How do you know if you should be working with a financial advisor?

Hi i’m eric boyam founder and advisor at fortified financial services here’s a question you should be asking yourself is a financial advisor right for me i don’t know let’s find out stay tuned let’s dive into that question is a financial advisor right for you first that’s a question that only you can answer there are some times where people just really don’t need

A financial advisor so let’s look into that number one question is what’s best for you now i know people will give you their opinion on what’s best for you you know whether it be somebody at work a relative a friend they all mean well but everybody’s situation is unique to them and what might be right for them may not be right for you all right second question

Is do you know a lot about personal finance if you do you may not need a financial advisor and there’s plenty of software options out there to help you manage the technical side of it but a financial advisor is educated on the technical side but we are also well versed on the emotional side of investing your money see the main job of a financial advisor is to

Educate and guide you from making emotional missteps along the way see when you prepare and plan when certain life events pop up you already know what to do and you don’t have to make a quick and emotional decision causing damage to your financial plan question number three what is your financial objective every life stage has different objectives when you’re in

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Your 20s it’s not really that important to say for your child’s education because you’re fresh out of college so every stage in life has different objectives the financial advisor can help you plan and prepare for each of those life events question number four how much do you have to invest now we all have to start somewhere so if it’s at zero congratulations

You’re thinking about it just get started you see compound interest is your friend and the earlier you start the more compound interest works for you now if you don’t have a lot of money or assets to invest that limits your opportunities that are provided to you the more assets you have the more opportunities that are out there the more complex it tends to get

But if you’re just starting out you may not need a financial advisor truth be told you can just get into your company’s 401k plan have it taken out from your paycheck from there that’s a great place to start number five is are you self-motivated are you able to set up systematic investing and rebalancing all on your own if not then you know that’s what we do as

Financial advisors we’re here to guide you all along the way and set up guardrails to make sure that we continue in the right direction when you pursue your best life number six can you be objective most money decisions are made on emotion not logic you see i’m emotionally tied to my money just as much as you are i have a guy that i bounce my ideas off of to make

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Sure that i am staying on track i think you should do the same number seven do you have the time most people don’t have the time and or even want to do financial planning and management that’s why they hire a financial advisor number eight can you take advice and criticism if you cannot then you shouldn’t hire a financial advisor you see it’s a give and take

Relationship and we ask really tough questions at times and you might not like the answer that we give so if you aren’t able to take criticism or advice you’re best to do it on your own because that tension in that relationship that doesn’t benefit you and it doesn’t benefit the advisor number nine do you even want to do it most people don’t want to do it that’s

Why they hire a financial advisor number 10 don’t have one i only came up with nine there you go that is a list of questions to ask on whether or not a financial advisor is right for you it’s not right for everybody but you have to do what is in your best interest until i see you again go live your best life

Transcribed from video
IS A FINANCIAL ADVISOR RIGHT FOR ME? By Eric Boyum Fortify Financial Services