TRANSCRIPT:
Is working with a financial advisor or planner really worth it? Hi, I’m Alex Wolfe, a certified financial planner and head of financial planning at Base Wealth Management. In this video, I’m going to show you the advantages of working with a professional to manage your money and create a financial plan.
There are times when I’m meeting with a prospective client, and they’re skeptical about hiring a financial advisor to help them with their finances and manage their money. While I would love to be able to give free financial advice to everyone, because I strongly believe in helping out the community and helping people reach their financial goals, we would not be able to keep our doors open or have the best tools available to help our clients.
In many instances, through proper financial planning and investment management, we help clients save on taxes, achieve their goals, and achieve investment returns for the risk tolerance and time horizon that can offset the cost of hiring a professional.
As an investor or someone just trying to save for retirement or a specific goal, there are a lot of topics to stay on top of. There are continuous changes to tax laws, retirement contribution limits and maximums, and economic data to review and how they impact your financial situation. A lot of my clients just don’t have the time or will to manage all their finances and are focused on work, raising their family, traveling, or enjoying other hobbies.
As a financial planner, I spend so much of my time researching the latest changes in legislation that may affect my clients, in addition to all the investment research to optimize investment portfolios. An important aspect of hiring a financial professional that does not get talked about as much is the behavioral finance component. We are all emotional beings, and sometimes we get caught up in the noise of the news or politics. Having a professional whose job it is to set you up for success and who is a fiduciary can benefit you tremendously.
What I mean by this is making sure you, as the client, are making the best decision possible for yourself and taking some of the emotion out of that decision-making. We remove those biases that investors and people often fall into. We’ve made a video going over some of these common mistakes that people make. You can click the pop-up banner above for that.
It is hard to be an expert in all these areas, and having a financial professional is similar to having a primary care doctor who stays up to date on all the latest illnesses, treatments, and medications to help you with your health. I incorporate a holistic approach to helping clients with their financial plan. It is crucial to incorporate your investment strategy, your tax plan, estate plan, and business plan (if you’re a small business owner) into the big picture.
Think of me as the head coach, but you are the owner of the team. I’m giving you my best advice, but it’s you who are making the decisions. So there you go. That is my guide to why having a financial professional, like a financial advisor or planner, will benefit you more than attempting it on your own.
I’m Alex Wolfe, a certified financial planner. And if you want to learn more about the services we provide, go to our website, basewealthmanagement.com, and schedule an introductory meeting. We will see you in the next video where we share all of our best financial tips and strategies. Thank you.
