Comments on: Why hire a financial advisor? http://www.milwaukeerealestateblog.com/2005/12/06/why-hire-a-financial-advisor/ People from Milwaukee talking about buying Milwaukee real estate Wed, 07 Jan 2009 11:57:48 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Rodger http://www.milwaukeerealestateblog.com/2005/12/06/why-hire-a-financial-advisor/comment-page-1/#comment-14 Rodger Sat, 17 Dec 2005 17:23:05 +0000 http://www.milwaukeerealestateblog.com/?p=8#comment-14 Because they have a life! Most financial concerns do not need to be addressed right away. If you get a bill in the mail, you have a couple weeks to pay it. Retirement can be 10, 20, even 30 years or more away; I can save money next month. I'm healthy, active, I can get insurance next year. For most people the day to day management of their financial lives is as exciting as a Kenny G concert. Also, some people feel intimidated by their finances. They know they need to save, but how much? Should I use my 401(k) or put it someplace else? What fund should I put it in? I know I need to be diversified (whatever that means) so should I use multiple funds? Multiple accounts? Multiple companies? The biggest value an advisor brings to the financial planning relationship is knowledge. They can help you fill in the gaps in your understanding and help you figure out what is best for your situation and circumstances. The second biggest value that an advisor provides is discipline. A good advisor will meet with you every 3-6 months to make sure that you are on track, get an update on your financial and personal situation and answer any questions that you have. If you have not made progress, they will nag, educate, and reiterate the importance. (If your "advisor" is not meeting, or asking to meet, with you every six months you do not have an advisor. You have a Broker or agent.) When I got “right sizedâ€?, the second phone call was to my financial advisor. He helped me look at my options and understand how I was going to pay my bills until I got a new job. Ultimately, it all comes down to value. Any time you hire a professional, you need to ask yourself if you are going to receive value. Is this person going to save you time, money, or both? Are you going to have a better outcome because you hired and worked with this person? Will you have more money? Will you sleep easier? Will you be in a better financial position? If the answer to all of these questions is no, do not hire that person. If one of them is yes, hire them. If you are unsure, start slowly. A good financial advisor will understand. They will work with you to help you feel comfortable and build that trust. Because they have a life! Most financial concerns do not need to be addressed right away. If you get a bill in the mail, you have a couple weeks to pay it. Retirement can be 10, 20, even 30 years or more away; I can save money next month. I’m healthy, active, I can get insurance next year. For most people the day to day management of their financial lives is as exciting as a Kenny G concert. Also, some people feel intimidated by their finances. They know they need to save, but how much? Should I use my 401(k) or put it someplace else? What fund should I put it in? I know I need to be diversified (whatever that means) so should I use multiple funds? Multiple accounts? Multiple companies?

The biggest value an advisor brings to the financial planning relationship is knowledge. They can help you fill in the gaps in your understanding and help you figure out what is best for your situation and circumstances. The second biggest value that an advisor provides is discipline. A good advisor will meet with you every 3-6 months to make sure that you are on track, get an update on your financial and personal situation and answer any questions that you have. If you have not made progress, they will nag, educate, and reiterate the importance. (If your “advisor” is not meeting, or asking to meet, with you every six months you do not have an advisor. You have a Broker or agent.)

When I got “right sized�, the second phone call was to my financial advisor. He helped me look at my options and understand how I was going to pay my bills until I got a new job.

Ultimately, it all comes down to value. Any time you hire a professional, you need to ask yourself if you are going to receive value. Is this person going to save you time, money, or both? Are you going to have a better outcome because you hired and worked with this person? Will you have more money? Will you sleep easier? Will you be in a better financial position? If the answer to all of these questions is no, do not hire that person. If one of them is yes, hire them. If you are unsure, start slowly. A good financial advisor will understand. They will work with you to help you feel comfortable and build that trust.

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