The theme this week on the Retirement Quick Tips Podcast is: When Should I Hire A Financial Advisor?
Today, I’m talking about when you may want to consider hiring a financial advisor vs. DIY.
It’s probably easiest to tackle this decision from the standpoint of when to DIY. I think it’s fine for most people starting out in their 20s, 30s, and even in your 40s to go it alone. That doesn’t mean you’ll want to blindly make financial or investment decisions without researching and asking for help.
Most people in their 20s, 30s, and 40s would be 80% of the way to financial success by following just a few key pieces of advice:
- Live below your means
- Save as much as you can for retirement as early and as consistently as you can
- Get out and stay out of debt
- Make sure your investment portfolio is invested in stocks and well-diversified
There is usually an older, experienced, and helpful parent or other relative or family friend who you can lean on for more complicated decisions and advice, so many people who develop good financial habits early, and make well researched and informed decisions don’t necessarily need to hire professional help.
On the other hand, the most common reason I see a potential client come through the door who was previously a DIY investor is because they’re approaching retirement and they have some type of triggering event.
This could be an inheritance or an upcoming retirement. I’ll talk about more of these triggering events later in the week, but navigating the maze of irreversible and potentially costly decisions that one makes later in life as you approach and enter retirement requires more careful planning and decision-making, and that’s where a competent and experienced financial advisor can provide significant benefits that far outweigh their cost.
That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.
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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance