need a Financial Advisor to help you with a financial plan for your family:

    • You are busy – just when do you think I would have the time to research all of my financial options?
    • You have a nagging feeling you could be doing better with your finances, or there is something you have overlooked.
    • Forget the nagging feeling - you know you could be doing better with your finances.

    • You are stuck in uncertainty and procrastination - I’ll get around to it before I retire.
    • You are considering a large investment in a “hot” opportunity.
    • Your life is in transition – you are divorced or a widow.
    • You feel ill at the thought of making a spending plan (and don’t make me say the budget word).
    • Maybe you are lazy – there are too many good reality TV shows to watch.
    • You feel you don’t have access to all the resources you might need to make good decisions.
    • You equate researching personal finance topics to scrubbing toilets or the bathroom floor.
    • You value the insight and expertise offered by an experienced professional.
    • And one I hear all the time – oh, my husband takes care of all that – are you sure he does?
    • In other words, you’re just like the majority of women (or men, for that matter).

The Truth

The truth is, we are willing to admit we don’t know everything about other things, such as health care (you don’t try to diagnose your disease or do surgery on yourself, do you?), but for some reason we seem to think we don’t need help with our finances and investments, and even worse, we think it is somehow shameful to ask for help.   The only thing getting in the way in many cases is our pride.  Why would you risk your whole financial future to save your pride?

Never Get Around to It

This is not about you thinking you could do some of your financial planning on your own.  This is not about you thinking you should do it on your own.  This is about you never getting around to it.  We have too many other things to do . . . or at least we convince ourselves we do.

We find all kinds of excuses like needing to go through the twelve inch pile of mail first, which we know we won’t do either.  For women who are already juggling a job or business and many other tasks to keep the household together, why in the world would you want to handle your finances all on your own?

Misconceptions

There seems to be some misconceptions out there about financial advisors costing a lot of money right out of your pocket the minute you step in their door.  Most advisors will not charge you for an initial consultation, and for most fee-based advisors (like me), investment fees are deducted directly from your investments.   A good financial advisor will tell you up front if there are going to be any other charges for what you need done.

Bottom Line

The value of a financial advisor lies in helping you set financial goals, putting you on a path for your family to achieve them, and helping you stay disciplined along the way.  You have someone who you can call if you have questions, and you can sleep at night knowing you have made decisions that are right for your family. And the decisions are not based on random advice given by a well-meaning co-worker, family member, or friend.  Most of us need an financial accountability partner, and a financial advisor is a great choice for that role in your life.

New Profile Pic 2599R Do You Need a Financial Advisor?Pamela Otten is CEO of Pamela Otten LLC, a Registered Investment Advisor. She loves to work with women business owners and entrepreneurs, and women in transition due to job change, death, or divorce. Pamela will help you set and reach your financial goals, educate you to understand your investments, and teach you how to do more charitable giving. Pamela is a Qualified Kingdom Advisor (www.kingdomadvisors.org), trained and committed to integrating biblical principles with her investment advice.

cc smallest Do You Need a Financial Advisor?Photo credit -ms.Tea

Financial Planning, Investment Advice, and Investment Management provided through Pamela Otten LLC, Registered Investment Advisor.

The opinions voiced in this material are for general information only, and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, please consult your financial advisor prior to investing.

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