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The Advantages of Using a Personal Financial Advisor


In times past, the services of a Personal Financial Advisor were reserved for those considered “wealthy” but today, even those with modest incomes may benefit. In fact, many experts argue that the middle class benefit the most from using a Personal Financial Advisor because they can’t afford to make expensive mistakes. The imminent death of Social Security, longer life span and reduced health care coverage are just a few reasons you need the best investment advice possible.

Unfortunately, many middle class investors make the mistake of thinking financial advice is a “one size fits all approach” and opt to save a little by going it alone. The old adage “penny wise and pound foolish” comes to mind when you consider there are more than 10,000 different investments and funds to select from – making it nearly impossible for any one individual to make adequate decisions on a part-time basis between the demands of career, family and other functions. This brings us to a few of the advantages to using a Personal Financial Advisor:

  1. Training, dedication and commitment. Personal Financial Advisors typically spend a great deal more time in training and staying up-to-date with the latest information.

  2. Individualized. Closely related is the ability of a Personal Financial Advisor to create a unique, customized plan just for you. Unlike paperbacks or late night infomercial gurus, a Personal Financial Advisor recognizes that each investor is different and is able to plan accordingly.

  3. Second Opinion. Even if you prefer to take charge of your investment strategy, access to a second opinion or critical analysis is a good way to reduce the risk of making a major financial error. It is also a good idea to have someone who knows and understands your investment decision available to assist your spouse in case of an emergency or even death.

When it comes to selecting a Personal Financial Advisor then it is important to take your time and do your homework. The right advisor can literally make or break your financial future so build a solid foundation with someone you can trust and work with over a period of many years.

  • Planning & Preparation. Does the professional take time to listen and learn about your specific needs, limitations and concerns? Do they answer questions and explain alternatives? Have they presented several options or plans of actions for consideration? A Personal Financial Planner should provide a comprehensive analysis and presentation designed to differentiate their services from others. Listen closely to the investment philosophy and response to your needs.
  • Professional. Don’t hesitate to ask the tough questions about training, qualification, years of experience and track-record. Professional advisors will appreciate the ability to distinguish themselves from less qualified competitors.
  • Proficient. A Personal Financial Advisor should be well versed in all aspects of investment decision-making including elusive topics such as AMT taxes, real estate, trust or estate planning plus traditional stocks, bonds and insurance instruments. A budget is only one small part of the complete package of services provided by a professional Personal Financial Advisor.

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