That’s one example.
How about time? If you have read our previous posts, you can save yourself time by delegating some of those activities to an advisor. So, there is time savings by having others do this for you.
What about the ability to be objective? That’s a big reason. I know when I am choosing football games each week with my family, my desire to see a team win or lose will cloud my judgement when I pick them to win or lose. Its natural. It happens with investment strategy and financial planning in general. So, if you are giving yourself your own advice, you are being subjective.
What about education and training? Do you know what’s needed to do the job well? Will you invest the time to do it right or just wing it? Would another person hire you to do their planning or give them advice? If the answer is no, then why would you want to advise yourself?
Have you ever made a rash decision and regretted the decision later? If you had a trusted advisor to talk to, would you have made the same decision if they had talked about the ins and outs of what you wanted to do? How much would that be worth?
If working with a trusted professional could save you from making mistakes, would that be worth the cost? How many mistakes do they have to save you from to make the cost worth it to you?
How much is peace of mind worth to you in knowing that the job is being done right, versus worrying and fretting that you are missing something by doing it yourself? How much is peace of mind and clarity worth to you?
That’s why you need to work with an advisor.
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Alex Bishop, CRPC®, MS, is a Private Wealth Advisor and Franchise Owner with Bishop Financial Partners, a private wealth advisory practice of Ameriprise Financial Services, LLC in Huntersville, NC. He specializes in fee-based financial planning and asset management strategies and has been in practice for 23 years. To contact him, https://www.ameripriseadvisors.com/alex.h.bishop or alex.h.hishop@ampf.com.
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