| Do I need a financial advisor? |
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The investment industry has been taking it on the chin as of late. The markets are volatile and touching lows not seen in years. The economy is in a recession. And to top it off you have folks like Bernie Madoff ripping folks off. Being a financial professional is like taking a hit from Lawrence Taylor raging cocaine. Industry reports show that even the wealthy are unsatisfied with their advisors. So where does one turn? Molifeney is here to help decipher whether a financial advisor is right for you, and as always we do it for free.
Pros
Can you change your own oil? It is quite possible that many of us if forced to could in fact change the oil in our vehicles. It definitely isn’t brain surgery; with time and practice it can be done. But do you want to change your oil? Jiffy Lube and the like make a mint because while most people could change their oil, they prefer to let someone whom is a professional handle it for them. Keep in mind that Jiffy Lube doesn’t just change oil when it is 75 degrees and balmy, they also work when it is 10 below and 110—circumstances that are difficult and touchy. It is much the same way with employing a financial advisor. Financial advisors, the good ones anyway spend considerable time honing their craft and becoming experts in the world of money. They specialize in an area where the average person if so inclined could handle, but most times do not.
Someone in tune with the financial world. – One of the lessons of this current economic cycle is that things in the financial world change and change fast. One day you are sitting on top of the world and the next day the worlds on top of you. Good financial advisors are constantly aware of not only changes in the markets, but also regulation and government changes that may affect their clients. A portion of their job is to translate the financial mumbo jumbo in to plain English tailored for your particular situation. Financial advisors are in tune with the financial world because for some strange reason, they like to be. Something about finance and econ and numbers make them tick, I know it sounds weird, but these are weird folks we are talking about.
Someone to blame. – When the ish hits the fan you know that there is someone to point the finger at. Human nature has shown that it is always easier to blame someone else than yourself. One of the benefits of employing a financial advisor is the unburdening of responsibility. Financial advisors are legal fiduciaries. This means they have an obligation to do what’s in your best interest. If they don’t then hell hath no fury.
Cons
There is no such thing as a free lunch. – Whether it is commission, a set fee or a percentage of your assets, your financial advisor will be compensated. As stated above financial advisors like working in the world of money, but more than working in the world of money they like making money. Find me a completely altruistic advisor and I will find you a leprechaun. While compensation for a job well done is appropriate, be sure that you are not being juiced. If you notice commissions that are above industry norms and/or churning inside of your accounts tell your advisor to kick rocks.
Trust—This is what it all really boils down to. Finding a financial advisor to that fits your needs is almost like finding a spouse. You must have compatible personalities, be able to have honest dialogue and the two of you must be in it for the long term.
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