What is the Value of Good Advice?

Written on the 18 February 2021 by Parkside InvestorPlus

Our society has become accustomed to think that anything free is probably not worth it.

The air we breathe is free yet it is invaluable to us!

The same is true of sound financial advice whether it's free or paid for the key point here is 'sound financial advice'.

There has been much research done on the value of receiving good financial advice and the results have one common theme, that is; clients who are professionally advised and act on that advice, have twice the retirement funding levels compared to those who were not advised or acted on the advice.

Yet there are many consumers who are still likely to want to go it alone when it comes to their finances and planning for retirement.  They will research online and essentially take it from there.

While educating yourself is totally the right thing to do, the go it alone strategy (DIY), however, can be a minefield.

Let's be honest here, if a particular activity is not your core strength or area of expertise, then you need to engage people wo are indeed the experts who can help you with that activity. 

By and large, if you get sick, you go and see the doctor; if you have a legal issue, you will see a lawyer; if your back is hurting, you'll see either see a chiropractor or physiotherapist.

The point being that we engage professionals to help us in many areas of our lives.

So why not engage a certified, professional financial planner when it comes to your finances? 

As the research, mentioned above, shows people who sought sound financial advice and acted on it are now in much better position they have more personal security and a greater likelihood of achieving their retirement goals.

When should you seek financial advice?

There is no one or a set of universal conditions that prompt people to seek financial advice.

And there is no stage in your life as to when to seek that advice.

People seek professional financial advice when:

• They want to maximise their earnings
• They want to understand what financial objectives need to be achieved in order for them to have the lifestyle they desire in retirement
• They want to have more structure in managing their finances
• They don't have knowledge and insights involved with successful financial management

And finally, the number of financial products available today is mind boggling knowing which are the best fit for your circumstances is where your financial advisor also comes in.

What works for one person may not necessarily work the same for another and knowing this makes the difference and this is where the 'go it alone' strategy will cause more harm than benefit.

As professional advisor our objective is to make a positive, significant and enduring difference in people's lives.  Talk to us if you want personal financial advice to secure your financial future.