How can having a financial advisor help? When I speak with people I often share with them I am really a financial coach. I get to come alongside and help people reach their goals. A financial advisor should be the same. Here are six ways a financial advisor/coach can help.
1.Setting and achieving planning targets
Have a coach can help you gain focus and stay on track. A good financial advisor is a coach that helps you clarify your goals and create a plan to reach your targets.
Those who have a financial advisor tend to have higher investable assets as compared to non-advised households. As well increased Accumulation of financial wealth regardless of income level or age of household
2. Choosing the right vehicles and plans:
Often some of the challenges in building our financial house is finding the correct vehicle to help us reach our goals. A good financial advisor/coach will show you the options. Make sure you ask lots of questions on why this option or that one.
3. Advised households save more, regardless of income and age than their non-advised peers.
There is something about a coach that keeps us on track. We all make many of our choices based on emotion and may want to go do something not in the plan. The coach can remind us of our why our goals and why this plan. Any good plan has to be massaged over time, but those with advisors tend to make those changes.
4..Setting the right investment mix:
Having diversification is important for proper success in investment. Many will want to jump on the new thing or chase daily numbers. As a financial coach/advisor for my clients, I want to make sure my clients have a good mix so if one part is losing money the rest are making money and they are still ahead.
5.Financial Literacy
Education is an important part of financial advise/coaching. Having access to an advisor who is keeping up with training and education means they get to pass that knowledge on to you.
6. Advantages of a Regulated Market
Here in Canada each financial advisor, those selling life insurance and investments funds are regulated by a few oversight organization that work to make sure clients are put first and ethical.
Source: http://www.ci.com/web/pdf/ific_value_of_advice_e.pdf