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Part 2 of 4 – Benefits of working with a great financial adviser

4 October, 2018

2/4

Continuing in the theme of my latest blog ‘what to look for in a great financial adviser‘. I have put together the below top 10 benefits of working with a great financial adviser.

Creation of a strategy that grows and changes as you do 

Your financial goals will usually change over the years. When you are younger, you may want to buy a house, save for your children’s education, and perhaps start a business. You can afford to except more volatility, and your portfolio should be geared more toward growth than income. As you get closer to retirement age, you become more averse to risk, and you seek safety in income-producing investments. Your focus, rightly so, should shift away from speculative investments and riskier investments that can potentially go down in value. Your adviser will sit down with you, get to know you, and come up with a strategy that will best suit your short- and long-term needs.

Protection against unnecessary risk

Managing risk is a fundamental skill that every investment adviser must learn to master before ever seeing a client. It takes discipline and education to refrain from putting the majority of your money into one or several hot or fashionable investments. Some territorial and sector specific funds may soar for a while, but eventually, they come back down to earth. While the ultimate decision to buy or sell any shares or investments is up to you, it is never wise to make a trading decision without understanding the possible consequences. Your adviser is there to temper your unbridled enthusiasm and make suggestions on how to build a portfolio that reflects your investment goals but does not take unnecessary risk. At the same time like any piece of advice you should always question and challenge your adviser.

Management of tailored and appropriate asset allocation

One of the most common problems with portfolios that are not managed by a professional is that they do not contain the right asset allocation for the age and risk tolerance of the portfolio’s owner. An adviser can help you understand what you should have in shares, bonds, equity markets, precious metals, property, or any other types of investments. However more often than not for most investors diversification is key to sensible investing.

Confidence to change and diversify

Staying with the same investment for too long is a problem many amateur investors tend to make. When there are better opportunities to be had, your adviser is there to motivate you to make changes now.

Protection and advice when you need it 

Selling any investment at the wrong time can not only cause you to lose out if the value of the investment goes up but can have serious negative tax consequences. Your adviser can help protect you from incurring higher taxes by informing you of the implications of selling at a particular time.

Insurance that suits you and others around you

Life, health, medical,  long-term care and many other types of insurance can help protect your family and your assets in the event of a crisis situation. Your adviser will evaluate the types of insurance needs you have and encourage you to maintain the appropriate level of coverage.

Future planning

Are you saving enough for retirement? Are you making the right investments, so you will have enough money when you retire? Your financial adviser is a great source of guidance for retirement planning.

Advise you on how best to access money

If you need access to your money for any other reason, your adviser can offer sound advice as to which investment is best to sell at that time.

Offer you alternative investments

Alternative investments, such as real estate or purchasing an interest in a small business, are not always readily available through normal channels. Your adviser may be able to find opportunities outside of the mainstream that are not correlated to more traditional investments. Those alternative investments can add diversity to your portfolio and lower your overall risk.

Help you plan your legacy

We all want to leave some type of legacy for when we are no longer around, and your adviser is just the person to help you create such a legacy. You may want to set up a trust, give money to a charity, or ensure that your business will remain in the family.

Wealth management is an industry that if done right can have a tremendously positive impact on people’s lives by helping them achieve financial security. Check out my latest article on industry standards HERE.

Mike Coady - CEO 

Part 2 of 4 – Benefits of working with a great financial adviser

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