Hiring a Wealth Adviser, Part I

by Jeff C. Johnson

Hiring a wealth adviser, part onePerhaps you are a do-it-yourself investor and doing fine, and even enjoying the daily attention you devote to your financial affairs. Well then, congratulations, you might not need to pay someone to do for you what you can do yourself (unless you don’t have the time or your situation is growing in complexity).

However, most people wonder if they have the experience, temperament, time, or knowledge that it takes to manage their financial and investment life. If this describes your situation, then start by determining if you should be thinking about hiring someone to advise you or if you should go it alone and save the dollars you would pay in advisory fees.

For starters, ask yourself:

  1. How have my results been so far? If not so hot, maybe you need help.
  2. Do you get emotional when the news is bad, selling out at low prices before market recoveries?
  3. Do you enjoy investing and planning? Gosh, if you do, why give it up (unless you’re going to go broke in the process)?
  4. Can you afford to pay someone rather than do it yourself? Could you potentially make mistakes that could cost more than your advisory fees?

My book, The Eight Points of Financial Confidence, can help you consider and decide if you should select a wealth adviser. This concise (and relatively inexpensive) book includes a very valuable checklist of questions that can guide most investors in making the right decision regarding their need, or not, to hire a wealth adviser.

My next post, part two, covers locating the right adviser.

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