Investing – should I talk to a financial advisor or do it myself?
There are many methods for investing your money nowadays, but a key question for every investor is: should you go in alone, or get help from a financial advisor?
With the rising popularity of self-investments such as stocks and cryptocurrency, there certainly isn’t any harm in trying yourself, but it does depend on the results that you are looking to achieve.
Research shows that you can be up to £1.2m ($1.7m) better-off, over a thirty-year period, when taking financial advice for investments, rather than going it alone.
So should you talk to a financial advisor, or do it yourself?
Remember that time is a precious commodity
Part of managing investments and making the best financial decisions is taking the time to do so.
Evaluating all of your options and doing the accompanying research can be very intense, and often, it is focused on short-term gains.
For those looking for milestones and goals, a long-term vision is required in order to meet them and protect them: retirement planning, lifetime cashflow forecast, and protection planning as examples.
Time really is money in this case.
It is all about value
A financial advisor is beneficial due to their ability to deliver financial benefit, exceeding the cost of said advice.
It can often come down to peace of mind and expertise as key foundations – in times of market volatility, drawdown choices, and asset allocation, it’s all about how you engage in order to receive a return.
When you’re working towards a bespoke financial plan, you know that everything is on track, and that all elements can be accounted for in both the short and long-term.
You have to think about the value you can gain from self-investments in comparison to regulated advice, as the payoff is different in terms of longevity and security in many cases.
It’s not an either/or situation
There are many great DIY investors who know a lot of the practice in investing, but a financial advisor offers the theory and the expertise.
There are many points in your investment journey when you’ll need questions answering and will struggle to find the advice you need, which is where a financial adviser comes in handy.
Additionally, you want to be able to capitalise on opportunities that arise, or m