Do you live in Maryland and are considering hiring a financial planner/advisor? Do you want to make sure you have enough money, to do all of the things you envision now and for the future?
There is no lack of information out there today, it’s sifting through all of that information to find out what is accurate and who you can trust to give sound advice.
Your work hard for your money and you want to make sure that it is working for you just as hard. You don’t want to make a mistake that could cost you years of hard earned money.
Money magazine suggests that you should consider utilizing a financial planner who can do more than just manage your financial portfolio.
Instead they recommend choosing an advisor that takes a more holistic approach to your retirement planning.
This way they can help you see whether you are on pace with your current finances such as savings and investment and how they fit into your retirement goals.
They also recommend going with an advisor who charges a flat fee for their advice versus one who makes commission on each product that they sell you.
Another type of investment service showing up more recently is the “robo adviser” which uses computer algorithms to build your portfolio for a smaller fee…
But this is messaged with a word of caution on their website stating “Would You Trust Your Retirement to a Machine?”
Basically stating the obvious pitfalls, such as lack of personalization and developing a relationship with your adviser.
The Do It Yourself Approach
The do-it-yourself approach to financial planning takes time and discipline to not only monitor your investments, but to also update based on different market conditions.
This also requires that you are someone who can keep their emotions in check when markets become volatile…
…which most investors admit to having a hard time with on a consistent basis.
A survey was conducts by Natixis which stated that sixty five percent of investors admitted to struggling to avoid emotional decisions about their finances during market fluctuations.
This study also reported that those trying it on their own have higher than realistic expectations on their investment performance in the short term.
Where using a qualified financial advisor to help manage your portfolio, can help to ground these expectations in reality.
They also reported evidence that some do-it-yourselfers do better when they receive professional advice.
To sum it up, Robert Stammers, the director of investor education at the CFA institute says “if you do decide to try it alone, you will need to be disciplined about monitoring your financial plan…
…but as you get closer to retirement it would be a wise move to consult at least once with a qualified and reputable financial planner.
Here’s What To Do Now
If you would like to discuss your finances with a qualified and reputable financial planner, give Hunt Valley MD based Calvert Investment Counsel a call today at 410-435-3270 or simply click on the button at the top right of this page.
We offer comprehensive financial and retirement planning for individuals and families. We will work with your other advisors such as tax and estate planning, legal, and insurance professionals to incorporate them all together in 1 cohesive plan.